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Automotive Aluminum Market Overview, Segment Analysis, Growth Opportunities and Forecast to 2024

Automotive Aluminum Market
Automotive Aluminum Market
Press Release

The global automotive aluminum market is expected to observe an extensive growth in the coming years, due to the increased demand for lightweight material in automobile industry, coupled with growing vehicle production in many countries around the world. Aluminum considerably reduces the overall weight of a vehicle and thus increases the fuel efficiency of the vehicle, which in turn, produces fewer tailpipe emission. Apart from this, 90% of aluminum used in automobile can be recycled. Mandatory regulations and strict emission norms in many countries have increased the demand for aluminum in the automotive industry.

Based on vehicle type, the automotive aluminum market is classified into passenger car, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). Among these, the passenger car is expected to continue dominate the automotive aluminum market over the forecast period, owing to its high production, especially in India and China, coupled with rising demand for fuel-efficient vehicle.

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On the basis of application, the automotive aluminum market is categorized into powertrain, car body, and chassis. The car body is expected to be the fastest growing category during the forecast period. The growth of this category is mainly driven by increasing use of aluminum in car body to reduce the overall weight of the car.

Geographically, Asia-Pacific has dominated the automotive aluminum market and is foreseen to continue the domination during the forecast period as well. The growth will be driven by high production of passenger cars in many countries of the region such as China and India, coupled with increasing investments by automakers for the production of automobiles in the region.

The steady rise in production of automobiles in many countries, coupled with growing demand for lightweight material in automobiles has fueled the demand for aluminum in the automobile industry. There is growing demand for lightweight material in automobiles as lightweight vehicles have better acceleration, braking, handling, and fuel efficiency, and low emission. The amount of aluminum required to provide the same strength as that of steel weighs 40% less than the steel. The inherent advantages of aluminum will attribute its high demand in the industry. Apart from this, strict emission regulation in many countries to reduce the automobile emission is expected to benefit the automotive aluminum market.

Fluctuation in price of aluminum, coupled with high cost of aluminum as compared to steel is one of the major restraints affecting the growth of the automotive aluminum market. In addition, easy availability of other lightweight materials such as magnesium and reinforced plastic is further expected to negatively affect the industry.

Major key players operating in the market are Norsk Hydro ASA, Alcoa Corporation, Aluminum Corporation of China Limited (Chalco), Constellium NV, Aleris International Inc., Novelis Inc., Rio Tinto plc, Norsk Hydro ASA, United Company RUSAL Plc, and Kaiser Aluminum Corporation.

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