The slump induced by the COVID-19 pandemic seems to be way in the past, as automotive sales around the world have risen to 35,603,479 units in the first half of 2021, compared to 27,799,942 units during the same period last year, says Organisation Internationale des Constructeurs d’Automobiles (OICA). This is driven by the strong desire of people to own a vehicle for practical purposes and to show off their social status.
However, with the continuous rise in the number of vehicles on the roads, greenhouse gas (GHG) emissions are also rising.
This is why P&S Intelligence has forecast huge growth for the automotive alloy market in the years to come.
One of the best ways to reduce the emissions is to make automobiles lighter.By doing this, the load on the engine decreases, which leads to a lower consumption of fuel, thereby ultimately decreasing tailpipe emissions. Therefore, in order to comply with the stringent emission regulations, automotive original equipment manufacturers (OEMs) are replacing the traditional iron and steel in the automobile body with lightweight yet strong alloys (mixtures of different metals).
However, governments are not just targeting to reduce transport emissions, but, ideally, eliminate them altogether. This is why countries in all regions are offering strong support to the manufacturers and buyers of electric vehicles (EV), especially battery electric vehicles (BEVs).
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Currently, mass EV adoption faces numerous constraints, such as high prices and short driving range, which is made worse by the lack of public charging stations. Thus, like it has been felt important to reduce the fuel consumption of conventional vehicles, making EVs lighter, to increase their driving range, is also being considered necessary.
For the same reason, their governments are doing everything they can to boost EV production and uptake.
Hence, with the rising automobile production in a world reeling under a rapidly deteriorating air quality, the usage of lightweight alloys will increase.
Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders.
Major players operating in the market and their service offerings.
