According to a new market report published by Lucintel, the future of aluminum in the automotive industry looks promising with opportunities in the passenger cars and commercial vehicles market. Aluminum in the automotive industry is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $43.2 billion by 2025 with a CAGR of 5% to 7% from 2020 to 2025. The major drivers for this market are increasing vehicle production, government regulations on the fuel economy and emission controls, increasing stringent safety regulations, and increasing gasoline prices.
Browse 124 market data tables and 151 figures spread through 235 pages and in-depth TOC on “Automotive Aluminum Market"
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In this market, different types of automotive aluminum such as cast aluminum, rolled aluminum, extruded aluminum are used as product form. On the basis of comprehensive research, Lucintel forecasts that the cast aluminum will remain the largest market. Casting is a simple, inexpensive, and versatile way of forming aluminum into a wide array of products, which is expected to spur growth for this segment over the forecast period.
Within the global automotive aluminum industry, passenger car will remain the largest market by value and volume and it also expected to witness the highest growth over the forecast period due to increasing production of small, compact, and luxury car and increasing penetration of aluminum material per vehicle to reduce the carbon emission and to increase fuel efficiency.
Asia Pacific will remain the largest region due to high vehicle production, improving economic conditions, and increasing investments by the industry players within the APAC region. Europe is expected to witness the highest growth over the forecast period because of stringent government regulations toward carbon emissions and increasing demand for aluminum in SUVs & crossovers, small cars, and compact cars..
Emerging trends, which have a direct impact on the dynamics of the automotive aluminum industry, include increasing use of aluminum in chassis and structural applications and development of advance manufacturing technologies to enhance the material strength. Alcoa, Novelis, Norsk Hydro, Constellium, and Aleris are the major aluminum suppliers in the automotive industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed the automotive aluminum market by vehicle type, product form, application, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Automotive Aluminum Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the automotive aluminum market by vehicle type, product form, application, and region as follows:
By Vehicle Type [$M shipment analysis from 2014 to 2025]:
Small Cars
Compact Cars
Mid - Size Cars
Large Cars
SUVs & Crossovers
Multi- Purpose Vehicle
Pickup Trucks
By Product Form [$M shipment analysis from 2014 to 2025]:
Cast Aluminum
Rolled Aluminum
Extruded Aluminum
Others
By Application [$M shipment analysis from 2014 to 2025]:
Engines
Transmission & Powertrains
Heat Transfer
Wheel & Brakes
Structural Components
Others
By Region [$M shipment analysis for 2014 to 2025]:
North America
United States
Canada
Mexico
Europe
Asia Pacific
The Rest of the World
This 235-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/automotive-aluminum-market.aspx or helpdesk@lucintel.com.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.