Some experts believe the truck will be able to get about 30 miles per gallon, up from the 17 to 19 mpg of current models.
And it is by far the most profitable vehicle in Ford's lineup.
"When you have a vehicle that successful, the company almost lives or dies on that model," said Karl Brauer, senior analyst for Kelley Blue Book. "You live in dread of something going wrong with that model, and this is by far the biggest change they've ever made."
Ford has already warned of a hit to profit margins in 2014, and the new F-150 is a contributor.
The 600 pounds of aluminum will likely cost about $800 more than the steel it replaces. Aluminum is also somewhat more difficult to work with and will require a longer shutdown at the two Ford factories that make the truck to prepare for the change.
Another risk: will F-150 buyers be comfortable with buying an aluminum pickup truck.
"There is a high degree of launch risk associated with using so much aluminum," said Mike Wall, auto analyst with IHS Global. "But the payoff is so strong."
Wall said he believes any doubtful truck buyers will be won over by much better fuel economy.
Ford officials are tight-lipped about their plans, though they did confirm that the new truck will have more aluminum than current models, which have had aluminum hoods since 2004.
"We're already the leader in aluminum use in full-size pickups, and it hasn't been an issue," said Ford spokesman Erich Merkle.
They also say buyers have shown interest in fuel economy, noting that about 40% of the F-150 buyers are choosing a more fuel efficient V6 engine, rather than the traditional V8.