A report by ARC estimated that the automotive aluminum market will surpass $62 billion by 2026, representing an average annual growth rate of 8.4 percent from 2019 to 2026. The report provides analysis of global Automotive Aluminum market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
It offers great security and durability combined with increased fuel efficiency and decreased emissions as well as offers the most common metal in cars and commercial vehicles. Furthermore, due to its strength and environmental advantages, demand for aluminum in automotive applications is accelerating. The recovery from aluminum has generated a demand that is anticipated to gain considerable traction in the next few years.
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Growth is triggered by higher emission standards and environmental concerns. Casting, laminated products, extruded products and stampings are the main aluminum forms used in the automotive industry. The automotive industry uses aluminum combined with copper, manganese or silicone to produce high resistance parts. The advantages, such as small weight, high strength and reduced emissions, should encourage vehicle makers to choose aluminium as their choice material.
The worldwide manufacturing of cars including passenger cars and business vehicles, according to OICA, stood at 89,8 million units in 2014, reaching 97,3 million in 2017. The demand for cars has risen and the use of aluminum is expected to fuel the next few years. Automakers are now using lightweight, fuel-efficient cars such as aluminum.
Input expenses such as electricity, wages and manufacturing, to name only a few, have become the main restraint for the sector. Changes in the regulatory landscape and increasing environmental concerns have also led producers in the industry to opt for fresh techniques that can deliver energy saving measures and boost production.
The passenger car segment is expected to generate more than 38 billion US$ by 2026 in terms of income.
Increased demand for passenger vehicles is due to the fact that Light business vehicles in China and India in particular are expected to grow by around 11% at the greatest CAGR over the predicted era.
In the section of volume, the largest CAGR of around 9 percent from 2019 to 2026 is expected to contribute to development in the manufacturing capacity of leading automakers. The main drivers in the segment are the shift towards lightweight materials to enhance vehicle efficiency.
The biggest volume share in Asia Pacific was around 40% in 2018. Growth is driven by expansion along with automotive investment.
North America is expected, as a result of rigid carbon norms in the area, to record the largest CAGR of more than 10 per cent from 2019 to 2026.
The automotive industry is dedicated to manufacturing cars that deliver superior performance, fuel efficiency, high safety and convenience for passengers. Aluminum has become one of the main decisions of auto manufacturers, which want cars to stand high on all these metrics, due to characteristics such as low weight and high performance, corrosion resistance and flexibility. Aluminum is also environmentally friendly to the car, as the majority of the aluminum in a car can be recycled.
A broad outline of current market growth dynamics and projections for the future growth trajectory of the market and its sections is provided by the study on the worldwide automotive aluminum markets. The report also provides a thorough overview of the variables that will significantly affect the general business growth of the report over the forecast period.
Key Players & Strategies
The market suppliers focus on organic development strategies in order to reach a competitive advantage. Constellium introduced, for example, its fresh automotive structure in Zilina, Slovakia, in November 2018. The new plant is a strategy of expansion into the market in Eastern Europe. It manufactures parts for the body structure and aluminum crash management systems.
Key Player in this industry included are UACJ Corporation; AMG Advanced Metallurgical Group; Martinrea Honsel Germany GmbH; Constellium N. V.; Bodine Aluminum, Inc.; Farinia Group; Endurance Technologies Limited; Dynacast; Aluminium Bahrain (Alba); GAleris, Federal-Mogul Holding Corporation; Dana Holding Corporation; Kaiser Aluminum; ranges Innovative Aluminum Engineering; Norsk Hydro ASA; Ryobi Ltd; NEMAK Innovative Lightweighting; Gibbs Die Casting Corporation; and CITIC Dicastal Co., Ltd.
Market Segment Analysis:
Acumen Research report focuses on market attractiveness by assessing the key market segments. The report also combines region-wise segments for a better understanding of the supply and demand ratio of the global automotive aluminum market. This exclusive study of the report analyzes the present and future market scenario and the industry trends that are influencing the growth of the segments. Besides, the report also covers the value chain analysis, supply chain analysis, and year-on-year basis analysis of the global automotive aluminum market.
Market, By End-Use
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
Market, By Application
- Body Structure
Market Regional Analysis:
Based on the regions, the global automotive aluminum market is segmented into -North America (US and Canada), Europe (UK, Germany, France, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of Asia-Pacific), Latin America (Mexico, Brazil and Rest of Latin America), Middle East & Africa (GCC, South Africa and Rest of MEA)
Key Questions Answered in the Report
The report addresses key questions concerning the market evolution and overarching trends shaping global market growth. Some of the key questions answered in the report include-
– What is the overall structure of the market?
– What was the historical value and what is the forecasted value of the market?
– What are the key product level trends in the market?
– What are the market level trends in the market?
– Which of the market players are leading and what are their key differential strategies to retain their stronghold?
– Which are the most lucrative regions in the market space?
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