According to the latest report by IMARC Group, titled "Global Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global automotive aluminum market reached a value of US$ 22.34 Billion during 2015-2020. 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 9.8% during the forecast period (2021-2026).
- On the basis of the product form, the market has been categorized into cast aluminum, die casting, permanent mold casting, sand casting, rolled aluminum, aluminum plate, aluminum sheet, aluminum foil and extruded aluminum.
- Based on the vehicle type, the market has been segregated into passenger cars, light commercial vehicles (LCV) and heavy commercial vehicles (HCV).
- On the basis of the application, the market has been segmented into powertrain, pistons, engine blocks, fuel systems, heat shields, heat exchangers, chassis and suspension, suspension parts, wheels, steering system, brake systems, car body, body structure, roof and trim, car interiors, and hang-on parts.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the 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 Inc., Novelis, Rio Tinto Alcan, Constellium, BHP, Amg Advanced Metallurgical, UACJ Corporation, Norsk Hydro ASA, Dana Holding Corporation, Progress-Werk Oberkirch AG, Jindal Aluminium, Kaiser Aluminum, Lorin Industries, Federal-Mogul Holding Corporation, ElringKlinger AG, and ThermoTec Automotive.
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