15-Nov-2019: The global automotive
aluminum market size is expected to reach USD 60.58
billion by 2025, according to a new report by Grand View Research, Inc. It is
projected to register a CAGR of 8.7% during the forecast period. Rising
emission standards and concerns regarding environment protection are triggering
the growth.
In August 2018, as
per the new agreement between U.S, Mexico, and Canada, around 75% parts of cars
or trucks must be manufactured in these three countries to qualify for zero tariffs.
North American Free Trade Agreement (NAFTA) announced that the cars and trucks
need to achieve the 54.5 mpg fuel efficiency by 2025. These government
initiatives are focused on facilitating the auto manufacturers to reduce the
weight of the car body by 25%.
The major aluminum
forms used in the automotive industry are castings, rolled products, extruded
products, and stampings. Aluminum coupled with copper, manganese, or silicon is
used in the automotive industry to manufacture components with high strength.
The benefits such as light weight, high strength, and lower emission are
expected to encourage car manufacturers to choose aluminum as a material of
choice.
According to OICA,
the global automotive production including passenger cars and commercial
vehicles was 89.8 million units in 2014 and it reached 97.3 million units in
2017. This shows an increasing demand for vehicles, which in turn is
anticipated to fuel the utilization of aluminum in the forthcoming years.
Automakers are now using lightweight materials such as aluminum to improve the
fuel efficiency of vehicles.
The primary
restraint for the industry is rise in the input costs such as energy, wage, and
production, to name a few. In addition, changes in the regulatory landscape and
growing concern regarding environment have pushed the manufacturers of the
sector to opt for new technologies which can provide measures to save energy
and enhance production output.
In
depth research report on Automotive Aluminum Market
Further key findings from the report suggest:
·
In terms of revenue, passenger cars segment is anticipated to
reach USD 39.76 billion by 2025. The growth is attributed to increasing demand
for passenger cars, especially in China and India
·
Light commercial vehicles are projected to expand at the
highest CAGR of 11.1% over the forecast period. Increasing production
capacities of major automakers is assisting the growth
·
In terms of volume, body structure segment is likely to
observe the highest CAGR of 9.3% from 2019 to 2025. Shift towards lightweight
materials to improve the efficiency of vehicle is the key driver for the
segment
·
Asia Pacific held the largest volume share of 40.2% in 2018.
Expansion along with investments in auto sector are driving the growth
·
In terms of revenue, North America is projected to register
the highest CAGR of 10.3% from 2019 to 2025 on account of strict emission
standards in the region
·
Some of the key players present in the automotive aluminum
market are Norsk Hydro ASA, Federal-Mogul Holding Corporation, Dana Holding
Corporation, Ryobi Ltd and NEMAK Innovative Lightweighting. These players are
looking for capacity expansion and partnerships with different companies to
achieve a competitive edge
Grand View Research
has segmented the global automotive aluminum market on the basis of end use,
application, and region:
Automotive Aluminum End Use Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
Passenger Cars
·
Light Commercial Vehicles
·
Heavy Commercial Vehicles
Automotive Aluminum Application Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
Body Structure
·
Power Train
·
Suspension
·
Others
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About
Grand View Research
Grand View Research, Inc. is the
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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