New York, United States , July 22, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Aluminum Market Size is to Grow from USD 57.46 Billion in 2023 to USD 189.94 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.70% during the projected period.
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The most common metal found in cars and trucks is aluminum, which offers superior durability and safety in addition to increased fuel economy and lower emissions. Aluminum is easy to mold, has a high tensile strength, and is substantially lighter than steel. Because of these benefits, aluminum is a widely used metal in many different industries. Due to its inexpensive cost, aluminum finds extensive application in the automobile sector. Another factor in the popularity of aluminum in car construction is its superior fuel efficiency. Because aluminum is easily recycled, automakers choose it as a sustainable material. The market for automotive aluminum is growing due to a rapid increase in auto sales and production. The increasing number of people who own private vehicles, particularly in developing countries, has made aluminum a highly sought-after component of automobiles. The automotive aluminum market is expected to increase over the forecast period due to the rapidly increasing demand for electric vehicles and the integration of advanced technology that offers safety and comfort. However, the automotive aluminum market's growth is restricted by aluminum's fluctuating price and high cost when compared to steel. Therefore, it is expected that the sector will suffer more severe harm from lighter materials like magnesium and stronger plastic.
Browse key industry insights spread across 200 pages with 110 Market data tables and Browse key industry insights spread across 220 pages with 115 Market data tables and figures & charts from the "Global Automotive Aluminum Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, LCV, HCV), By Product Type (Cast Aluminum, Rolled Aluminum, Extruded Aluminum), By Application (Powertrain, Chassis & Suspension, Car Body), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The passenger cars segment is anticipated to hold the greatest share of the global automotive aluminum market during the projected timeframe.
On the basis of vehicle type, the global automotive aluminum market is divided into passenger cars, LCV, and HCV. Among these, the passenger cars segment is anticipated to hold the greatest share of the global automotive aluminum market during the projected timeframe. The market increasing demand for lightweight, fuel-efficient vehicles gives rise to the passenger car. The need for lighter products, such as passenger automobiles, has grown due to the introduction of higher CO2 emission regulations in many countries worldwide.
The cast aluminum segment is anticipated to hold the largest share of the global automotive aluminum market during the projected timeframe.
On the basis of product type, the global automotive aluminum market is divided into cast aluminum, rolled aluminum, and extruded aluminum. Among these, the cast aluminum segment is anticipated to hold the largest share of the global automotive aluminum market during the projected timeframe. Cast aluminum is a specific type of aluminum that is heated to an extremely high temperature, molded into the desired shape, and then allowed to cool to make a wide range of products. It is utilized to make a variety of car types and shapes in the automotive industry.
The chassis & suspension segment is predicted to hold the greatest share of the global automotive aluminum market during the estimated period.
On the basis of application, the global automotive aluminum market is divided into powertrain, chassis & suspension, and car body. Among these, the chassis & suspension segment is predicted to hold the greatest share of the global automotive aluminum market during the estimated period. The chassis is one of an automobile's most crucial parts. It supports the body and engine of the vehicle. The rigidity of the vehicle is preserved while the chassis offers the strength to support different vehicle components.
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North America is expected to hold the largest share of the global automotive aluminum market over the forecast period.
North America is expected to hold the largest share of the global automotive aluminum market over the forecast period. The market for car aluminum is expected to be concentrated in North America. This is partially due to the stringent implementation of yield strength requirements. The U.S. created the CAFÉ Standards to reduce energy consumption by enhancing fuel efficiency in cars, vans, light vehicles, and heavy trucks.
Asia Pacific is predicted to grow at the fastest pace in the global automotive aluminum market during the projected timeframe. The increasing investments in the automotive industry and the growing demand for cars in countries like China and India are the main factors driving growth in the regional auto manufacturing sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive aluminum market include Aluminum Corporation, BHP Billiton, Alcoa Corporation, UACJ Corporation, Norsk Hydro ASA, Constellium, Rio Tinto Group, Aleris Corporation, Autoneum Holding AG, Dana Limited, ElringKlinger AG, Progress-Werk Oberkirch AG, Kaiser Aluminum, Lorin Industries, and Other key companies.
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Recent Developments
- In September 2022, Alcoa Corporation highlighted its position as a provider of cutting-edge aluminum alloys by launching significant advancements in alloy development and application.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive aluminum market based on the below-mentioned segments:
Global Automotive Aluminum Market, By Vehicle Type
- Passenger Car
- LCV
- HCV
Global Automotive Aluminum Market, By Product Type
- Cast Aluminum
- Rolled Aluminum
- Extruded Aluminum
Global Automotive Aluminum Market, By Application
- Powertrain
- Chassis & Suspension
- Car Body
Military Rotorcraft Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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