Passenger Car Segment to Dominate Global Automotive Aluminium Alloy Market till 2024
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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