Wilmington, Delaware , Oct. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automotive Aluminum Market by Form (Sheet, Plate, Bar, Tube and Others), Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, Passenger Cars and Others), and Application (Hood, Pillars, Hinges, Motors, Sunroof Railings and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automotive aluminum market was valued at $26.2 billion in 2023, and is estimated to reach $60.6 billion by 2033, growing at a CAGR of 8.7% from 2024 to 2033.
Prime determinants of growth
Advancements in aluminum alloys are pivotal in fueling the demand for automotive aluminum. These advancements encompass innovations in alloy compositions, manufacturing methods and treatments all geared towards augmenting the properties and functionality of aluminum utilized in automotive applications. By continually refining aluminum alloys manufacturers produce materials with true attributes to address diverse automotive needs. For instance, certain alloys are crafted to exhibit exceptional formability facilitating the creation of complicated shapes and designs in vehicle parts. In addition, other alloys are tailored to bolster corrosion resistance, thereby ensuring prolonged durability and resilience across different environmental settings. Such tailored properties make aluminum alloys indispensable in meeting the exacting standards of the automotive industry, driving the demand for automotive aluminum market growth.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $26.2 billion |
| Market Size in 2033 | $60.6 billion |
| CAGR | 8.7% |
| No. of Pages in Report | 340 |
| Segments Covered | Form, Vehicle Type, Application, and Region. |
| Drivers | Advancements in aluminum alloy technology Regulatory support for lightweight materials. |
| Opportunity | Advanced manufacturing techniques. |
| Restraint | Recycling infrastructure constraints. |
The sheet segment maintains its dominance by 2033.
By form, the sheet segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Sheet is extensively utilized in automotive body panels, closures such as hoods and doors, and structural components due to its lightweight nature, formability, and corrosion resistance. The use of aluminum sheet allows for significant weight reduction in vehicles, contributing to improved fuel efficiency and performance.
The light commercial vehicles segment is expected to possess the highest market share till 2033.
By vehicle type, light commercial vehicles segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Aluminum is commonly utilized in the construction of light commercial vehicles, such as vans, pickups, and smaller trucks. Light commercial vehicles often prioritize factors such as fuel efficiency, payload capacity, and maneuverability, all of which benefit from the lightweight properties of aluminum. Aluminum is frequently employed in body panels, chassis components, and structural reinforcements in light commercial vehicles, contributing to weight reduction and improved performance.
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The hoods segment is expected to possess the highest market share till 2033.
Based on the application, hoods segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Hoods are increasingly common in modern vehicles thanks to their lightweight properties, which play a crucial role in enhancing fuel efficiency and handling. Automakers are opting for aluminum hoods to achieve significant weight reduction compared to traditional steel hoods, making aluminum the preferred material for boosting overall vehicle performance. Moreover, the use of aluminum hoods supports the structural integrity and safety of the vehicle. Despite being lighter, aluminum hoods maintain the necessary strength and durability to protect the engine compartment and absorb impact in the event of a collision. This combination of lightweight efficiency and robust performance makes aluminum hoods an ideal component for modern automotive design.
Asia-Pacific is expected to experience fastest growth throughout the forecast period.
Based on region, Asia-Pacific has emerged as the fastest-growing market for automotive aluminum in terms of revenue. The lightweight and recyclable properties of aluminum present promising solutions for improving fuel efficiency and reducing emissions within the automotive sector. As countries in Asia-Pacific experience rapid urbanization and a surge in vehicle demand, the necessity for sustainable and efficient automotive materials becomes increasingly critical. Automotive aluminum, with its capacity to lower vehicle weight and enhance performance while reducing environmental impact, perfectly aligns with the region's sustainability goals. In addition, the abundant availability of raw materials and advanced manufacturing capabilities across many Asia-Pacific nations is fostering the widespread adoption of automotive aluminum, further driving market growth in the region.
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Leading Market Players: -
- Novelis Inc
- Arconic
- Kaiser Aluminum
- Nippon Light Metal Holdings Co., Ltd
- Vedanta Aluminium & Power
- BALCO
- Dana Limited.
- Alcoa Corporation
- UACJ Corporation.
- Rio Tinto
The report provides a detailed analysis of these key players in the global automotive aluminum market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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