What is Automotive Aluminum Alloy Market Scope?
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. The 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. The driving factor 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.
The market study is being classified, by Application (Engine Component, Wheels, Driveline, Heat Exchangers, Body Parts and Others) and major geographies with country level break-up.
Manufacturers are focusing on reducing the 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. The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Automotive Aluminum Alloy market throughout the predicted period.
ArcelorMittal SA (Luxembourg), Alcoa Inc. (United States), Novelis Inc. (United States), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), ThyssenKrupp AG (Germany), Kobe Steel, Ltd. (Japan), AMG Advanced Metallurgical Group NV (Netherlands), Constellium NV (Netherlands) and Massey Ferguson Ltd (United States) are some of the key players profiled in the study.
AdvanceMarketAnalytics has segmented the market of Global Automotive Aluminum Alloy market by Type, Application and Region.
On the basis of geography, the market of Automotive Aluminum Alloy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- High Demand due to Regulations for Fuel Efficiency & Emissions
- Rising Improved Driving Dynamics
- Increasing Vehicle Production across the Globe
- The share of aluminum alloys in automobiles is estimated to increase since automobile manufacturers are developing lightweight vehicles with aluminum alloys.
- The Rising Demand for Electric Vehicles
- Integration of New Systems for Comfort & Safety
- High Cost Associated with Automotive Aluminum Alloy
- The Increasing Concern Related with Engineering Barriers
Key Target AudienceAlloy manufacturers, Government Regulatory Bodies, Government Research Organization, Private Research Organization and Others
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