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Automotive Aluminum Market Size, Share - 2023, Key Driving Factors for Growing CAGR Value, Business Trends and SWOT Analysis - Alcoa Inc., Arconic Inc., UACJ Corporation

12-04-2023 12:51 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Automotive Aluminum Market

Automotive Aluminum Market

Market Overview:

Automotive aluminum is a lightweight metal extensively used in the automotive sector for various applications ranging from powertrain, closure parts, interior & exterior trims to wheels. Aluminum allows automakers to achieve lighter vehicle weights and improve fuel efficiency.

Market Dynamics:

The automotive aluminum market is driven by the increasing demand for lightweight materials from automakers to meet stringent emission norms. Aluminum helps reduce the overall weight of the vehicles, thereby enhancing fuel efficiency. Additionally, aluminum components offer superior corrosion resistance, durability and workability, which is promoting their adoption over other metals. Stringent emission standards by regulatory bodies like EPA are also pushing automakers to opt for lightweight materials like aluminum to lower vehicle weight and meet compliance. These factors are expected to significantly drive the automotive aluminum market over the forecast period.

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Major market players included in this report are:

★ Alcoa Inc.
★ Arconic Inc.
★ UACJ Corporation
★ CHALCO
★ AMG Advanced Metallurgical Group
★ Norsk Hydro ASA
★ Constellium N.V.
★ Novelis Inc.
★ Rio

*Disclaimer: Major Players are sorted in no particular order.

Detailed Segmentation:

On the basis of type of product type, global market is classified into:
✦ Aluminum castings
✦ Aluminum extrusion
✦ Aluminum sheets
✦ Flat rolled products

On the basis of vehicle type, global market is classified into:
✦ Passenger cars
✦ Light commercial vehicles
✦ Heavy commercial vehicles

On the basis of sales channel, global market is classified into:
✦Original equipment manufacturer
✦ Aftermarket

Regional Analysis:

⦿ North America (U.S. and Canada)
⦿ Latin America (Mexico, Brazil, Peru, Chile, and others)
⦿ Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
⦿ Eastern Europe (Poland and Russia)
⦿ Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
⦿ The Middle East and Africa (GCC, Southern Africa, and North Africa)

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✦ Weight Reduction is one of the major driver for automotive aluminum market

As fuel efficiency has become one of the major criteria for vehicle purchases for consumers, automakers are focusing on reducing vehicle weight to improve fuel efficiency. Aluminum provides an opportunity for automakers to reduce vehicle weight by 30-50% compared to steel while maintaining structural integrity and passenger safety. Aluminum helps automakers comply with increasing fuel economy and emission regulations. As emission norms get stricter, demand for automotive aluminum is expected to rise significantly from automakers to reduce vehicle curb weight.

✦ Government Regulations for Fuel Efficiency is another driver for increasing aluminum usage

Stringent corporate average fuel economy (CAFE) standards mandated by governments are compelling automakers to bring more fuel-efficient vehicles. both the US and European governments have announced plans to tighten fuel-economy standards over the next 5-10 years which will increase the pressure on automakers to reduce vehicle weight. The adoption of more stringent Stage VI emission norms in countries like India from 2023 will further propel the need to utilize lightweight materials like aluminum. The regulatory push for fuel efficiency and lower emissions is a major growth incentivizer for the automotive aluminum market.

✦ Cost competitiveness of aluminum compared to other lightweight materials is a key restrain

While aluminum provides weight savings, it is generally more expensive than conventional steel. Materials like magnesium and carbon fiber reinforced plastics (CFRP) provide better weight reduction than aluminum but are even more costly. For cost-sensitive automakers and budget vehicles, the higher price of aluminum poses a challenge compared to conventional steel. The acceptance of aluminum becomes difficult without commensurate cost reductions over time. Efforts are ongoing to lower the production costs and make automotive aluminum more competitive against alternative materials

✦ Reduced lifetime vehicle cost is a major opportunity

Though the initial material cost of aluminum may be more than steel, aluminum helps reduce lifetime ownership costs for consumers. Vehicles made with aluminum provide better fuel economy throughout the vehicle usage timeline which lowers fuel costs and reduces maintenance/repair expenditures. Moreover, aluminum structures last longer without corroding. This reduces maintenance and repair expenditures. The total cost of ownership studies show aluminum vehicles to be more affordable over a 5-10 year ownership period even with the higher initial material costs. This reduced lifetime cost proposition is a big opportunity to drive aluminum adoption.

✦ Increase use of aluminum in electric vehicles is an emerging trend

With the push for electrification globally, the aluminum market is witnessing strong growth opportunities in electric vehicles (EVs) which rely more on aluminum than internal combustion engine (ICE) vehicles. EVs require large battery packs which increase vehicle weight. Using aluminum helps compensate for this additional weight. Also, aluminum is 100% recyclable which supports the circular economy goals of sustainable mobility. Leading automakers are significantly increasing aluminum usage in new EV platforms to maximize range per charge. This growing preference of aluminum in EVs is a important market trend that will drive future aluminum demand.

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FAQ'S:

👉 What is the expected growth rate of the market for the forecast period of 2023-2030? What will the market size be in the anticipated time frame?

👉 What will the market size be in the anticipated time frame?

👉 What are the major factors influencing the Automotive Aluminum market over the forecast period?

👉 What are the market leaders' winning strategies for establishing a significant presence in the Automotive Aluminum industry?

👉 What are the major market trends influencing the growth of the Automotive Aluminum market across the globe?

👉 What are the major threats and challenges that are likely to stymie the growth of the Automotive Aluminum market? What are the most significant market opportunities?

👉 What are the most critical opportunities for market leaders to succeed and profit?

Table of Contents with Major Points:

1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2023-2030 (USD Billion)
1.2.1. Automotive Aluminum Market, by Region, 2023-2030 (USD Billion)
1.2.2. Automotive Aluminum Market, by Type, 2023-2030 (USD Billion)
1.2.3. Automotive Aluminum Market, by Application, 2023-2030 (USD Billion)
1.2.4. Automotive Aluminum Market, by Verticles, 2023-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

2. Global Automotive Aluminum Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

3. Global Automotive Aluminum Market Dynamics
3.1. Automotive Aluminum Market Impact Analysis (2023-2030)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities

4. Global Automotive Aluminum Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2023-2030)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion

5. Global Automotive Aluminum Market, by Type
5.1. Market Snapshot
5.2. Global Automotive Aluminum Market by Type, Performance - Potential Analysis
5.3. Global Automotive Aluminum Market Estimates & Forecasts by Type 2023-2030 (USD Billion)
5.4. Automotive Aluminum Market, Sub-Segment Analysis

6. Global Automotive Aluminum Market, by Application
6.1. Market Snapshot
6.2. Global Automotive Aluminum Market by Application, Performance - Potential Analysis
6.3. Global Automotive Aluminum Market Estimates & Forecasts by Application 2023-2030 (USD Billion)
6.4. Automotive Aluminum Market, Sub-Segment Analysis
6.4.1. Others

7. Global Automotive Aluminum Market, by Verticles
7.1. Market Snapshot
7.2. Global Automotive Aluminum Market by Verticles, Performance - Potential Analysis
7.3. Global Automotive Aluminum Market Estimates & Forecasts by Verticles 2023-2030 (USD Billion)
7.4. Automotive Aluminum Market, Sub-Segment Analysis

8. Global Automotive Aluminum Market, Regional Analysis
8.1. Automotive Aluminum Market, Regional Market Snapshot
8.2. North America Automotive Aluminum Market
8.3. Europe Automotive Aluminum Market Snapshot
8.4. Asia-Pacific Automotive Aluminum Market Snapshot
8.5. Latin America Automotive Aluminum Market Snapshot
8.6. Rest of The World Automotive Aluminum Market

9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Keyplayer1
9.2.1.1. Key InDurationation
9.2.1.2. Overview
9.2.1.3. Financial (Subject to Data Availability)
9.2.1.4. Product Summary
9.2.1.5. Recent Developments

10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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