The report is titled ‘Automotive Aluminum Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the automotive aluminum market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The automotive aluminum market is expected to grow at a significant rate in the near future.
The automotive aluminum market size was valued at US$ 58.6 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2028.
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Automotive Aluminum Introduction
The automotive industry, across the world, employs aluminum extrusions, castings, and sheets in order to fabricate vehicle frame, body, fuel systems, wheels, vehicle interiors and heat shields. The aluminum sheets and castings also find applications in the manufacturing of several different engine components, for instance, radiators, pistons, and cylinder heads.
As the aluminum utilized in commercial and passenger vehicles is light weighted, it provides greater durability, stability, and cost-effectiveness. In contrast to steel, aluminum components carry the potential to assist the vehicle speed up faster and soak up an improved amount of shock in the event of an accident or crash.
Automotive Aluminum Market Dynamics
The massively maturing and flourishing automotive industry, in the present day world, is one of the leading factors that is driving the growth of the global automotive aluminum market. With the same token, regard to the numerous beneficial attributes, for instance great strength, recyclability, electrical and thermal conductivity combined with corrosion resistance, aluminum is comprehensively used in the manufacturing of passenger cars and commercial buses and trucks. Attributing to which, the global automotive aluminum market is projected to grow substantially in the years to come.
Other than that, the rapid adoption of robotics technology in the manufacturing systems to effectively manufacture automobiles is also positively fueling the growth in demand of aluminum. Owing to which, the global automotive aluminum market is estimated to rise significantly in the forthcoming years. In addition to that, the regulatory authorities and governments across the world are further swiftly implementing policies which are encouraging the manufacturing of vehicles that cut off the release of greenhouse gases, therefore enhancing the carbon footprint of automobiles. Such factors are further projected to accelerate the growth of the global automotive aluminum market in the coming years.
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Automotive Aluminum Market Segmentation
By Application
- Powertrain
- Chassis & Suspension
- Car Body
By Product Form
- Cast Aluminum
- Rolled Aluminum
- Extruded Aluminum
By Vehicle Type
- Passenger Car
- LCV
- HCV
By Region
- North America
- Latin America
- Europe
- Africa
- Middle East
- Asia Pacific
Automotive Aluminum Market Key Players
The key participating players of the global automotive aluminum market include Alcoa Inc./Arconic Inc, Novelis Inc., UACJ Corporation, Norsk Hydro ASA, AMG Advanced Metallurgical Group, Constellium N.V., CHALCO, and Rio Tinto, among others
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