According to the latest report by IMARC Group, titled "Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global automotive aluminum market is currently witnessing strong growth. Aluminum is widely utilized in the automotive industry for the production of passenger and commercial vehicles. Since aluminum is characterized by light weight and enhanced durability, it is used to improve acceleration, braking systems and dent resistance of the vehicles. It is also utilized to offer high stability, increase performance and boost fuel economy while significantly reducing vehicular emissions. Consequently, aluminum castings, extrusions and sheets are extensively employed for the production of key automotive parts, including wheels, vehicle body, frames, doorframes, damper struct consoles, fuel systems, heat shields and car interiors. Apart from this, extruded aluminum is widely used for manufacturing numerous engine parts, including pistons, radiators and cylinder heads.
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 the significant growth in the automotive industry. There has been a considerable rise in the production and sales of vehicles on account of inflating disposable incomes and shifting lifestyle preferences on the global level, especially in the developing economies. Along with this, manufacturers are extensively replacing conventionally used materials, such as steel, with aluminum for designing key automobile components to reduce the overall weight of the vehicle, thereby improving fuel efficiency and minimizing tailpipe emissions. This is further supported by the numerous initiatives undertaken by various governments to promote the usage of lightweight and energy-efficient vehicles. The increasing usage of secondary or recycled aluminum for boosting vehicle performance is acting as another major growth-inducing factor. Moreover, the advent of advanced variants that are expected to offer cost-effective solutions with improved safety is contributing to the market growth. Other factors, such as extensive research and development (R&D) activities, along with the adoption of automated assembly lines for efficient manufacturing, are expected to further create a positive outlook for the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of around 7% during 2020-2025.
- On the basis of the product form, the market has been divided into cast (die, permanent mold and sand casting), rolled (aluminum plate, sheet and foil) and extruded aluminum.
- Based on the vehicle type, the market has been classified into passenger cars, light commercial vehicles (LCV) and heavy commercial vehicles (HCV).
- On the basis of the application, the market has been categorized into powertrain (pistons, engine blocks, fuel systems, heat shields and heat exchangers), chassis and suspension (suspension parts, wheels, steering systems and brake systems) and car body (body structure, roof and trim, car interiors and hang-on parts).
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alcoa Corporation, Novelis Inc., Rio Tinto Group, Constellium, BHP Group Limited, AMG Advanced Metallurgical Group N.V., UACJ Corporation, Norsk Hydro ASA, Dana Incorporated, Progress-Werk Oberkirch AG, Jindal Aluminium Limited, Kaiser Aluminum Corporation, Lorin Industries, Inc., Tenneco Inc., ElringKlinger Group, and COOL IT Thermo-Tec.
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