LOS ANGELES, May 06, 2020 (GLOBE NEWSWIRE) -- The global automotive aluminium alloy market 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.
Get Free Report Sample Pages for Better Understanding@ https://www.acumenresearchandconsulting.com/request-sample/1828
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.
View Detail Information with Complete TOC@ https://www.acumenresearchandconsulting.com/automotive-aluminium-alloy-market
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:
Request for Customization@ https://www.acumenresearchandconsulting.com/request-customization/1828
The report is readily available and can be dispatched immediately after payment confirmation.
Buy this premium research report@ https://www.acumenresearchandconsulting.com/buy-now/0/1828
If you would like to place an order or have any questions, please feel free to contact at firstname.lastname@example.org | +1 407 915 4157 OR +1 408 900 9135
For Latest Update Follow Us: