It is estimated for the global aluminum auto body panels market to witness growth at a healthy CAGR during the forecast period of 2022 to 2030. The market witnessed a healthy growth rate even during the previous forecast period of 2018 to 2022. Aluminum provides excellent safety and durability coupled with an increase in fuel efficiency and reduced emissions and thus is the most extensively used metal in automobiles and commercial vehicles.
Owing to its strength and environmental benefits the demand for aluminum is accelerating in automobile applications. This factor is established to boost the growth of the market throughout the forecast period.
The performance benefits associated with aluminum such as it is lightweight and dent resistance has increased its demand among automakers. Various car manufacturing companies have increased the adoption of aluminum as a versatile material of choice in body structures including engine, transmission, and wheels.
The demand for aluminum is also increasing with strict environmental measures against the increase in carbon dioxide emissions. Also, owing to consumer preferences toward lightweight vehicles the increase in demand for passenger cars has accelerated the demand for aluminum.
These are the study's goals:
To define, describe, and project the global market for automotive aluminium based on application, vehicle type, product form, and geography.
To calculate and project the volume and value (USD million) of the automotive aluminium market (thousand metric tons)
supplying market share data for the leading companies in the automotive aluminium sector.
examine their fundamental skills and strategically identify and profile major competitors in the automotive aluminium industry.
to keep tabs on and evaluate current events in the automotive aluminium market, such as new product launches, business expansions, contracts, and acquisitions.
Key Market Trends
Owing to the rise in demand for transportation goods the demand for aluminum in heavy commercial vehicles is projected to create lucrative growth opportunities.
An increase in applications of aluminum as an alternative to steel is expected to increase its demand in automotive applications but the prices associated with aluminum coupled with the increase in operational cost have hindered the market growth.
North America is the major region for the automotive aluminum market followed by Europe. Rise in urbanization coupled with eco-friendly measures are expected to drive the market in Asia-Pacific and LAMEA.
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Segmental Analysis of the Market
Market by Equipment Type
- Cast Aluminium
- Die-casting
- Permanent Mold Casting
- Sand Casting
- Rolled Aluminium
- Aluminium Plate
- Aluminium Sheet
- Aluminium Foil
- Extruded Aluminium
It is estimated for the sand casting category to witness the highest growth in the market during the forecast period.
Market by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
It is estimated for the light commercial vehicles category to witness the highest growth in the market during the forecast period.
Market by Application
- Powertrain
- Pistons
- Engine Blocks
- Fuel Systems
- Heat Shields
- Heat Exchangers
- Chassis Suspension
- Suspension Parts
- Wheels
It is estimated for the wheels category to witness the highest growth in the market during the forecast period.
North America to witness the growth in the market during the forecast period
North America is the major region for the automotive aluminum market followed by Europe. Rise is urbanization coupled with eco-friendly measures are expected to drive the market in Asia-Pacific and LAMEA. An increase in applications of aluminum as an alternative to steel is expected to increase its demand in automotive applications but the in prices associated with aluminum coupled with increase in operational cost has hindered the market growth.
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Competitive Landscape
Some of the prominent companies operating in the market are
- Alcoa
- Aluminum Corporation of China
- Rio Tinto Alcan
- BHP Billiton
- Dubai Aluminum
- Jindal Aluminum
- Novelis
- Vedanta Aluminum
- Aleris International
- United Co. RUSAL
Frequently Asked Questions
- What is the growth rate of the global aluminum auto body panels market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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