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According to the latest report by IMARC Group, titled "Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive aluminum market size reached US$ 25.4 Billion in 2021. Automotive aluminum is extensively utilized in the manufacturing of vehicles. Since aluminum is a good electrical and heat conductor that is non-corrosive, lightweight and durable in nature, it usually offers excellent dent resistance and stability while improving fuel efficiency and reducing vehicular emissions. As a result, it is widely utilized as an essential component to manufacture various automotive parts, including fuel systems, wheels, heat shields, frames, car interiors, and damper struct consoles. Apart from this, it is also used in the manufacturing of engine components, such as cylinder heads, radiators, and pistons.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Aluminum Market Trends:
The global market is primarily driven by significant growth in the automotive sector. Along with this, the increasing preference for light-weighted vehicles among the masses has significantly influenced the market growth across the globe. This has also encouraged leading players in the market to utilize aluminum as a preferred alternative to steel, which is providing a boost to the market growth on the global level. Moreover, the rising environmental concerns among individuals have further accelerated the utilization of aluminum across the automotive industry. Apart from this, continual technological advancements in the sector are creating a positive outlook for the market across the globe. For instance, the widespread adoption of collaborative robots and machine vision techniques in the manufacturing of automobiles is positively influencing the market growth on the global level. Some of the other factors contributing to the market growth include the inflating disposable income level of the masses and extensive research and development (R&D) activities conducted by key players. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.82% during the forecast period (2022-2027).
Market Summary:
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