(MENAFN- IMARC Group)
The latest report by IMARC Group, titled“ Automotive Aluminum market Report by Product Form (Cast Aluminum, Rolled Aluminum, Extruded Aluminum), Vehicle Type (Passenger Cars, Light Commercial vehicles (LCV), Heavy Commercial Vehicles (HCV)), Application (Powertrain, Chassis and Suspension, Car Body), and Region 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the market. 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.
Factors Affecting the Growth of the Automotive Aluminum Industry:
Rising Demand for Electric Vehicles (EVs):
The surge in demand for electric vehicles (EVs) is a critical driver for the automotive aluminum market. Electric vehicles require lightweight materials to compensate for the heavy weight of batteries and extend their range per charge. Aluminum is an ideal material for EVs due to its lightweight properties, which help improve vehicle efficiency and performance. As the global automotive industry continues to shift towards electrification, with governments providing incentives and setting ambitious targets for EV adoption, the demand for aluminum in the construction of EVs is expected to increase significantly. This trend is limited to the body and frame of the vehicles and extends to components such as battery housings and electric motor housings, further amplifying the demand for automotive aluminum.
Stringent Emission Regulations:
The global automotive industry is under increasing pressure from stringent emission regulations aimed at reducing the environmental impact of vehicles. Governments around the world are implementing stricter standards for fuel efficiency and CO2 emissions. Aluminum, being significantly lighter than steel, offers a viable solution to this challenge. The use of automotive aluminum can significantly reduce vehicle weight, thereby enhancing fuel efficiency and reducing emissions. As automakers strive to comply with these regulations and meet consumer demand for more environmentally friendly vehicles, the demand for automotive aluminum is expected to rise. This shift toward lighter materials is a trend and a necessity for manufacturers to ensure compliance and remain competitive in the market, driving the growth of the automotive aluminum market.
Technological Advancements:
Technological advancements in aluminum alloy compositions and manufacturing processes have expanded the applications of aluminum in the automotive industry. New alloys are being developed that offer improved strength, durability, and formability, making aluminum competitive with traditional steel in applications where strength and safety are critical. These advancements also include the development of techniques such as aluminum welding and adhesive bonding, which have solved previous challenges associated with joining aluminum parts. As a result, automotive manufacturers can now use aluminum in a wider range of vehicle components, from structural frames to intricate engine parts. This expansion in application is driven by the continuous innovation in aluminum alloy technology, making it more versatile and appealing for use in the automotive sector, and consequently driving the market for automotive aluminum.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/automotive-aluminium-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
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
Automotive Aluminum Market Report Segmentation:
By Product Form:
Cast Aluminum Die Casting Permanent Mold Casting Sand Casting
Rolled Aluminum Aluminum Plate Aluminum Sheet Aluminum Foil
Extruded Aluminum
Cast aluminum dominates the market as it is ideal for creating complex shapes and is generally used for components like engine casings and transmission housings.
By Vehicle Type:
Passenger Cars Light Commercial Vehicles (LCV) Heavy Commercial Vehicles (HCV)
Passenger cars hold the largest market share as automotive aluminum is widely used in them to improve fuel efficiency and reduce emissions.
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
Powertrain holds the largest market share as aluminum finds a wide range of applications in powertrain of vehicles due to its high strength-to-weight ratio and excellent heat dissipation properties.
Regional Insights:
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
Asia Pacific's dominance in the automotive aluminum market is attributed to the rising presence of multiple aluminum production facilities.
Global Automotive Aluminum Market Trends:
Presently, automakers are developing aluminum-intensive vehicle platforms to achieve weight reduction targets and improve energy efficiency. AIV platforms leverage advanced aluminum alloys and manufacturing techniques to reduce vehicle mass while maintaining structural integrity and safety standards. Besides, the use of aluminum in automotive body panels is increasing due to its corrosion resistance, formability, and ability to achieve complex shapes. Aluminum body panels help reduce vehicle weight, improve aerodynamics, and enhance crashworthiness, leading to better overall performance and fuel economy.
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