Car manufacturers across the globe are focusing on light weighting their vehicles for better fuel efficiency by utilizing aluminum in the body and different parts of vehicles. Use of aluminum is increasing in modern cars. Aluminum casting, extrusion, forging, and sheets are used to manufacture car parts such as closures, chassis, suspensions, and wheels. Employment of aluminum allows direct weight saving of up to 50%, as compared to other materials that are used in vehicles. Manufacturers are focusing on reducing mass of the vehicle to achieve benefits such as better acceleration, which is directly reflected by the power-to-weight ratio. Light weighting allows downsizing of breaks, improves road handling by reducing the weight of the vehicle, thus increasing vehicle stability.
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Regulatory bodies of different countries across the globe have started implementing stringent CO2 emission standards in order to reduce global warming. The average CO2 emission from vehicles in Europe is projected to decrease by an average of 3.9% from 2010 to 2020. Similarly, countries such the U.S., China, and India are imposing tough emission norms. This is anticipated to drive the automotive aluminum alloy OE market at a rapid pace during the forecast period.
Growing demand for electric vehicles across the globe, owing to stricter emission norms by regulatory bodies and rise in preference for battery electric vehicles by consumers, is anticipated to boost the usage of aluminum alloy during the forecast period. Rise in demand for vehicle safety and fuel-efficient vehicles among consumers is expected to drive the automotive aluminum alloy OE market during the forecast period.
The global automotive aluminum alloy OE market has been segmented based on application, vehicle type, electric vehicle type, and region. In terms of application type, the automotive aluminum alloy OE market has been segregated into engine components, wheels, driveline, heat exchangers, and others. In order to reduce overall weight of the vehicle, manufacturers are opting for lightweight wheels which provide better acceleration and stability, increase comfort, and reduce the weight of the wheels and hammering effect on uneven roads. Therefore, the wheels sub-segment is likely to grow during the forecast period.
Heat exchangers are extensively employed in vehicles for various applications such as engine cooling, fuel cooling, condenser and evaporators for air conditioning system. Aluminum alloy has high thermal conductivity, corrosion resistance property and good formability owing to which aluminum is used in heat exchangers. Hence, the heat exchanger segment is projected to expand at a significant pace during the forecast period.
The study provides a decisive view of the global automotive aluminum alloy OE market for vehicles by segmenting it in terms of by application, electric vehicle, vehicle type, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for automotive aluminum alloys in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual application segments in all regions.
The study includes profiles of major companies operating in the global automotive aluminum alloy OE market. Key players operating in the automotive aluminum alloy market include 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. Market players have been profiled in terms of attributes, such as company overview, financial overview, business strategies, recent developments, and manufacturing footprints. The OE market for automotive aluminum alloy is primarily driven by the rising demand for vehicles across the globe and enhancing vehicle electrification.
The report provides the estimated OE market size of automotive aluminum alloy for 2017 and forecast for the next nine years. The global market size of automotive aluminum alloy has been provided in terms of revenue and volume. Market numbers have been estimated based on key application, electric vehicle type, and vehicle type for regional segments of automotive aluminum alloy market. Market size and forecast for each major application type, electrical vehicle type, and vehicle type have been provided in terms of global and regional/country markets.