Reports and Insights issued a report recently titled “Automotive Aluminum Market: Opportunity Analysis and Future Assessment 2023-2030” which examines and assesses the market’s status over the forecast period. It is a thorough investigation that focuses on elementary and secondary drivers, leading segments, market size and share, and geographical assessment. The study also provides a comprehensive evaluation at of the leading players, major partnerships and alliances, mergers, and acquisitions, along with the trending innovation and corporate strategies.
The automotive aluminum market is estimated to reach at a value of 54.3 Bn by the end of 2022 and expected to reach at a value of US$ 90.7 Bn by 2030 with a significant CAGR of 8.9%.
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Automotive Aluminum Introduction
The automotive industry, across the world, employs aluminum extrusions, castings, and sheets in order to fabricate vehicle frame, body, fuel systems, wheels, vehicle interiors and heat shields. The aluminum sheets and castings also find applications in the manufacturing of several different engine components, for instance, radiators, pistons, and cylinder heads.
As the aluminum utilized in commercial and passenger vehicles is light weighted, it provides greater durability, stability, and cost-effectiveness. In contrast to steel, aluminum components carry the potential to assist the vehicle speed up faster and soak up an improved amount of shock in the event of an accident or crash.
Automotive Aluminum Market Dynamics
The massively maturing and flourishing automotive industry, in the present day world, is one of the leading factors that is driving the growth of the global automotive aluminum market. With the same token, regard to the numerous beneficial attributes, for instance great strength, recyclability, electrical and thermal conductivity combined with corrosion resistance, aluminum is comprehensively used in the manufacturing of passenger cars and commercial buses and trucks. Attributing to which, the global automotive aluminum market size is projected to grow substantially in the years to come.
Other than that, the rapid adoption of robotics technology in the manufacturing systems to effectively manufacture automobiles is also positively fueling the growth in demand of aluminum. Owing to which, the global automotive aluminum market is estimated to rise significantly in the forthcoming years. In addition to that, the regulatory authorities and governments across the world are further swiftly implementing policies which are encouraging the manufacturing of vehicles that cut off the release of greenhouse gases, therefore enhancing the carbon footprint of automobiles. Such factors are further projected to accelerate the growth of the global automotive aluminum market forecast in the coming years.
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Automotive Aluminum Market Segmentation
By Application
- Powertrain
- Chassis & Suspension
- Car Body
By Product Form
- Cast Aluminum
- Rolled Aluminum
- Extruded Aluminum
By Vehicle Type
- Passenger Car
- LCV
- HCV
By Region
- North America
- Latin America
- Europe
- Africa
- Middle East
- Asia Pacific
Some of the key questions answered in this report:
- Which are the five top players of the Automotive Aluminum Market?
- How will the Automotive Aluminum Market change in the upcoming years?
- Which product and application will take a share of the Automotive Aluminum Market?
- What are the drivers and restraints of the Automotive Aluminum Market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the Automotive Aluminum Market throughout the forecast period?
- What is the current market size, what will the market size be in 2030 and what will the growth rate be?
- What are the challenges to grow in the market?
- What are the market opportunities and challenges faced by the key vendors?
- Who are the major competitors and what is their strategy?
- What are the barriers to entry for new players in the market?
Automotive Aluminum Market Key Players
The key participating players of the global automotive aluminum market include Alcoa Inc. /Arconic Inc, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium N.V., CHALCO, and Rio Tinto, among others.
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