New York, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Automotive Aluminum Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Aluminum Market Research Report: Information By Product Type (Cast Aluminum, Rolled Aluminum, Extruded Aluminum, By Application (Powertrain, Chassis & Suspension, Car Body By Vehicle Type (Passenger Car, LCV, HCV), By Region (North America, Europe, Asia Pacific), Forecast 2030”.
Eminent industry players profiled in the global automotive aluminum market report include
Alcoa Corporation (US)
Novelis Inc. (US)
UACJ Corporation (Japan)
Norsk Hydro ASA (Norway)
AMG Advanced Metallurgical Group (Netherlands)
Aluminum Corporation of China Limited (CHALCO) (China)
Rio Tinto Group (UK)
Aleris Corporation (US)
Autoneum Holding AG (Switzerland)
Dana Limited (US)
ElringKlinger AG (Germany)
Progress-Werk Oberkirch AG (Germany)
JINDAL ALUMINIUM LTD. (India)
Kaiser Aluminum (US)
Lorin Industries (US).
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Market Research Future’s Review on Automotive Aluminum Market
The global automotive aluminum market will touch USD 133.41 billion at an 8.72% CAGR by 2030, states the latest Market Research Future report.
Supply chain disruptions, fluctuations in demand share, economic situations, as well as long term & immediate impact of the COVID-19 pandemic possessed a negative impact on the automotive aluminum market growth. The crisis has slowed down the economic activity as well as pushed the economy towards a steep recession. With the roots being present in China, supply chains in the globe are facing shutdown along with unprecedented disruption. All this has impacted the growth of the automotive aluminum market. But on the other hand, following the relaxation of lockdowns, this market is likely to get back to normal in the days to come.
Browse In-depth Market Research Report (188 pages) on Automotive Aluminum
Booming Automotive Industry to Boost Market Growth
The booming automotive industry will boost market growth over the forecast. Owing to properties like thermal and electrical conductivity, corrosion resistance, recyclability, and high strength, aluminum is extensively used in the production of commercial trucks and buses and passenger cars.
Growing Government Concerns to offer Robust Opportunities
The growing government concerns regarding the emission of toxic gases as well as vehicle safety concerns may offer robust opportunities for the automotive aluminum market over the forecast period.
Higher Manufacturing Cost to act as Market Restraint
The higher manufacturing cost of aluminum over steel may act as market restraint over the forecast period.
Fluctuation in Prices to act as Market Challenge
The fluctuation in prices and rise in operational cost may act as market challenge over the forecast period.
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The global automotive aluminum market has been bifurcated based on product type, application, and vehicle type.
By product type, the cast aluminum segment will lead the market over the forecast period. Cast aluminum is a form of aluminum which is heated to a high temperature and this is then molded into a shape of preference followed by cooling for producing the large type of products. This is used in the auto industry for producing a variety of models and shapes of cars.
By application, the powertrain segment will dominate the market over the forecast period. A powertrain is basically a component of a car which supplies power to the driving wheels. This comprises the engine, the machine, and drivetrain. It is a vital part of the car and car manufacturers use aluminum to manufacture that provides flexibility and strength.
By vehicle type, passenger cars segment will spearhead the market over the forecast period for the consumer preferences towards lightweight vehicles.
North America to Head Automotive Aluminum Market
North America will head the automotive aluminum market over the forecast period. Consumer preferences for fuel-efficient, high-quality motor cars, strict CAFÉ regulations to improve vehicle fuel economy, strict implementation of yield strength standards, CAFÉ standards being implemented in the US for reducing energy consumption by rising fuel economy in heavy trucks, light trucks, vans, and cars, increasing discretionary income in the region, and supportive government initiatives in the region’s growth engines- India and China are adding to the global automotive aluminum market growth in the region.
APAC to Have Significant Growth in Automotive Aluminum Market
The APAC region will possess significant growth in the automotive aluminum market over the forecast period. High vehicle production, improving economic conditions, increasing investments by industry players, growing call for cars in India and China, growing investments in the region’s auto sector, fast paced urbanization, increasing need for luxury cars, and the presence of countries like South Korea and India that possess a high population are adding to the global automotive aluminum market growth in the region.
The global automotive aluminum market is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
Novelis Inc., a leading player in aluminum rolling and recycling has launched Generation II of its lightweight EV battery enclosure solution. The advanced aluminum-sheet-intensive design of the EV offers higher efficiency and reduces costs while maximizing weight reduction.
Segmentation of Market covered in the research:
Automotive Aluminum Market Research Report: Information By Product Type (Cast Aluminum, Rolled Aluminum, Extruded Aluminum, By Application (Powertrain, Chassis & Suspension, Car Body By Vehicle Type (Passenger Car, LCV, HCV), By Region (North America, Europe, Asia Pacific), Forecast 2030
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