Global Automotive Aluminum Market, By Application (Powertrain, Chassis & Suspension, & Car Body), By Product Form (Cast Aluminum, Rolled Aluminum, Extruded Aluminum), By Vehicle Type (Passenger Car, LCV, HCV) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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.
Aluminum is discovered in the environment in the mold of aluminum sulfates and can also be developed from bauxite, which consists of several different components such as silicon, aluminum hydroxide, sulfur, titanium, vanadium oxides, gallium, iron, chromium, magnesium carbonates, and sulfuric calcium, amongst others.
Aluminum is substantially lightweight than steel, has improved tensile potency, and is simpler to cast, making it a favored option in several industries across the world. Aluminum was initially utilized in a sports car back in 1899, two years after which, an engine comprising aluminum parts was initially built. Since that time, aluminum has been employed by automotive makers, on account of the affordability of application in bulk-produced vehicles.
As a matter of fact, vehicles produced employing progressive aluminum alloys are much more fuel efficient and cut off carbon emissions, making it more eco-friendly in comparison to vehicles developed utilizing steel. Owing to which, automotive aluminum is estimated to witness heavy demand across the global markets.
In addition to that, it also elevates performance of the vehicle and enhances durability. Attributing to which, the global automotive aluminum market is projected to grow significantly in the years to come. Other than that, automotive manufacturers are aiming their attention on enhancing performance, boosting economy and cutting off emissions, without impacting the safety, size, and potential. Thus, the global automotive aluminum market is expected to escalate rapidly in the forthcoming years.
On top of that, aluminum is proven adaptable and multipurpose in nature, which allows automobile manufacturers to blend it with other materials or with other metals for instance, plastics and fiberglass to improve particular attributes.
Also, aluminum has the potential to soak up double the crash energy in comparison to mild steel, which makes it secure. Therefore, the global automotive aluminum market is anticipated to rise swiftly in the coming years.
MMC Study identifies some of the key participating players in the automotive aluminum market globally are 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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