by Alloy strips are used to manufacture auto bodies and body panels to enhance fuel efficiency and durability of vehicles. The growing automotive industry globally has increased the demand for light weight and high-performance materials like aluminum, magnesium and steel alloy strips.
The global Alloy Strips Market is estimated to be valued at US$ 78.4 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising application of alloy strips in the automotive industry has accelerated the growth of the global alloy strips market during the forecast period. The strict regulations regarding vehicular emissions and fuel efficiency has compelled automakers to reduce weight of vehicles. Alloy strips are increasingly being used by OEMs to manufacture lightweight structural components like frames, door panels, and bumpers. The superior strength to weight ratio of alloy strips enables weight reduction of vehicles. This is driving the demand of alloy strips from automotive manufacturers. The growing automotive production along with the focus of automakers on lightweight materials will continue to propel the market growth of alloy strips in the coming years.
Segment Analysis
The global alloy strips market can be segmented based on material type, application, and region. Based on material type, the market is dominated by stainless steel segment. Stainless steel finds wide application in consumer goods, transportation, building & construction, and other industries due to its corrosion resistance properties. It accounts for over 60% share of the overall alloy strips market. The aluminum segment is expected to witness highest growth during the forecast period due to increasing emphasis on lightweight materials in automotive and aerospace industries.
Key Takeaways
The Global Alloy Strips Market Size is expected to witness high growth during 2024-2031.
Regional analysis: Asia Pacific region currently dominates the global alloy strips market accounting for more than 35% share. China is the largest producer and consumer of alloy strips. The region is expected to witness fastest growth owing to growth in end use industries such as automotive and construction in China and India.
Key players: Key players operating in the alloy strips market are Nucor Corporation, United States Steel Corporation, ArcelorMittal, POSCO, and Nippon Steel & Sumitomo Metal Corporation. These players are focused on ramping up production capacity and expanding their geographical footprint to cater to the growing demand for alloy strips globally.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
