Automotive Aluminum Market Projected to Reach 111.80 Billion USD by 2026
The report “Automotive Aluminum Market by Product Form (Cast Aluminum, Rolled Aluminum, & Extruded Aluminum), Application (Powertrain, Chassis & Suspension, & Car Body), Vehicle Type (Passenger Car, LCV, & HCV), Region – Global Forecast to 2026”, 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.
Browse 81 market data tables and 76 figures spread through 164 pages and in-depth TOC on “Automotive Aluminum Market – Global Forecast to 2026″
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Increased demand for automotive aluminum from automobile manufacturers to reduce weight of vehicles is propelling the growth of the automotive aluminum market.
Among applications, the car body segment of the automotive aluminum market is projected to grow at the highest CAGR during the forecast period.
The car body application segment accounted for the third-largest share of the automotive aluminum market in 2016. This segment is projected to grow at the highest CAGR from 2016 to 2026. The growth of this segment can mainly be attributed to increasing use of rolled aluminum by automobile manufacturers for manufacturing car bodies to reduce weight of cars, thereby resulting in improved fuel efficiency as well as driving dynamics of vehicles.
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Among product forms, the rolled aluminum segment of the automotive aluminum market is projected to grow at the highest CAGR from 2016 to 2026.
The rolled aluminum segment of the automotive aluminum market is projected to grow at the highest CAGR from 2016 to 2026. Rolled aluminum is manufactured by passing aluminum between rolls under pressure. This results in the formation of thin and long rolls of aluminum in the direction, wherein it is moving. Rolled aluminum process is used to form three major forms of aluminum, namely, aluminum sheets, aluminum foils, and aluminum plates. Growth of the rolled aluminum segment of the aluminum automotive market can be attributed to increasing use of rolled aluminum in the manufacturing of body parts of cars to increase their fuel efficiency and reduce their weight.
The North American region accounted for the largest share of the automotive aluminum market in 2016.
The North American region accounted for the largest share of the automotive aluminum market in 2016. This increased demand of automotive aluminum in the North American region can be attributed to implementation of Corporate Average Fuel Economy (CAFE) standards, which mandate automobile companies to strive for increased fuel efficiency. Thus, automobile companies in the North American region prefer aluminum over steel as it helps to achieve improved aerodynamics as well reduces weight of automobiles, thereby enabling fuel savings.
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Key players operational in the automotive aluminum market include 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.