Automotive Aluminum Market Size, Share and Segmentation by Product Form (Cast Aluminum, Rolled Aluminum, Extruded Aluminum), by Application (Power train, Car body, Chassis & Suspension), by Vehicle Type (Passenger cars, LCV, HCV), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

Automotive Aluminum Market Size was valued at USD 69.17 billion in 2022 and is expected to reach USD 133.84 billion by 2030 and grow at a CAGR of 8.6% over the forecast period 2023-2030.

Aluminum is the most widely used metal in automobiles and commercial vehicles because it delivers superior safety and durability while also improving fuel efficiency and lowering pollutants. Furthermore, due to its strength and environmental benefits, aluminum is becoming more popular in-car applications. Aluminum's recyclability has sparked a surge in demand, which is likely to grow further in the future years.

Aluminum is a kind of aluminum sulfate that contains numerous components. It is obtained from bauxite. Aluminum is significantly lighter than steel, has high tensile strength, and is simple to form. Aluminum is a desirable metal in a variety of end-use sectors due to these advantages. Aluminum's inexpensive cost is one of the main reasons for its widespread use in the automotive industry. Aluminum's fuel efficiency is another application in automobile manufacture. When compared to steel-made automobiles, it minimizes carbon emissions and is more environmentally friendly.

The usage of aluminum improves the cars' durability as well as their performance. Aluminum's versatility allows automakers to combine it with other materials like plastics and fiberglass to improve certain qualities. Furthermore, when compared to mild steel, aluminum can absorb twice as much energy after a crash. Body panels, whole vehicle bodies, automobile trims, doors and seals, structural components, and trunks all use aluminum sheets.

MARKET DYNAMICS: 

KEY DRIVERS: 

• The massive growth in the sales & manufacturing of many automobiles is the primary driver for this industry.

• Because of its environmental benefits & robustness, aluminum is becoming more popular in automotive applications.

• The demand for aluminum has increased as the demand for passenger cars has increased.

• Aluminum is becoming more popular as a versatile material for body construction in luxury vehicles.

• Aluminum's demand in automotive applications is predicted to rise as more people use it as a steel substitute.

RESTRAINTS: 

• The availability of lightweight replacements such as reinforced plastic is expected to constrain growth.

• The market's expansion has been hampered by price fluctuations related to aluminum, as well as an increase in operational costs.

OPPORTUNITIES: 

• Government rules support the increased use of environmentally friendly and lightweight materials.

• Because of the increase in demand for transporting commodities.

CHALLENGES: 

• Supply chain disruptions & demand share variations are the major challenges.

• The long-term and immediate impact of the COVID-19 pandemic had a detrimental impact on the industry.

IMPACT OF COVID-19:

Following a low point caused by the outbreak of COVID-19, the world economy is expected to grow by 5.8 percent in 2021. However, due to inconsistent vaccination rollouts, impending COVID-19 waves, and the removal of monetary assistance measures, the recovery is expected to be patchy. Across end-use sectors, the pandemic has caused disruptions in operations and the global supply chain. Markets have slowed or shut down as a result of the disruptions. With the easing of sanctions and travel restrictions, however, growth in end-use industries has accelerated significantly.

The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. In the first months of 2020, there was a decrease in vehicle sales and production. Though the auto sector has recovered considerably since the recession, it has been severely harmed by lower demand. Major OEMs are rethinking their purchasing methods as a result of supply chain interruptions induced by a pandemic.

KEY MARKET PLAYERS:

Alcoa Corporation (US), Novelis Inc. (US), Progress-Werk Oberkirch AG (Germany), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group (Netherlands), Constellium (US), Rio Tinto Group (UK), Aluminum Corporation of China Limited (CHALCO) (China), Aleris Corporation (US), Autoneum Holding AG (Switzerland), Dana Limited (US), Lorin Industries (US), ElringKlinger AG (Germany), JINDAL ALUMINIUM LTD. (India), Kaiser Aluminum (US) are some of the affluent competitors with significant market share in the Automotive Aluminum Market.

MARKET ESTIMATION: 

Market, By Product Form:

Based on the product form segment, the global market has been divided into Cast Aluminum, Rolled Aluminum, and Extruded Aluminum. In comparison to other types of aluminum, cast aluminum contributes the most to the worldwide automotive aluminum industry. It is utilized in the automobile industry to create a wide range of vehicle designs and types. Rolled aluminum has more flexibility and can be used in a wider range of applications in modern industries. Roof rails and sunroofs for automobiles are made of extruded aluminum.

Market, By Application:

The global market has been divided into Power trains, Car bodies, and Chassis & Suspension based on the application type segment. The powertrain is the part of the vehicle that transmits power to the wheels. The category is predicted to account for a sizable portion of the worldwide aluminum market for automobiles. The chassis of a car is regarded as one of the most important components. It houses the vehicle's body as well as its powertrain. All other components are joined to the car body, which is the major supporting structure.

Market, By Vehicle Type:

Based on the vehicle type segment, the global market has been divided into Passenger cars, LCV, and HCV. A passenger car with a maximum capacity of 9 seats and a maximum weight of 3.5 tones is considered a passenger car. A light commercial vehicle (LCV) is a vehicle that includes minivans, three-wheel vehicles, and pickup trucks. Heavy commercial vehicles are referred to as HCVs. Vehicles with a gross weight of more than 3500 kg are included.

MARKET SEGMENTATION:

By Product Form:

• Cast Aluminum

• Rolled Aluminum

• Extruded Aluminum

By Application:

• Power train

• Car body

• Chassis & Suspension

By Vehicle Type:

• Passenger cars

• LCV

• HCV

REGIONAL ANALYSIS:

Over the projection period, Asia Pacific is expected to be the largest regional market in terms of revenue. In 2018, the area contributed 38.6 percent of total income. The Asia-Pacific automotive aluminum market has been steadily growing as a result of the rising demand for luxury vehicles due to the region's abundance of disposable cash. The primary growth causes are rising demand for automobiles in nations like China and India, as well as rising investments in the regional automotive sector. North America is expected to grow at the highest CAGR of 11.2 percent throughout the projection period in terms of revenue. The creation of new facilities, legislation, and innovations are expected to move the European automobile sector forward. As a result, the creation of new production plants is expected to boost aluminum demand in the European automobile sector.

REGIONAL COVERAGE:

• North America

  • The USA

  • Canada

  • Mexico

• Europe

  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :