NOIDA, India, March 20, 2023 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Automotive Aluminum Market was valued at more than USD 44 Bn in 2021 and is expected to grow at a CAGR of around 9% from 2022-2028. The analysis has been segmented into Product Form (Cast Aluminum, Rolled Aluminum, Extruded Aluminum, and Others); Vehicle Type (Passenger Car, LCV, and HCV); Application (Car Body, Chassis & Suspension, and Powertrain); Region/Country.
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The automotive aluminum market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive aluminum market. The automotive aluminum market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the automotive aluminum market at the global and regional levels.
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Market Overview
Automotive Aluminum refers to the use of aluminum in the production of vehicles and automotive components. Aluminum is widely used in the automotive industry due to its lightweight, high-strength, and corrosion-resistant properties. Automotive aluminum is used in the manufacturing of various components and systems in vehicles, including body structures, engines, transmissions, wheels, and suspension systems. The use of aluminum in the automotive industry helps to reduce the weight of vehicles, resulting in improved fuel efficiency and reduced emissions. Additionally, aluminum can be molded into complex shapes, making it an ideal material for various automotive components. The increasing demand for fuel-efficient and lightweight vehicles has led to the growth of the automotive aluminum market, and the industry continues to invest in research and development to further improve the performance and properties of automotive aluminum.
Factors such as increasing use in commercial and passenger vehicles coupled with the growing adoption of automotive aluminum in the automotive sector, and increasing adoption, and product launches in the market are some of the prominent factors that are positively influencing the market growth globally.
Some of the major players operating in the market include Alcoa Corporation, UACJ Corporation, Rio Tinto, Norsk Hydro ASA, Novelis, Constellium, Jindal Aluminium Limited, AMG, ElringKlinger AG, and Dana Limited.
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted industries and has transformed the way industries operate. The pandemic resulted in widespread supply chain disruptions, lockdowns, and reduced consumer spending, leading to a decline in automotive production and sales. This had a negative impact on the demand for automotive aluminum and its components, causing a decrease in prices and production.
The global automotive aluminum market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on product form, the market is segmented into cast aluminum, rolled aluminum, extruded aluminum, and others. The cast aluminum category is expected to grow with a considerable CAGR during the forecast period due to the growing demand for fuel-efficient and lightweight vehicles, the ability to produce complex components, the growth of the electric vehicle market, and the improvements in production technologies. Thus, such factors are expected to drive the growth of the cast aluminum market which will in turn increase the demand for automotive aluminum.
- Based on application, the automotive aluminum market has been classified into car body, chassis & suspension, and powertrain. The powertrain category is to witness the highest CAGR during the forecast period owing to its reduced weight, improved fuel efficiency, and increased engine performance. As, aluminum in powertrain applications is used in making the production of engine blocks, cylinder heads, transmission cases, and other powertrain components. Thus, such factors will increase the demand for powertrains which will further accelerate the growth of the automotive aluminum market.
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Automotive Aluminum Market Geographical Segmentation Includes:
- North America (U.S., Canada, Rest of North America)
- Europe (Germany, U.K., France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, Rest of Asia-Pacific)
- Rest of the World
APAC is expected to grow with a robust CAGR during the forecast period. As countries such as China, India, and Japan are the major producer of automotive parts leading to drive the demand for automotive aluminum within the region. Since the increasing demand for fuel-efficient and lightweight vehicles, along with the increasing production of vehicles in the region, has led to the growth of the automotive aluminum market in the APAC region. Additionally, the region is increasing its focus on reducing emissions and improving fuel efficiency which led to a growing demand for lightweight aluminum components in the automotive industry. Additionally, the presence of several large aluminum producers and manufacturers in the region also contributes to the growth of the automotive aluminum market in the APAC region.
The major players targeting the market include
- Alcoa Corporation
- UACJ Corporation
- Rio Tinto
- Norsk Hydro ASA
- Novelis
- Constellium
- Jindal Aluminium Limited
- AMG
- ElringKlinger AG
- Dana Limited
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the automotive aluminum market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the automotive aluminum market?
- Which factors are influencing the automotive aluminum market over the forecast period?
- What are the global challenges, threats, and risks in the automotive aluminum market?
- Which factors are propelling and restraining the automotive aluminum market?
- What are the demanding global regions of the automotive aluminum market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Automotive Aluminum Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2021 |
|
Forecast period |
2022-2028 |
|
Growth momentum |
Accelerate at a CAGR of over 9% |
|
Market size 2021 |
USD 44 Bn |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
APAC to Dominate the Global Automotive Aluminum Market |
|
Key countries covered |
U.S., Canada, Germany, U.K., Spain, Italy, France, China, Japan, and India |
|
Companies profiled |
Alcoa Corporation, UACJ Corporation, Rio Tinto, Norsk Hydro ASA, Novelis, Constellium, Jindal Aluminium Limited, AMG, ElringKlinger AG, and Dana Limited. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Product Form, By Vehicle Type; By Application; By Region/Country |
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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