According to recent market study published by Nova One Advisor Market reports titled, “Global Automotive Aluminum Alloy (OE) Market Size, Share, Trends Analysis , Opportunity and Forecast, 2021-2027”, the market was valued at US$ 48.7 Billion by 2027 and is expected to grow at a moderate growth rate of 6.9% by the year 2027.
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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.
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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.
COVID-19 Impact on Automotive Aluminum Alloy (OE) Sales
- Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Automotive Aluminum Alloy (OE) market.
- Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
- Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
- Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Automotive Aluminum Alloy (OE) market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Automotive Aluminum Alloy (OE) market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Automotive Aluminum Alloy (OE) market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Automotive Aluminum Alloy (OE) market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Automotive Aluminum Alloy (OE) market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Automotive Aluminum Alloy (OE) market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Automotive Aluminum Alloy (OE) market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Automotive Aluminum Alloy (OE) market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Automotive Aluminum Alloy (OE) market is analyzed at both regional and country levels.
Some of the prominent players in the Automotive Aluminum Alloy (OE) 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.
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:
- Global Automotive Aluminum Alloy OE Market, by Application
- Engine Component
- Heat Exchanger
- Global Automotive Aluminum Alloy OE Market, by Electric Vehicle
- Engine Component
- Heat Exchanger
- Global Automotive Aluminum Alloy OE Market, by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Automotive Aluminum Alloy (OE) market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Automotive Aluminum Alloy (OE) market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Automotive Aluminum Alloy (OE) market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Automotive Aluminum Alloy (OE) market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Automotive Aluminum Alloy (OE) are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
TABLE OF CONTENT
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