Automotive Aluminum Alloy (OE) Market Insight and Trends 2027
The global Automotive Aluminum Alloy (OE) market gathered revenue around USD 48.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.9% during the prediction period 2021 to 2027.
-Market-Size-2020-to-2027.jpg "Automotive Aluminum Alloy (OE) Market Size 2020 to 2027")
Growth Factors:
Aluminum being light in weight is gradually replacing the steel content in automobiles. The usage of aluminum alloy reduces the load on the vehicle and hence, less power is required by the engine to drive the vehicle, which increases fuel-efficiency and reduces pollution. Rising consumer demand for fuel-efficient vehicles is estimated to drive the automotive aluminum alloy OE market.
Increase in level of pollutants in the environment is compelling governments to enforce regulations leading to light weighting of vehicles and reduction of emissions. Europe has raised its average CO2 emission target of 95g/Km by 2020 for passenger vehicles, from its target of 150g/Km in 2019. Therefore, automakers are preferring to adopt light weighting in order to achieve such a significant drop in emission. This, in turn, is projected to boost the demand for automotive aluminum alloy during the forecast period. Aluminum can absorb two times more collision energy than mild steel. Hence, the utilization of aluminum alloy in body panels improves the crash worthiness of the vehicle. The lower weight of the vehicle enabled by utilization of aluminum alloy improves vehicle handling and also reduces braking distance, thus enhancing safety. High demand for pedestrian safety is expected to boost the adoption of aluminum alloy in vehicle body panel parts, which in turn is likely to propel the aluminum alloy OE market.
In terms of application, the body segment is estimated to expand at a significant growth rate during the forecast period. Usage of aluminum body closures such as door panels and hoods is rising even in premium cars. Automakers can utilize more material and improve the dent resistance of the body panel due to the low weight of the material. Luxury car makers such as Jaguar Land Rover have switched from steel to aluminum body-in-white due its light weight and recycling capabilities. Utilization of aluminum alloy for body-in-white structure reduces the vehicle weight by nearly 70 Kg in a passenger vehicle. Adoption of aluminum alloy in body structures and panels by automakers is expected to rise in order to achieve fuel economy and emission targets and hence, the demand for aluminum alloy is expected to rise.
Aluminum alloys are also employed in driveline and engine component products due to their high casting ability. In electric vehicles, light weighting becomes highly crucial due to the additional weight of the battery. Adoption of aluminum alloy in engine components and driveline in plug-in hybrid vehicles and hybrid electric vehicles is expected to rise during the forecast period. Usage of two-stage transmission and direct drives in electric vehicles is a major opportunity for the expansion of the aluminum alloy OE market.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Automotive Aluminum Alloy (OE) market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Automotive Aluminum Alloy (OE) market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Report Coverage
| Report Scope | Details |
| Market Size | USD 48.7 Billion by 2027 |
| Growth Rate | CAGR of 6.9% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Application , Electric Vehicle, Vehicle Type And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Arconic, AUSTEM COMPANY LTD., Constellium N.V., Bharat Forge, UACJ Corporation, FLEX-N-GATE CORPORATION, GORDON AUTO BODY PARTS CO., LTD., KIRCHHOFF Automotive GmbH , ALERIS, Magna International Inc., Novelis, Norsk Hydro ASA , NanShan Group, and Granges. |
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Automotive Aluminum Alloy (OE) market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Automotive Aluminum Alloy (OE) Market include:
Arconic
AUSTEM COMPANY
Constellium
Bharat Forge
UACJ Corporation
FLEX-N-GATE CORPORATION
ALERIS
Magna International
Novelis
Norsk Hydro
NanShan Group
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Type:
Engine Component
Wheels
Driveline
Heat Exchangers
Body Parts
Others
By Application:
Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Automotive Aluminum Alloy (OE) market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Automotive Aluminum Alloy (OE) market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Automotive Aluminum Alloy (OE) markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Automotive Aluminum Alloy (OE) market Study:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers