Our Sites

Alloy market for automotive worth $177.47 billion by 2021, says report

Dublin-based Research and Markets has announced the release of its "Alloy Market for Automotive by Alloy Type, Area of Application, Vehicle Type & by Region - Global Forecast to 2021.”

The global automotive alloy market size is projected to grow at a CAGR of 7.69 percent during the forecast period to reach $177.47 billion by 2021. Increasing production of automobiles and the increasing need to reduce a vehicle's weight are the major factors driving this growth.

High growth is expected in the aluminum market as OEMs increase their use of the material in an effort to reduce vehicle weight. Automotive OEMs have been spending heavily to develop new alloys for powertrain applications that reduce weight while maintaining component strength. This has led alloy manufacturers to develop innovative aluminum applications in the powertrain.

The major restraints considered in the study include high cost and engineering barriers, which could negatively affect the demand for adoption of lightweight alloys.

To order a copy of the full report, visit www.researchandmarkets.com/research/d3zgl8/alloy_market_for.