The automotive aluminum market is projected to grow from USD 47.91 billion in 2016 to USD 111.80 billion by 2026, at a CAGR of 8.8% from 2016 to 2026. The growth of the automotive aluminum market can be attributed to increasing demand for automotive aluminum for varied applications, such as manufacturing bodies of powertrains and cars. Aluminum offers performance benefits as it is light in weight and more rigid as compared to steel, which makes it preferred material for automotive manufacturers. Apart from this, safety benefits, environmental benefits, fuel efficiency, and durability are some other advantages offered by aluminum.
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On the basis of product form, the automotive aluminum market has been classified into cast aluminum, rolled aluminum, and extruded aluminum. The rolled aluminum product form segment of the automotive aluminum market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to increasing use of rolled aluminum in manufacturing parts of cars, which not only reduces weight of vehicles, but also increases their fuel efficiency.
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On the basis of application, the automotive aluminum market has been segmented into powertrain, chassis & suspension, and car body. The car body application segment of the automotive aluminum market is projected to grow at the highest CAGR during the forecast period due to increased use of aluminum in car bodies by major automobile manufacturers to improve performance of vehicles.
The Asia-Pacific automotive aluminum market is projected to grow at the highest CAGR from 2016 to 2026. Growing demand for automotive aluminum from manufacturers of both, passenger as well as commercial cars is expected to drive the automotive aluminum market in this region.
The key players operational in the automotive aluminum market are Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group (Netherlands), Constellium N.V. (Netherlands), CHALCO (China), and Rio Tinto (U.K.), among others. These players are focusing on varied growth strategies, such as new product launches, expansions, agreements, and acquisitions to retain a competitive position in the market place.
Related Report:
Aluminum Casting Market by Process (Die Casting, Permanent Mold Casting, Sand Casting), End-use Sector (Transportation, Industrial, Building & Construction), and Region – Global Forecast to 2022
