Automotive Aluminum Market Poised For Strong Growth Bolstered By The Rising Production Of Electric And Hybrid Vehicles
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| Automotive Aluminum Market |
Automotive aluminum is a
lightweight metal extensively used in automotive components like engine parts,
wheels, and vehicle body. It provides advantages like corrosion resistance,
high strength-to-weight ratio, and durability. The growing demand for fuel-efficient
and high-performance vehicles is driving the need for automobile lightweighting
through increased aluminum adoption. The global Automotive Aluminum Market is
estimated to be valued at US$ 48.69 Bn in 2023 and is expected to exhibit a
CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market key trends:
The increased use of aluminum in
automotive is being driven by the trend of automobile lightweighting. Vehicle
lightweighting helps in significantly improving fuel efficiency by reducing the
overall weight of cars. The advantages of aluminum like high strength and
relatively low density compared to steel have made it a preferred metal for
automakers. It is estimated that increasing the use of aluminum in place of
heavier metals can reduce the weight of a vehicle by 100-350 lbs. This directly
enhances fuel economy by 6-8% depending on the vehicle type and model. Various
automotive OEMs have started extensive adoption of aluminum alloy sheets,
extrusions and castings in vehicles to meet the rising demands for reducing
emissions and improving mileage performance.
Segment Analysis
The global automotive aluminum
market is dominated by the cast aluminum sub-segment, which accounted for
nearly 40% share of the overall market in 2023. Cast aluminum components are
preferred by automakers as they can be cast in complex shapes and are
economically viable for large production volumes. They are primarily used in
powertrain applications like engine blocks and cylinder heads.
Key Takeaways
The Global
Automotive Aluminum Market Size is expected to witness high growth at a
CAGR of 12% during the forecast period of 2023 to 2030. Bolstered by the rising
production of electric and hybrid vehicles, the market size is projected to
reach US$ 87.07 billion by 2030 from US$ 48.69 billion in 2023.
Regional analysis: Asia Pacific dominated the global market with
more than 35% share in 2023 owing to the large automobile manufacturing base in
China and India. The region is expected to continue its dominance driven by
strong economic growth and increasing consumer spending on personal vehicles in
emerging economies.
Key players: Key players operating in the automotive aluminum
market are Iron Mountain, ARC, Access, Shred-it, Restore plc, Cintas, Proshred,
National Document Shredding Service, Shred Station, Red Dog Shred, Shred-X,
Secured Document Shredding, Shred Works, Guardian Data Destruction, EndoShred,
Mobile Shred, ShredQuick, ProShred Chicago, Shreds Unlimited. These players
have expanded their presence globally through collaborations with OEMs and by
offering innovative lightweight aluminum components.
Get More Insights Here
https://www.newsstatix.com/automotive-aluminum-market-size-share-growth-outlook-2023/
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