Thursday, January 5, 2023

Automotive Aluminum Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos


 The Automotive Aluminum Market is expected to grow at a steady rate of around 9% during the forecast period. Bauxite is the source of aluminum, which is a type of aluminum sulfate made up of various elements like vanadium oxides, silicon, aluminum hydroxide, titanium, chromium, sulfur, sulfuric calcium, gallium, iron, and magnesium carbonates. In addition, aluminum is much lighter than steel, has a lot of tensile strength, and it's easy to mould. Because of these advantages, aluminum is the preferred metal in several end-use industries. Aluminum’s widespread use in the automotive industry is largely due to its low cost, the ability to produce vehicles with low emissions is yet another reason to use it. Moreover, compared to vehicles made of steel, it is better for the environment and reduces carbon emissions.

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Based on material, the market is categorized into cast aluminum, rolled aluminum, and extruded aluminum. Among these, cast aluminum to hold a significant share in the market in 2020. This is mainly due to the extensive properties of aluminum such as useful strength, low density, high thermal conductivity, excellent machining behaviour and good corrosion resistance are main reasons for using aluminum and these are the main advantages helping to drive the growth of the market.

Based on the vehicle type, the automotive aluminum market has been passenger cars and commercial vehicles. The commercial vehicles category is to witness higher adoption during the forecast period. This is mainly to reduce the overall weight of the heavy commercial vehicle. In addition, commercial vehicles are used to carry logistics, so the approach to making the vehicle light is one of the factors driving the growth of the market.

North America to witness extensive growth

For a better understanding of the market adoption of the Automotive aluminum industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period due to the large production of the vehicles and owing to the implementation of corporate average fuel economy standards which gives direction to the automobile companies to maintain fuel efficiency within the region. Moreover, Asia-Pacific is the fastest-growing regional market on account of the rapid industrialization in the region. Asia-Pacific automotive aluminum market has been witnessing consistent growth due to the increasing demand for a luxury vehicle on account of the presence of disposable income in the region

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automotive aluminum market are Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group N.V., Constellium SE, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, and Jindal Aluminium.

“Global Automotive Aluminum Market provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Application (Powertrain, Chassis & Suspension, and Car Body)

2.      By Material (Cast Aluminum, Rolled Aluminum, And Extruded Aluminum)

3.      By Vehicle Type (Passenger Cars and Commercial Vehicles)

4.      By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.      By Company (Alcoa Corporation, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group N.V., Constellium SE, Aluminum Corporation of China Limited, Rio Tinto Group, Aleris Corporation, and Jindal Aluminium.)

Key questions answered in the study:

1.      What are the current and future trends of the global automotive aluminum industry?

2.      How the industry has been evolving in terms of type, drive type, and application?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the global automotive aluminum industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global automotive aluminum suppliers across various region and countries?

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