The global automotive aluminum market value is poised to reach around US$ 62 billion by 2026 and growing at CAGR above 8.4 % over the forecast time frame.
LOS ANGELES, July 16, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, Recently Published Report titled “Automotive Aluminum Market (By End Use: Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Cars; By Application: Suspension, Powertrain, Body Structure, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Growth is triggered by higher emission standards and environmental concerns. Casting, laminated products, extruded products and stampings are the main aluminum forms used in the automotive industry. The automotive industry uses aluminum combined with copper, manganese or silicone to produce high resistance parts. The advantages, such as small weight, high strength and reduced emissions, should encourage vehicle makers to choose aluminium as their choice material.
The worldwide manufacturing of cars including passenger cars and business vehicles, according to OICA, stood at 89,8 million units in 2014, reaching 97,3 million in 2017. The demand for cars has risen and the use of aluminum is expected to fuel the next few years. Automakers are now using lightweight, fuel-efficient cars such as aluminum.
Input expenses such as electricity, wages and manufacturing, to name only a few, have become the main restraint for the sector. Changes in the regulatory landscape and increasing environmental concerns have also led producers in the industry to opt for fresh techniques that can deliver energy saving measures and boost production.
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Key Highlights
The passenger car segment is expected to generate more than 38 billion US$ by 2026 in terms of income.
Increased demand for passenger vehicles is due to the fact that Light business vehicles in China and India in particular are expected to grow by around 11% at the greatest CAGR over the predicted era.
In the section of volume, the largest CAGR of around 9 percent from 2019 to 2026 is expected to contribute to development in the manufacturing capacity of leading automakers. The main drivers in the segment are the shift towards lightweight materials to enhance vehicle efficiency.
The biggest volume share in Asia Pacific was around 40% in 2018. Growth is driven by expansion along with automotive investment.
North America is expected, as a result of rigid carbon norms in the area, to record the largest CAGR of more than 10 per cent from 2019 to 2026.
The automotive industry is dedicated to manufacturing cars that deliver superior performance, fuel efficiency, high safety and convenience for passengers. Aluminum has become one of the main decisions of auto manufacturers, which want cars to stand high on all these metrics, due to characteristics such as low weight and high performance, corrosion resistance and flexibility. Aluminum is also environmentally friendly to the car, as the majority of the aluminum in a car can be recycled.
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A broad outline of current market growth dynamics and projections for the future growth trajectory of the market and its sections is provided by the study on the worldwide automotive aluminum markets. The report also provides a thorough overview of the variables that will significantly affect the general business growth of the report over the forecast period.
Key Players & Strategies
The market suppliers focus on organic development strategies in order to reach a competitive advantage. Constellium introduced, for example, its fresh automotive structure in Zilina, Slovakia, in November 2018. The new plant is a strategy of expansion into the market in Eastern Europe. It manufactures parts for the body structure and aluminum crash management systems.
Key Player in this industry included are UACJ Corporation; AMG Advanced Metallurgical Group; Martinrea Honsel Germany GmbH; Constellium N. V.; Bodine Aluminum, Inc.; Farinia Group; Endurance Technologies Limited; Dynacast; Aluminium Bahrain (Alba); GAleris, Federal-Mogul Holding Corporation; Dana Holding Corporation; Kaiser Aluminum; ranges Innovative Aluminum Engineering; Norsk Hydro ASA; Ryobi Ltd; NEMAK Innovative Lightweighting; Gibbs Die Casting Corporation; and CITIC Dicastal Co., Ltd.
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