According to IMARC Group’s latest report, titled “Automotive Aluminum Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global automotive aluminum market reached a value of US$ 22.34 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 9.8% during 2021-2026
Aluminum is extensively used in the automotive industry in different forms of castings, extrusions, and sheets to produce vehicular components. The aluminum used in passenger and commercial vehicles is lightweight and offers high stability, durability, and cost-effectiveness. It helps the vehicle to accelerate faster and withstand a higher level of shock in the case of a collision or crash.
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The exponentially growing automotive industry extensively utilizes aluminum in passenger cars, commercial trucks, buses, etc. The rising demand for automotive aluminum based on the high tensile strength, recyclability, corrosion resistance, better thermal and electrical conductivity, further drives the market growth. Additionally, the market is fueled by the growing adoption of robotics technology in the assembly lines for optimized manufacturing. Moreover, the increasing utilization of secondary or recycled aluminum and aluminum alloys for minimizing carbon emissions is also driving the market. In addition to this, the growing consumer purchasing power, along with expanding vehicular fleet, further propels the demand for automotive aluminum. Moreover, the implementation of several government initiatives to reduce greenhouse gases in the automotive manufacturing industry is anticipated to proliferate the market for automotive aluminum.
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The report has segmented the market on the basis of product form, vehicle type, application and region.
Cast Aluminum Die Casting Permanent Mold Casting Sand Casting Rolled Aluminum Aluminum Plate Aluminum Sheet Aluminum Foil Extruded Aluminum
Passenger Cars Light Commercial Vehicles (LCV) Heavy Commercial Vehicles (HCV)
Powertrain Pistons Engine Blocks Fuel Systems Heat Shields Heat Exchangers Chassis & Suspension Suspension Parts Wheels Steering System Brake Systems Car Body Body Structure Roof and Trim Car Interiors Hang-On Parts
North America (U.S. & Canada) Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others) Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others) Latin America (Brazil, Mexico) Middle East & Africa
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