Asia-Pacific to Drive Demand for Automotive Alloys to Reach US$207.6B by 2030 at a 2024-30 CAGR of 6.7%

Industry Experts, Inc., has released its latest report on Automotive Alloys, which projects the demand for this them to reach US$207.6 billion by 2030 from an estimated US$140.7 billion in 2024 at a CAGR of 6.7% between the two years.

Some of the factors instrumental in driving demand for Automotive Alloys include their application in lightweighting passenger cars and commercial vehicles with the aim of reducing fuel consumption and minimizing emissions. Due to depletion of fossil fuel resources, the proliferation of electric and hybrid vehicles has been an important development, in which the use of Automotive Alloys is paramount for reducing weight, so that battery range and performance are maximized. Technological innovations in alloy development continue to play a major role in the creation of novel products with further improved characteristics.

Worldwide, Asia-Pacific leads the demand for Automotive Alloys and is also likely to be the fastest growing region. China's dominance as the largest producer of automobiles, surpassing the United States, has increased the market for these materials. Owing to rapid economic development, not only in China but also in other parts of Asia-Pacific, the need for commercial vehicles to transport materials and maintain logistics has also been growing. These vehicles, too, form a vital end-use area for Automotive Alloys, apart from the ever-increasing passenger car sales.

The report studies the Automotive Alloys market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for major alloy types of Automotive Alloys analyzed in this report includes Aluminum, Magnesium, Nickel and Titanium, among Other Alloys (Incl. Cobalt & Stainless Steel). The study also examines the market for applications of Automotive Alloys, comprising Engine Components, Exhaust Systems and Structural Components, among Other Applications (Incl. Brake Systems, Steering Mechanisms & Transmission Parts). By vehicle type, the global market for Automotive Alloys has been categorized into Commercial Vehicles and Passenger Cars.

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