LOS ANGELES, May 06, 2020 (GLOBE NEWSWIRE) -- The global is expected to grow at a CAGR of around 10.6% from 2020 to 2027 and reach the market value of over US$ 8,175.4 Mn by 2027.

Aluminium alloy is used in the automotive industry particularly due to associated benefits including high strength stiffness to weight ratio, good formability, recycling potential, corrosion resistance and decreased weight. The increasing incorporation of lightweight parts in automotive to decrease fuel consumption is driving the demand of aluminium alloy.

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The global automotive aluminium alloy market is segmented on the basis of heat sensitivity type, application, vehicle type, and electric vehicle type. On the basis of heat sensitivity type, the market is bifurcated into non heat-treatable (Al-Mg-Mn), and heat-treatable (Al-Mg-Si) aluminium alloy. By application, engine component, wheels, driveline, heat exchanger, body, and others are the segment. By vehicle type, segments include passenger vehicles and commercial vehicle. Moreover, the electric vehicle type segment is bifurcated into battery vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.

Electric vehicle segment is projected to experience the fastest growth over the estimated timeframe from 2020 to 2027. The rapidly increasing air pollution is inclining government and manufacturers to dig out more environment-friendly solutions in the automotive industry. The need for the incorporation of lightweight auto parts in an electric vehicle is propelling the demand for aluminium alloy in the market.

In 2019, Asia Pacific held the major share of the global automotive aluminium alloy market. The region is particularly gaining growth on account of increasing vehicle demand. The ongoing industrialization and rapid urbanization coupled with an increasing purchasing power of people in developing economies such as China and India are supporting the market growth. The rising investment by global manufacturers in the regional market by incorporating production plants and research activities in the regional market is further supporting the market value.

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Some of the leading competitors are ALERIS, Magna International Inc., Arconic, AUSTEM Company Ltd., Bharat Forge, Constellium N.V., Flex-N-Gate Corporation, Gordon Auto Body Parts Co., Ltd., Granges, KIRCHHOFF Automotive GmbH, Nanshan Group, Novelis, Norsk Hydro ASA, UACJ Corporation. Automotive Aluminium Alloy companies have announced mergers and acquisitions to expand their position in the Automotive Aluminium Alloy industry. Major players are also moving into new regions and advanced technologies for the expansion of market share.

Some of the key observations regarding Automotive Aluminium Alloy industry include:

• In 2020, EDAG Group has with its eight partners has developed an aluminium alloy for car use with the ability to provide higher strength and higher elongations at the break. The newly developed alloy can be used to establish car parts that can reduce weight and have the ability to use 3D print technology in mass production.
• Novelis Inc., an Atlanta, US-based rolled and recycled aluminium has launched a new aluminium alloy in 2020 which is specifically designed for automotive firms. The new alloy is a 6xxx-series aluminium alloy that will surpass the automotive industry’s standards for strength and lightweight according to the company's officials. The new alloy is christened Advanz 6HS-s650, has an advantage of between 15 to 25 per cent beyond existing high-strength aluminium alloys.
• In 2019, Rio Tinto has launched a new aluminium alloy developed to make lighter car wheels called Revolution-Al. It’s a high strength 3xx Series Alloys for automotive wheel weight reduction with the benefits including opportunities to improve the visual appearance of the wheel, lighter wheel with a 7% weight reduction, easy and cost-efficient manufacturing solution, 15 to 20% stronger than the traditional wheel, and 2-hour shorter ageing cycle (heat treatment) compared to A356.2.
• A US team from the Department of Energy’s Pacific Northwest National Laboratory has unveiled a process, which produces nanostructured rods and tubes directly from high-performance aluminium alloy powder. With the development of the new process, the team has eliminated steps that are required during conventional extrusion processing of aluminum alloy powders else achieving a notable increase in product ductility which will beneficial for automotive manufacturers to make passenger vehicles more affordable, lighter, and fuel-efficient for the consumer.

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