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. 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. Employment of aluminum allows direct weight saving of up to 50%, as compared to other materials that are used in vehicles. Manufacturers are focusing on reducing 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.
Regulatory bodies of different countries across the globe have started implementing stringent CO2 emission standards in order to reduce global warming. The average CO2 emission from vehicles in Europe is projected to decrease by an average of 3.9% from 2010 to 2024. Similarly, countries such the U.S., China, and India are imposing tough emission norms. This is anticipated to drive the automotive aluminum alloy OE market at a rapid pace during the forecast period. Growing demand for electric vehicles across the globe, owing to stricter emission norms by regulatory bodies and rise in preference for battery electric vehicles by consumers, is anticipated to boost the usage of aluminum alloy during the forecast period. Rise in demand for vehicle safety and fuel-efficient vehicles among consumers is expected to drive the automotive aluminum alloy OE market during the forecast period.
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The global automotive aluminum alloy OE market has been segmented based on application, vehicle type, electric vehicle type, and region. In terms of application type, the automotive aluminum alloy OE market has been segregated into engine components, wheels, driveline, heat exchangers, and others. In order to reduce overall weight of the vehicle, manufacturers are opting for lightweight wheels which provide better acceleration and stability, increase comfort, and reduce the weight of the wheels and hammering effect on uneven roads. Therefore, the wheels sub-segment is likely to grow during the forecast period. Heat exchangers are extensively employed in vehicles for various applications such as engine cooling, fuel cooling, condenser and evaporators for air conditioning system. Aluminum alloy has high thermal conductivity, corrosion resistance property and good formability owing to which aluminum is used in heat exchangers. Hence, the heat exchanger segment is projected to expand at a significant pace during the forecast period.
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In terms of regions, the automotive aluminum alloy OE market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographical analysis is based on production trends, political reforms, regulation changes, and demand. Asia Pacific dominates the global automotive aluminum alloy OE market owing to the presence of a prominent automotive industry in China, Japan, and India. Rise in vehicle production across this region is anticipated to boost the automotive aluminum alloy OE market during the forecast period. Increase in production and sales of electric vehicles, especially in China, is expected to drive the automotive aluminum alloy OE market in the country during the forecast period. In Europe, an average of 140 kg aluminum is used in vehicles. Rising trend of electric vehicles in Europe is anticipated to boost the usage of aluminum in the automotive industry. Increase in the number of lightweight vehicles and stringent emission norms are expected to drive the aluminum alloy market in North America during the forecast period..
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