Automotive Aluminum Market Share, Size, Trends, Segments And Forecast By 2024-32

(MENAFN- IMARC Group) The latest report by IMARC Group, titled“ Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 “, The global automotive aluminum market size reached US$ 30.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 59.6 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032.

Automotive aluminum, or aluminum, is a lightweight, corrosion-resistant, and highly versatile material employed in the manufacturing of vehicles. It is essential in enhancing fuel efficiency and performance while reducing the environmental impact of automobiles. It offers low density, which makes vehicles lighter and more fuel-efficient, which results in lower emissions and improved mileage, aligning with the industry's push towards eco-friendliness. Additionally, aluminum's corrosion resistance ensures the durability and longevity of automotive components, reducing maintenance costs, and its flexibility allows for intricate designs and better safety features. As a result, automotive aluminum is gaining immense traction across the globe.

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Automotive Aluminum Market Trends and Drivers:

The automotive aluminum market is primarily driven by the rise of electric and hybrid vehicles. In addition, the rising use of aluminum to extend their range, improve energy efficiency, and reduce vehicle weight, thus influencing the market growth. Moreover, ongoing research and development efforts led to the creation of advanced aluminum alloys that offer improved strength and durability while maintaining a lightweight profile, which allows automakers to use aluminum in essential structural components without compromising safety, thus representing another major growth-inducing factor. Besides this, the changing consumer preferences toward lightweight vehicles provide better handling and responsiveness, making them more appealing to various consumers, thus accelerating the sales demand. Along with this, the increasing application of automotive aluminum is due to stricter emission regulations to minimize emissions and improve fuel efficiency, thus propelling the market growth. Furthermore, several advances in aluminum production and manufacturing technologies have made it more cost-effective for automakers to incorporate aluminum components into their vehicles, thus creating a positive market outlook.

Report Segmentation:

The report has segmented the market into the following categories:

by Product Form:

  • Cast Aluminum
    • Die Casting
    • Permanent Mold Casting
    • Sand Casting
  • Rolled Aluminum
    • Aluminum Plate
    • Aluminum Sheet
    • Aluminum Foil
  • Extruded Aluminum

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)

Breakup by Application:

  • Powertrain
    • Pistons
    • Engine Blocks
    • Fuel Systems
    • Heat Shields
    • Heat Exchangers
  • Chassis and Suspension
    • Suspension Parts
    • Wheels
    • Steering Systems
    • Brake Systems
  • Car Body
    • Body Structure
    • Roof and Trim
    • Car Interiors
    • Hang-On Parts

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • 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
  • Tenneco Inc.
  • ElringKlinger AG
  • ThermoTec Automotive

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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