Automotive metals such as aluminum, steel, and magnesium are commonly utilized in the manufacturing of vehicle parts including suspensions, power train, and body structures. These metals reduce the weight of a vehicle. As a result, the need for lightweight and fuel-efficient cars has had a positive impact on the demand for automotive metals.
High-performance Lightweight Metals
High-performance Lightweight Metals
In 2016, the steel segment acquired the largest share. Demand for advanced high-strength steel is expected to increase in the automotive industry due to its cost effectiveness and low weight. Steel possesses better recycling efficiency as compared to other metals. In addition, the End of Life Vehicles (ELV) directive in Europe and many other countries is predicted to boost the demand for steel in the years to come.
Recently, Tata Steel developed a new high-strength alloy “Ympress Laser” steel grade, especially for efficient and highspeed laser cutting. This hot-rolled steel offers better flatness with exceptional surface finish, which can result in uninterrupted laser cutting and improved quality of the product. It can be used in the manufacturing of heavy duty vehicles, cranes, machinery, and others.
Aluminum and magnesium are extensively utilized in the automotive industry due to their lightweight properties. Magnesium alloys are widely used in interior applications of cars as well as in the manufacturing of other parts including chassis, power train, and several other exterior parts. These materials consist of better elongation and are easier to cast as compared to other metals. Aluminum is highly recyclable and is lighter in weight compared to steel. It can be used in the making of various crucial parts including wheels, cylinder blocks, and engine radiators.
Market Overview
According to Grand View Research, Inc., the worldwide automotive metals market is projected to reach USD 129.33 billion by 2025. Increasing production of vehicles worldwide can impel the global market over the forecast period (2014 to 2025). Additionally, increasing focus on manufacturing low weight and fuel-efficient cars can boost the market. In contrast, rising use of plastics in the production of several vehicle components may restrain market growth to an extent. In 2016, Asia Pacific captured a major revenue share due to supportive government policies.
Some of the leading companies operating in the market are Allegheny Technologies, United States Steel Corporation, Tata Steels Limited, and Nippon Steel & Sumitomo Metal Corporation.
In-Depth Research Report On Insect Automotive Metals Market:
https://www.grandviewresearch.com/industry-analysis/automotive-metal-market
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