Global Automotive Aluminum Alloy Market Overview:
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.
|Value (USD Million)
|High Growth Market
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High Demand due to Regulations for Fuel Efficiency & Emissions and Rising Improved Driving Dynamics
Market Growth Drivers:
Increasing Vehicle Production across the Globe and The share of aluminum alloys in automobiles is estimated to increase since automobile manufacturers are developing lightweight vehicles with aluminum alloys.
The Increasing Concern Related with Engineering Barriers
High Cost Associated with Automotive Aluminum Alloy
The Rising Demand for Electric Vehicles and Integration of New Systems for Comfort & Safety
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.
Some of the key players profiled in the report are 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). Analyst at AMA Research see United States Vendors to retain maximum share of Global Automotive Aluminum Alloy market by 2028. Considering Market by Alloy Type, the sub-segment i.e. Steel will boost the Automotive Aluminum Alloy market. Considering Market by Vehicle Type, the sub-segment i.e. Passenger Vehicle type will boost the Automotive Aluminum Alloy market.
Latest Market Insights:
In September 2020, Cleveland Cliffs Inc. entered into a definitive agreement with ArcelorMittal S.A., under which Cleveland-Cliffs will acquire substantially all operations of ArcelorMittal USA LLC and its subsidiaries. The acquisition of ArcelorMittal USA strengthens our position in the discerning automotive steel market and further enhances our presence in important US markets such as construction, appliances, infrastructure, machinery, and equipment.
In September 2023, Alcoa Corporation announced new innovations in alloy development and placement, further strengthening its position as a supplier of advanced aluminum alloys. The company's innovations include the introduction of A210 ExtruStrongTM, a new high-strength 6000 series alloy, which provides benefits in a wide range of extrusion applications including transportation, construction, industrial and consumer products.
What Can be Explored with the Automotive Aluminum Alloy Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Automotive Aluminum Alloy Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Automotive Aluminum Alloy
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Automotive Aluminum Alloy market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Automotive Aluminum Alloy market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Alloy manufacturers, Government Regulatory Bodies, Government Research Organization, Private Research Organization and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.