The Global Aluminum Alloy Market is forecast to reach USD 142.15 Billion by 2027. The growing prevalence of focusing on the reduction of the vehicle weight is the principal reason behind the prodigious growth of this market. Aluminum is a lightweight metal and weighs nearly 40% lesser than steel, having a high tensile compressive strength, making it ideal for the use in the automotive body other structural operational components. Aluminum’s mentionable light weight directly improves the fuel efficiency and provide nearly 16% less fuel consumption compared to the steel-made vehicles, and a body frame made of aluminum is proven to absorb a higher energy crash impact compared to a mild steel made body frame. Owing to the lighter weight of aluminum, the automakers have been able to increase the thickness of body panels and structural components without adding any extra weight to the vehicle.

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Further key findings from the report suggest

• In April 2020, Hindalco Industries, an Aditya Birla Group company, an Indian conglomerate, completed the hugely delayed acquisition procedure of Aleris Corporation, a globally leading supplier of rolled aluminum products. Earlier Novelis Inc., a world leader in aluminum rolling recycling, announced their acquisition of Aleris. Through this acquisition of Aleris, Hindalco Industries would become the largest producer of aluminum.
• The vehicle body structure closure sub-segment is observing the fastest market growth as many automakers incorporated aluminum for making their vehicle frame body so that they can offer better fuel efficiency and other cutting-edge technology that substantially increase the operational efficiency of the vehicle. Besides, aluminum’s high and efficient recycling and smaller lifecycle CO2 footprints are the reason many vehicle manufacturers are slowly being inclined to use aluminum for their vehicles.
• Aluminum alloys tailored by suitable variations in its chemical composition processing many requirements, such as the non-heat treatable Aluminum-Magnesium alloys incorporated in the vehicle chassis, optimized for great resistance against the intercrystalline corrosion concurrent high strength. Even the heat treatable Aluminum-Magnesium-Silicon alloys used for extrusions, and the body sheet modified for an improved hardening response during the vehicle paint bake cycle.

Competitive Landscape:

Competitive landscape of global Aluminum Alloy market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.

some leading companies operating in the global Aluminum Alloy market:

Hindalco Industries Ltd., Novelis Inc., Constellium SE, Norsk Hydro ASA, Alcoa Corporation, United Company RUSAL, Autoneum Holding AG, Aluminum Corporation of China Limited, UACJ Corporation, and Federal-Mogul Holding Corporation, among others.

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The global market is further segmented into type and application:

Applications Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Body Structure Closure
• Power Train
• Heat Transfer Electrification
• Brake Steering
• Others

Product Form Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Cast Aluminum
• Sheet Aluminum
• Forged Aluminum
• Extruded Aluminum

Vehicle Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Passenger
• Commercial

Vehicle Propulsion Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• ICV
• EV
• HEV

Vehicle Size Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• Compact
• Large
• Sub-Compact
• Medium
• Basic

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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