Wilmington, Delaware, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The automotive aluminum alloy (OE) industry was valued at US$ 17.8 billion by 2022 and is estimated to reach US$ 27.9 billion by 2031. According to TMR, the market is forecast to rise at a 5.1% CAGR from 2023 to 2031.
The market is driven by various demands, of which stringent emission standards and customer inclination toward lightweight vehicle structures are the main drivers. Regarding reducing the total weight of the vehicle, it is known that about 50% of the weight could be reduced if Aluminium is used in place of any other metal.
Not only does the weight of the frame of the vehicle decrease, but downsizing of the brake system also becomes possible. Consequently, the vehicle's overall weight decreases, assuring better on-road stability.
Download sample PDF copy of report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=48450
The wide application of the aluminum alloy makes it a more widely accepted and ready-to-use material. Also, the material's physical and chemical properties are desirable for producing a wide range of goods, which gives the metal a better acceptance in the manufacturing industry.
Casting, forging, bending, and several other manufacturing processes could be easily employed on the metal, making it easily transformable. Regarding CO2 emission norms, various countries worldwide have introduced different policies and regulatory acts, making new norms even more stringent. As a result, the demand for electric automobiles is forecasted to increase, creating an opportunity for the automotive aluminum alloy (OE) market.
Key Findings from the Market Report
- Heat exchangers, one of the key segment areas of the automotive aluminum alloy (OE) market, are showing technological advancement by introducing nanotubes and microtubes in the structure. This shall result in better heat transfer and efficient operation in the upcoming heat exchangers.
- The scope of electric and hybrid engines has been increasing, mainly due to their efficiency compared to traditional engine components.
- The scrap generated from discarded body parts, drivelines, and so on has increased worldwide. The disposal of these intricate body parts has become a major concern. Consequently, the excessive scrap generated compensates for the pollution saved by reducing CO2 emission.
- Safety and quality standards of vehicle wheels have changed. To meet the new regulations, the manufacturers must produce wheels with better safety, durability, and longer life spans.
Competitive Landscape
Bharat Forge is one of the largest forging companies and has acquired a great market share. The organization's forte is the production of automobile parts, including crankshafts, connecting rods, chassis, and transmission units.
Unlike Bharat Forge, Arconic Corporation produces its products with the help of rolling processes. Also, the organization is known for producing industrial plates, heat exchangers, and many more. One of the key products used in the automotive industry is the aluminum sheets, which are rolled.
Further, UACJ Corporation is a leader in manufacturing compressors for turbochargers, vacuum device chamber walls, axle-bearings housings, and many more.
Key Players
- Arconic Corporation
- Austem Co. Ltd.
- Constellium SE
- Bharat Forge Limited
- UACJ Corporation
- Flex-N-Gate Corporation
- Gordon Auto Body Parts Co. Ltd.
- KIRCHHOFF Automotive GmbH
- Hindalco Industries Limited
- Magna International Inc.
- Norsk Hydro ASA
- Nanshan Group
- Granges
Key Trends for the Automotive Aluminum Alloy (OE) Market
- Arconic Corporation was acquired by Apollo Funds, which includes some economic investment by a third-party organization called Irenic Capital Management. This development was made in August 2023.
- More inclination is observed toward the fuel efficiency of engines than the power they generate. Consequently, the demand for fuel-efficient engines and components making a vehicle fuel-efficient has increased.
- Manufacturers prioritize the weight reduction of individual vehicle components and the frame, another key trend in the automotive aluminum alloy (OE) market.
- Governments of different countries have started prioritizing environmental issues like global warming. As a result, stringent policies regarding carbon emissions are being made by bodies like the EU.
Unlock Growth Potential in Your Industry! Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=48450
Regional Profile
- Asia Pacific is the market leader in the automotive aluminum alloy (OE) market in the total production made in 2022. Also, the forecasted market growth by the end of the decade is fueled mainly due to the ever-rising demand for new vehicles among customers.
- Countries have been producing substantially to meet consumer demands, evident from China's production. 27.02 million units were built in 2022, which was even higher than the previous year's number, about 26.12 million.
- Apart from Asia Pacific, North America and Europe also contribute heavily to the total production of vehicles. These countries become the leading producers mainly because of the locally developed technology that suits the production requirements.
Market Segmentation
Application
- Engine Components
- Wheels
- Driveline
- Heat Exchangers
- Body Parts
- Others
Electric Vehicle Application
- Engine Components
- Wheels
- Driveline
- Heat Exchangers
- Body Parts
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Buy this Premium Research Report @ https://www.transparencymarketresearch.com/checkout.php?rep_id=48450<ype=S
More Trending Reports by Transparency Market Research –
Forklift Trucks Market - The market was valued at US$ 6.2 Bn in 2021 and it is estimated to grow at a CAGR of 2.66 % from 2022 to 2031 and reach US$ 8.1 Bn by the end of 2031
Automotive Airbag Market - The industry was valued at US$ 11.9 Bn in 2021 and it is estimated to advance at a CAGR of 7.2 % from 2022 to 2031 and reach US$ 22.7 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
