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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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/automotive-aluminium-market/requestsample
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:
Breakup
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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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