The automotive aluminum market size is projected to reach US$133.41 Billion by 2030, growing at a CAGR of 8.72% during the forecast period 2022-2030. The base year considered for the study is 2021 and the forecast period is 2022 to 2030. The automotive aluminum market includes all kinds of aluminum used in automobile manufacturing such as passenger cars, commercial cars, trucks, buses and other vehicles.
Introduction
Growing demand for automobiles across the world has led to a boom in the automotive aluminum market. The market is expected to grow at a CAGR of 4.4% from 2017-2026. The automotive aluminum market is also witnessing an increase in demand for lightweighting due to which its demand is projected to grow significantly over the forecast period from 2017-2026 with a CAGR of 5.5%.
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Research Methodology
We have conducted a qualitative research to analyze the global automotive aluminum market size. This report is based on in-depth interviews with key industry experts, an assessment of the competitive dynamics within the industry, as well as an analysis of the macro-economic drivers that influence demand. We have also used secondary sources to validate and elaborate on our primary findings.
Executive Summary
The automotive industry is the largest consumer of aluminum in the world. The metal is used to make everything from car parts to vehicle exteriors. As a result, the market for aluminum has grown over the past few years, with demand coming primarily from China and India. Furthermore, many automakers are looking to use aluminum in their vehicles as they seek ways to improve fuel efficiency. Automakers are also looking at using lighter weight materials in order to meet stricter emissions standards set by governments around the world.
Market Dynamics
The automotive aluminum market has seen a recent boom in both size and growth. The automotive aluminum market is expected to grow at a CAGR of 8.2% during the forecast period of 2016-2020. This is primarily due to the rising demand for lightweight cars with increasing fuel efficiency standards, which require lighter and more durable materials such as aluminum. For instance, the global production of light weight vehicles has increased from 5% in 1995 to 40% in 2015.
Global Automotive Aluminum Market, By Vehicle Type
The global automotive aluminum market size is expected to grow at a CAGR of 6.5% during the forecast period (2017-2027). The increasing demand for light weight vehicles owing to their efficiency in terms of fuel consumption, emissions, and reduced maintenance costs is one of the key factors driving the growth of the automotive aluminum market.
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Global Automotive Aluminum Market, By Application
The global automotive aluminum market is expected to grow from USD 23.2 billion in 2016 to USD 39.4 billion by 2023, at a CAGR of 7.8% from 2017 to 2023. The growth of the automotive industry has been driven by factors such as increasing demand for fuel efficient cars, stringent emission norms, and technological advancements in electric vehicles.
Global Automotive Aluminum Market, By Geography
The global automotive aluminum market generated revenue of USD 60.7 billion in 2016, representing a compound annual growth rate (CAGR) of 4.8% from 2012 to 2016. In terms of volume, the global automotive aluminum market is forecasted to reach a total of 186 million metric tons by 2021, with an annual growth rate of 3.4% for the next five years.
Competitive Landscape
- Alcoa Corporation
- Novelis Inc.
- UACJ Corporation
- Norsk Hydro ASA
- AMG Advanced Metallurgical Group
- Constellium
- Aluminum Corporation of China Limited
- Rio Tinto Group
- Aleris Corporation
- Autoneum Holding AG
- Dana Limited
- ElringKlinger AG
- Progress-Werk Oberkirch AG
- JINDAL ALUMINIUM LTD.
- Kaiser Aluminum
- Lorin Industries
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