Automotive Aluminum Market Size was valued at USD 40.62 Billion in 2021. The Automotive Aluminum market industry is projected to grow from USD 50.94 Billion in 2022 to USD 133.51 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.80% during the forecast period (2022 - 2030). The growth in the automobile industry has fueled the demand for aluminum with applications in commercial and passenger vehicles are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The growth in the sales and production of automobiles is a major driver for the automotive aluminum market. This is due to the increasing demand for lightweight and fuel-efficient vehicles, which has led to a rise in the use of aluminum in the automotive industry.
The performance benefits of aluminum, such as its lightweight and dent resistance, have increased its demand among automakers. Luxury car manufacturers like Ford, Audi, and Mercedes-Benz have increased the use of aluminum in body structures, including engines, transmissions, and wheels. This has further driven the demand for aluminum in the automotive industry. Therefore, such factors related to hair products have enhanced the Automotive Aluminum market CAGR across the globe in recent years.
The Automotive Aluminum market segmentation, based on type, includes Cast Aluminum, Rolled Aluminum, and Extruded Aluminum. The Cast Aluminum segment held the majority share in 2021 of the Automotive Aluminum market revenue. The segment is the highest contributor to the automotive aluminum market as compared to the other type of aluminum. Cast aluminum is a type of aluminum that is heated to an extremely high temperature, and this highly heated aluminum is then molded into a shape of preference followed by cooling to produce the large type of products. It is used in the automobile industry to produce a variety of shapes and models of vehicles.
The Automotive Aluminum market segmentation, based on application, includes Powertrain, Chassis & Suspension, Car Body. The Chassis & Suspension segment held the majority share in 2021 of the Automotive Aluminum market revenue. The chassis of a car is considered one of the most significant structures. It holds the body of the vehicle and its power train. The chassis offers strength to support different vehicular components and keep keeping the automobile rigid and stiff. Moreover, It ensures a low level of vibrations and noise, the harshness of the vehicle. The use of aluminum in the chassis makes it light in weight and durable. Suspension reduces the jerks in the vehicle and absorbs the shock during driving
Based on Vehicle Type, the Automotive Aluminum market segmentation includes Passenger cars, LCVs, and HCV. The passenger car segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increasing demand for lightweight and fuel-efficient vehicles in this segment. These all factors for Automotive Aluminum positively impact the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is the fastest-growing regional market on account of the rapid industrialization in the region. The growth potential is in emerging economies such as India, South Korea, Thailand, and Malaysia. Asia-Pacific automotive aluminum market has been witnessing consistent growth due to the increasing demand for a luxury vehicles on account of the presence of disposable income in the region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Automotive Aluminum market accounts for the second-largest market share. The automotive aluminum market in Europe is projected to witness high demand due to the growth of the population and demand for advanced technology in the automobile industries in the region. Further, the Germany Automotive Aluminum market held the largest market share, and the UK Automotive Aluminum market was the fastest-growing market in the European region.
North American, Automotive Aluminum market, is expected to dominate the market. The North American market for automotive aluminum is driven by implementing Corporate Average Fuel Economy (CAFE) standards in this region. Due to the outbreak of COVID-19, vehicle sales went down by 38% year on year. As the country takes several initiatives to boost the automotive industry's growth, passenger car sales are expected to increase over the forecast period, driving demand for automotive aluminum in the coming years. Moreover, the U.S. Automotive Aluminum market held the largest market share, and the Canada Automotive Aluminum market was the fastest-growing market in the North American region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Automotive Aluminum market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Automotive Aluminum industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for hair care products. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Automotive Aluminum industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Automotive Aluminum industry to benefit customers and expand the market sector. The Automotive Aluminum market has recently given medicine some of the most important advantages. Major hair care product market players, including 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, and others, are attempting to increase market demand by funding R&D initiatives.
Alcoa Corporation is an American aluminum company that operates in various industries including bauxite, alumina, and aluminum production, as well as various other products and services. The company was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania. Alcoa is one of the largest producers of aluminum in the world and has operations in over 20 countries. The company's products are used in a wide range of applications, including transportation, packaging, construction, and consumer goods.
Novelis Inc is a subsidiary of Hindalco Industries Limited and is a leading producer of rolled aluminum products. The company is headquartered in Atlanta, Georgia and has operations in North America, Europe, and Asia. Novelis specializes in producing high-quality aluminum sheet and plate products for the automotive, beverage can, and construction industries. The company is also a leading producer of recycled aluminum, which is used in various applications including automotive parts, building and construction products, and electronics. Novelis is committed to sustainability and has set ambitious goals to reduce its carbon footprint and increase its use of recycled materials.
September 2022:Â Alcoa Corporation announced new innovations in alloy development and deployment, further strengthening its position as a supplier of advanced aluminum alloys.
May 2022: Novelis Inc. announced it will invest $2.5 billion to build a new low-carbon recycling and rolling plant.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 40.62 Billion |
| Market Size 2022 | USD 50.94 Billion |
| Market Size 2030 | USD 133.51 Billion |
| Compound Annual Growth Rate (CAGR) | 12.80% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Rise in vehicles production |
| Key Market Dynamics | Enhancement of the driving dynamics |
Frequently Asked Questions (FAQ) :
The Automotive Aluminum market size was valued at USD 40.62 Billion in 2021.
The market is projected to grow at a CAGR of 12.80% during the forecast period, 2022-2030.
North America had the largest share in the Automotive Aluminum market.
The key players in the market are 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.
The cast aluminum category dominated the market in 2021.
The passenger car had the largest share in the market for hair care products.
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
