Alloy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2028

 

Automotive alloys are simple to work with, more ductile by nature, and give pure metals more strength. These alloys contain metals such as aluminium, magnesium, and others. The market is anticipated to expand as there is an increase in demand for electric vehicles (EV) around the world. This is due to things like its energy efficiency and environmental friendliness. Over 750 electric vehicles were sold globally in 2016, according to the International Energy Agency (IEA) report.

Additionally providing new opportunities for product expansion are advancements in additive manufacturing and the significant growth of flexible packaging. In order to achieve a desired property, such as strength, hardness, or lightness, two metals or a metal and a non-metal are fused together to form a metal alloy. Over the anticipated period, the Alloy Market will be supported by the special combination of properties that metal alloys offer for a wide range of applications, including transportation, building, machinery, and packaging.

Due to their excellent corrosion resistance, good thermal & electrical properties, strength, and other properties, Alloy Market, such as aluminium and stainless steel, are frequently used in a variety of applications. The increasing use of aluminium alloys in transportation and the expansion of industrialization in developing nations.

Another significant consumer of metal alloys is the construction sector, which uses a variety of products such as girders, rods, and wires as well as structural sections. The construction industry makes extensive use of steel, aluminum, and other alloys like brass and titanium. Steel alloys are primarily used in structural applications, such as bridges, highways, buildings, and other civil engineering projects. Global urbanization and ongoing infrastructure development projects will drive the Alloy Market share for metal alloys. Additionally, the use of larger metals and metal alloys in roofing structures is currently trending in developed economies like the United States, Canada, and several European nations, which is supporting the demand for the materials.

Key Players

Major market participants in the automotive alloy sector include ThyssenKrupp AG, Sumitomo Metal Corporation, AMG Advanced Metallurgical Group, UACJ Corporation, Arcelormittal SA, Nippon Steel & Sumitomo Metal Corp., Constellium N.V., Alcoa Inc., Norsk Hydro ASA, and Novelis Inc.