Increasing focus of automobile manufacturers on reducing vehicle weight to drive global automotive aluminium alloy market through 2024
According to TechSci Research report, “Global Automotive Aluminium Alloy Market By Product Form, By Vehicle Type, By Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024”, global automotive aluminium alloy market is projected to register growth during forecast period, on account of increasing use of aluminium in automobiles. Aluminium helps to reduce the weight of vehicle, thus it is the preferred material of choice among manufacturers to meet the expected fuel economy and emission standards, thereby boosting global automotive aluminium alloy market. Increasing level of pollutants in the environment is compelling governments to enforce regulations, leading to light weighting of vehicles and reduction of emissions. Therefore, automakers are preferring to adopt light weighting in order to achieve such a significant drop in emission.
In terms of product form, cast aluminium registered the highest growth in 2018 and the trend is expected to continue during the forecast period, as it is used for making powertrain and engines. Passenger car is the leading segment in global automotive aluminium alloy market and is anticipated to grow at the fastest rate in coming years. In terms of application, manufacturers have started focusing on lightweight wheels, as they provide better acceleration, stability and increased comfort.
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Major players operating in global automotive aluminium alloy market are Austem Company Ltd, Aleris Corporation, Arconic Inc., Bharat Forge Limited, Constellium N.V., Flex-N-Gate Corporation, Gordon Auto Body Parts Co., Ltd., Kirchhoff Automotive GmbH, Magna International Inc., Norsk Hydro ASA, etc. Companies operating in the market are adopting organic and inorganic strategies such as product launch, investments, expansions, agreements and contracts to ensure growth in the market. In 2018, Bharat Forge Ltd. announced a strategic partnership with Tevvar Motors, a company offering electric powertrain solutions for commercial vehicles and buses, to ensure fast growth in the electric vehicle market.
“Growing stringent regulations related to fuel efficiency and emissions coupled with rising consumer demand for fuel-efficient vehicles are key factors for the growth of the global market for automotive aluminum alloy. Asia-Pacific is anticipated to dominate the market in coming years, on account of increasing production and sales of vehicles in economies, such as China and India, in addition to rising disposable income in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Aluminium Alloy Market By Product Form, By Vehicle Type, By Application, By Region, Competition, Forecast & Opportunities, 2014 – 2024” has evaluated the future growth potential of global automotive aluminium alloy market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global automotive aluminium alloy market.
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