Automotive Aluminum Market Overview:
The automotive aluminum market size is expected to
garner continual traction worldwide. According to Market Research Future
(MRFR), the global automotive aluminum market valuation is expected to grow to
USD 133.41 BN by 2030, with over 12.80% CAGR during the assessment period (2023-2030).
Auto part manufacturers are looking to supply higher-value components required
for vehicle development.
Lightweight
body parts are quickly being absorbed into the automotive industry due to the
stringent government regulations for fuel-efficient vehicles. The rising
production and demand for lightweight vehicles, alongside the growing
production & sales of electric vehicles, drive the market growth. These
suppliers also buy tons of aluminum, lighter and much cheaper than copper, to
make up portions of larger auto parts.
Get Free Sample Report of Automotive
Aluminum Market
Automotive
Aluminum Industry/ Innovation/
Related News:
Nov.07,
2022 --- Novelis Inc.,
a leading provider of sustainable, low-carbon rolled aluminum solutions,
started the construction of its new aluminum recycling center in South Korea to
expand sustainable, low-carbon aluminum production. Novelis is building a new
recycling center to meet the global demand for sustainable, low-carbon aluminum
sheets for automotive and high-end specialty products.
The
recycling center is being built with an investment of US$50 million and is
expected to come online in 2024. Processing an annual casting capacity of 100
kilotonnes of low-carbon sheet ingot, the new recycling center will contribute
to Novelis' efforts to reduce its carbon emissions by over 420,000 tons each
year, realizing its 2050 goal for carbon neutrality.
Major
Players
·
Alcoa Corporation
·
Novelis Inc.
·
UACJ Corporation
·
Norsk Hydro ASA
·
AMG Advanced Metallurgical Group
·
Constellium
·
Aluminum Corporation of China Limited
·
Rio Tinto Group
·
Aleris Corporation
·
Autoneum Holding AG
·
Dana Limited
·
ElringKlinger AG
·
Progress-Werk Oberkirch AG
·
JINDAL ALUMINIUM LTD.
·
Kaiser Aluminum
·
Lorin Industries among others
Automotive
Aluminum Market – Segments
The
market is segmented into product type, vehicle type, application, and region.
The product type segment is sub-segmented into cast aluminum, extruded
aluminum, rolled aluminum, and others. The application segment is sub-segmented
into chassis & suspension, powertrain, car body, and others. The vehicle
type segment is sub-segmented into passenger cars, LCVs, HCVs, and
others.
Automotive
Lightweight Body Panel Market – Regional Analysis
North
America is the largest market for automotive aluminum, headed by the rapid
implementation of Corporate Average Fuel Economy (CAFE) standards in this
region. Besides, rising sales of passenger cars and government initiatives to
boost the automotive industry are major driving forces defining the growing
market landscape. The rising pressure worldwide to promote lightweight vehicle
body parts and stringent government regulations to control fuel emissions
escalate the market value.
Also,
the strong presence of notable automakers and industry players, alongside high
automotive safety regulations, accelerates the region's market shares.
Additional factors bolstering the market growth include high per capita income
and the early adoption of advanced technologies. With the rise in aluminum
production, a key material for electric vehicles, the US holds the largest
market share.
Automotive
Aluminum Market – Competitive Landscape
The
highly competitive automotive aluminum market share appears
fragmented, with many well-established players forming a competitive landscape.
Major players initiate strategic approaches such as mergers & acquisitions,
collaborations, and product/technology development to gain a larger competitive
share. Substantial investments are transpired to develop products and expand global
footprints.
Electronic
component manufacturers focus on high-power, high-energy component solutions
for power electronics systems. To accelerate technological innovation in
automotive applications, they use aluminum electrolytic capacitors delivering
high-endurance & CV and low-ESR performance in competitively compact and
cost-effective form factors. The new range of surface-mount aluminum chip
capacitors features three different electrolytic technologies.
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