Aluminum Market Overview:
The automotive aluminum market size is projected to
reach US$133.41 Billion by 2030, growing at a CAGR of 8.72% during the
forecast period 2022-2030. The base year considered for the study is 2021 and
the forecast period is 2022 to 2030. The automotive aluminum market includes
all kinds of aluminum used in automobile manufacturing such as passenger cars,
commercial cars, trucks, buses and other vehicles.
Introduction
Growing demand for automobiles across the world has led to a boom in the
automotive aluminum market. The market is expected to grow at a CAGR of 4.4%
from 2017-2026. The automotive aluminum market is also witnessing an increase
in demand for lightweighting due to which its demand is projected to grow
significantly over the forecast period from 2017-2026 with a CAGR of 5.5%.
Research Methodology
We have conducted a qualitative research to analyze the global
automotive aluminum market size. This report is based on in-depth interviews
with key industry experts, an assessment of the competitive dynamics within the
industry, as well as an analysis of the macro-economic drivers that influence
demand. We have also used secondary sources to validate and elaborate on our
primary findings.
Executive Summary
The automotive industry is the largest consumer of aluminum in the
world. The metal is used to make everything from car parts to vehicle
exteriors. As a result, the market for aluminum has grown over the past few
years, with demand coming primarily from China and India. Furthermore, many
automakers are looking to use aluminum in their vehicles as they seek ways to
improve fuel efficiency. Automakers are also looking at using lighter weight
materials in order to meet stricter emissions standards set by governments
around the world.
Market Dynamics
The automotive aluminum market has seen a recent boom in both size and
growth. The automotive aluminum market is expected to grow at a CAGR of 8.2%
during the forecast period of 2016-2020. This is primarily due to the rising
demand for lightweight cars with increasing fuel efficiency standards, which
require lighter and more durable materials such as aluminum. For instance, the
global production of light weight vehicles has increased from 5% in 1995 to 40%
in 2015.
Global Automotive Aluminum Market, By Vehicle Type
The global automotive aluminum market size is expected to grow at a CAGR
of 6.5% during the forecast period (2017-2027). The increasing demand for light
weight vehicles owing to their efficiency in terms of fuel consumption,
emissions, and reduced maintenance costs is one of the key factors driving the
growth of the automotive aluminum market.
Global Automotive Aluminum Market, By Application
The global automotive aluminum market is expected to grow from USD 23.2
billion in 2016 to USD 39.4 billion by 2023, at a CAGR of 7.8% from 2017 to
2023. The growth of the automotive industry has been driven by factors such as
increasing demand for fuel efficient cars, stringent emission norms, and
technological advancements in electric vehicles.
Global Automotive Aluminum Market, By Geography
The global automotive aluminum market generated revenue of USD 60.7
billion in 2016, representing a compound annual growth rate (CAGR) of 4.8% from
2012 to 2016. In terms of volume, the global automotive aluminum market is
forecasted to reach a total of 186 million metric tons by 2021, with an annual
growth rate of 3.4% for the next five years.
Competitive Landscape
- 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
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