Market Scope The alloys for automotive market 2020 can record a growth rate of close to 7% between 2016 and 2022 (review period), reveals Market Research Future (MRFR). We will provide covid-19 impact Analysis with the report.
COVID-19 Analysis An impact analysis on COVID-19 by MRFR reveals that there has been a significant drop in vehicle sales in the first few months of 2020, given the shutdowns across countries and the oil price fluctuations. Leading automotive OEMs are adopting several tactics to mitigate the negative impact on their businesses by assessing their dealerships to resume services. The short-term impact of COVID-19 in the automotive sector has led to shutting down of assembly plants in the United States (US), manufacturing interruptions across Europe and ceased export of Chinese components. However, till the time a COVID-19 breakthrough is not achieved, the automotive industry can remain resilient, given the ongoing efforts by leading companies to curb revenue losses by adopting recovery tactics such as mergers and acquisitions and more.
Top Boosters and Main Restraints Despite the COVID-19 crisis, the alloys for automotive market can remain steady in the coming years, thanks to the expanding worldwide population and the consequent boost in the need for efficient conveyance. This has evidently been the main reason for the rising number of commercial and passenger automobiles across the world. Alloys are being increasingly used for the manufacturing of vehicles as they offer more number of advantages compared to individual components. Resistance to corrosion, improved strength and higher ductility are some of the prominent benefits of alloys and as result, their rising deployment in automobiles can benefit the automobile sector in a major way. The automotive industry has been gradually shifting towards light weighted vehicles, with major focus on research and development to facilitate fuel economy of vehicles. High fuel efficiency has a direct impact on the vehicle weight, leading to reduction in the weight of automobiles. This results in higher demand for light weighted alloys for different automotive body parts, which compels OEMs to use lighter weight materials in their vehicles.
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https://www.marketresearchfuture.com/checkout?currency=one_userUSD&report_id=1910 Some macroeconomic factors that can also benefit the automotive alloys market include the rapid urbanization along with regulations pertaining to fuel efficiency as well as greenhouse emissions. Moreover, with the increasing use of magnesium and aluminum alloys, their prices are falling and can therefore, note higher demand in the years to come.
Market Segmentation The alloys for automotive market size can be considered for type, backing application and vehicle type. The market segmentation by type includes titanium, steel and iron. Backing applications covered in the market study are powertrain as well as chassis.