Exploring the Growth and Advancements in the Automotive Aluminum...

Exploring the Growth and Advancements in the Automotive Aluminum Market Share, Trends, Growth & Forecast Analysis | UnivDatos Market Insights

Postado 2023-05-10 12:15:10

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 mold. Because of these advantages, Aluminum is the preferred metal in a few 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 application, the market is segmented into powertrain, chassis & suspension, and car body. Powertrain category to witness higher CAGR during the forecast period. The vehicle’s powertrain is a component that gives the driving wheels power. It includes both the machine’s engine and drivetrain. Although this is a crucial component of the vehicle, Aluminum is used for manufacturing because it is strong and flexible, reduces the weight of the vehicle, absorbs shock better than steel, high strength-to-weight ratio and etc. Hence, these are the factors driving the growth of the market.

On the basis of 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.

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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 vehicles on account of the presence of disposable income in the region.

Some of the major players operating in the market include 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 Aluminum.

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Global Automotive Aluminium Market Segmentation

Market Insight, by Application