Automotive Alloy Market Growth, Demand & Opportunities

1. 2022 Automotive Alloy Market Key Trends And Opportunity Areas by Leading Players

2. The slump induced by the COVID-19 pandemic seems to be way in the past, as automotive sales around the world have risen to 35,603,479 units in the first half of 2021, compared to 27,799,942 units during the same period last year, says OrganisationInternationale des Constructeursd’Automobiles (OICA). This is driven by the strong desire of people to own a vehicle for practical purposes and to show off their social status. However, with the continuous rise in the number of vehicles on the roads, greenhouse gas (GHG) emissions are also rising. This is why P&S Intelligence has forecast huge growth for the automotive alloy market in the years to come. As per the International Energy Agency (IEA), the transport sector was responsible for 8.5 Gigatons of GHG emissions in 2019. Therefore, governments around the world are taking numerous measures to clean up the transport system, such as implementing stringent emission regulations, including the U.S. Environmental Protection Agency (EPA) Tier 3 norms, European Union (EU)’s Euro 6 norms, and India’s Bharat Stage VI (BS6) emission standards. One of the best ways to reduce the emissions is to make automobiles lighter. By doing this, the load on the engine decreases, which leads to a lower consumption of fuel, thereby ultimately decreasing tailpipe emissions. Therefore, in order to comply with the stringent emission regulations, automotive original equipment manufacturers (OEMs) are replacing the traditional iron and steel in the automobile body with lightweight yet strong alloys (mixtures of different metals).

3. However, governments are not just targeting to reduce transport emissions, but, ideally, eliminate them altogether. This is why countries in all regions are offering strong support to the manufacturers and buyers of electric vehicles (EV), especially battery electric vehicles (BEVs). Currently, mass EV adoption faces numerous constraints, such as high prices and short driving range, which is made worse by the lack of public charging stations. Thus, like it has been felt important to reduce the fuel consumption of conventional vehicles, making EVs lighter, to increase their driving range, is also being considered necessary. As a result, alloys of steel, aluminum, magnesium, and many other base metals are being used in the production of EVs and internal combustion engine (ICE) automobiles. Among these, aluminum alloys are the most widely used as aluminum is an extremely light metal relative to its strength. As per a study conducted by the Massachusetts Institute of Technology (MIT) in 2008, a weight reduction of 100 kg could lower the fuel consumption of a car by 400 milliliters per 100 km and of a light truck by 500 milliliters per 100 km. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/automotive-alloy-market/report-sample

4. Currently, Asia-Pacific (APAC) is the largest automotive alloy market simply because it accounts for the highest production of electric and conventional automobiles. According to the OICA, China, Japan, India, and South Korea rank one, three, five, and six, respectively, on the list of countries with the highest automotive production. Further, they are also among the most-polluted countries on earth, which is why the emission regulations here are rather strict. For the same reason, their governments are doing everything they can to boost EV production and uptake. Hence, with the rising automobile production in a world reeling under a rapidly deteriorating air quality, the usage of lightweight alloys will increase. More Latest Reports by P&S Intelligence: Automotive Data Logger Market Trends, Emerging Opportunities, And Top Key Players By 2030 Automotive Differential MarketDemand, Investment Feasibility and Forecast to 2030

5. This study covers 1. Historical and the present size of the Automotive Alloy Market 2. Historical and the present size of the market segments and understand their comparative future potential 3. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings 4. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders 5. Major players operating in the market and their service offerings

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