New York, December 9, 2021 (GLOBE NEWSWIRE) – Automotive Aluminum Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Automotive Aluminum Market Research Report: Information By Product Type (Cast Aluminum, Rolled Aluminum, Extruded Aluminum, By Application (Powertrain, Chassis & Suspension, Body By Vehicle Type (Passenger Car, LCV, HCV), By Region (North America, Europe, Asia-Pacific)), Forecast 2030 ”.
Major industry players presented in the Global Automotive Aluminum Market report include
- Alcoa Corporation (United States)
- Novelis Inc. (United States)
- UACJ Corporation (Japan)
- Norsk Hydro ASA (Norway)
- AMG Advanced Metallurgical Group (Netherlands)
- Constellium (United States)
- Aluminum Corporation of China Limited (CHALCO) (China)
- Rio Tinto Group (United Kingdom)
- Aleris Corporation (United States)
- Autoneum Holding AG (Switzerland)
- Dana Limited (US)
- ElringKlinger AG (Germany)
- Progress-Werk Oberkirch AG (Germany)
- JINDAL ALUMINUM LTD. (India)
- Aluminum Kaiser (United States)
- Lorin Industries (United States).
- Among others.
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Future’s Review Market Research of Automotive Aluminum Market
The global automotive aluminum market will hit $ 133.41 billion at a CAGR of 8.72% by 2030, according to the latest Market Research Future report.
Supply chain disruptions, fluctuations in the share of demand, economic situations, as well as the long-term and immediate impact of the COVID-19 pandemic have negatively impacted the growth of the COVID-19 market. automotive aluminum. The crisis slowed down economic activity and pushed the economy into a deep recession. With roots in China, supply chains around the world face unprecedented shutdown and disruption. All of this has had an impact on the growth of the automotive aluminum market. But on the other hand, following the easing of confinements, this market risks returning to normal in the days to come.
Browse the in-depth market research report (188 pages) at Automotive aluminum
Booming automotive industry to drive market growth
The boom in the automotive industry will drive the market growth over forecast. Due to properties such as thermal and electrical conductivity, corrosion resistance, recyclability and high strength, aluminum is widely used in the production of commercial trucks, buses and passenger cars.
Growing government concerns for providing solid opportunities
Rising government concerns about toxic gas emissions as well as vehicle safety concerns may provide solid opportunities for the automotive aluminum market during the forecast period.
Higher manufacturing cost to act as a market restriction
The higher manufacturing cost of aluminum compared to steel could act as a drag on the market during the forecast period.
Price fluctuation to act as a market challenge
Fluctuating prices and increasing operating costs may be a challenge for the market during the forecast period.
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The global automotive aluminum market has been divided on the basis of product type, application, and vehicle type.
By product type, the cast aluminum segment will dominate the market during the forecast period. Cast aluminum is a form of aluminum which is heated to a high temperature and which is then cast into a shape preferably followed by cooling to produce the broad type of products. This is used in the automotive industry to produce a variety of models and shapes of cars.
By application, the powertrain segment will dominate the market during the forecast period. A powertrain is basically a component of a car that powers the drive wheels. This includes the engine, machine and transmission. It is an essential part of automobile manufacturing and automobile manufacturers use aluminum which provides flexibility and strength.
By vehicle type, passenger car segment will spearhead the market during the forecast period for consumer preferences towards light vehicles.
North America at the forefront of the automotive aluminum market
North America will dominate the automotive aluminum market during the forecast period. Consumer preferences for high-quality, fuel-efficient motor cars, strict CAFÉ regulations to improve vehicle fuel economy, strict application of yield strength standards, CAFÉ standards implemented in the United States to reduce energy use by increasing fuel economy in heavy trucks, light trucks, vans and cars, increasing discretionary income in the region and supporting government initiatives in the region’s growth engines – India and China are contributing to the growth of the global automotive aluminum market in the region.
APAC to experience significant growth in automotive aluminum market
The APAC region will experience significant growth in the automotive aluminum market during the forecast period. High vehicle production, improving economic conditions, increasing investment by industry players, growing demand for cars in India and China, growing investment in the region’s automotive sector, rapid urbanization, growing need for luxury cars and Presence of countries like South Korea and India which has high population contributes to the growth of the global automotive aluminum market in the region.
The global automotive aluminum market is both fragmented and competitive due to the presence of several national and international industrial players. These players have used countless innovative strategies to stay ahead of the curve and also meet growing customer needs including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, expansions geographic, etc. In addition, they also invest in many research and development activities.
Novelis Inc., a leading player in the rolling and recycling of aluminum, has launched Generation II of its lightweight EV battery box solution. The advanced heavy-duty aluminum foil design of the electric vehicle provides superior efficiency and lower costs while maximizing weight reduction.
Market segmentation covered by research:
Automotive Aluminum Market Research Report: Information By Product Type (Cast Aluminum, Rolled Aluminum, Extruded Aluminum, By Application (Powertrain, Chassis & Suspension, Body By Vehicle Type (Passenger Car, LCV, HCV) , by region (North America, Europe, Asia-Pacific), 2030 Forecast
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