Automotive Aluminium Market Report and Forecast 2023-2028

According to the report, the global automotive aluminium market reached a value of USD 27.9 billion in 2022. Aided by the automotive industry's paradigm shift towards lightweight and sustainable vehicles, the market is projected to further grow at a CAGR of 3.68% between 2023 and 2028 to reach a value of USD 47.2 billion by 2028.

Automotive aluminium, recognised for its lightweight, strength, and corrosion resistance, is progressively becoming the material of choice in car manufacturing. Used in various automotive components such as chassis, engines, wheels, and body structures, aluminium substantially decreases the overall vehicle weight, leading to enhanced fuel efficiency and reduced greenhouse gas emissions. Given the rising global concerns about environmental sustainability and stringent government regulations on vehicular emissions, aluminium's role in the automotive sector has gained unprecedented importance.

The burgeoning demand for fuel-efficient vehicles is a primary driver propelling the automotive aluminium market growth. Consumers, increasingly educated about environmental conservation, are leaning towards vehicles that offer better mileage and lower emissions. With aluminium reducing a vehicle's weight by up to 50% compared to traditional steel, its integration results in fuel savings of up to 8%. This not only aligns with the consumers' eco-friendly preferences but also results in considerable cost savings.

Furthermore, the automotive industry's fervent innovation in electric vehicles (EVs) underpins the escalating automotive aluminium market demand. EVs, inherently requiring lightweight structures to counterbalance their heavy batteries and ensure optimal range, benefit significantly from aluminium-intensive designs. As the world marches towards electric mobility, aluminium's significance in vehicle design and manufacturing will undoubtedly magnify.

However, aluminium's applications are not just confined to vehicle bodies. Its remarkable thermal conductivity makes it ideal for producing heat exchangers, radiators, and air conditioning units in vehicles. Additionally, its resistance to corrosion ensures longevity and durability, factors paramount in automotive applications.

Additionally, the advanced recycling methods are making waves, aiming to reuse automotive aluminium, thereby mitigating environmental concerns and further establishing aluminium as a sustainable choice. With the development of advanced alloys and composite materials, the strength and versatility of automotive aluminium continue to improve, making it more competitive against traditional automotive materials. This factor is expected to increase the automotive aluminium market size in the forecast period.

Market Segmentation

The market can be divided based on form, vehicle, application, and region.

Market Breakup by Form

• Cast Aluminium
• Rolled Aluminium
• Extruded Aluminium

Market Breakup by Vehicle

• Passenger Cars
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

Market Breakup by Application

• Power Train
• Chassis and Suspension
• Car Body
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive aluminium market. Some of the major players explored in the report are as follows:

• Novelis Inc
• Constellium SE
• Martinrea Honsel Germany GmbH
• UACJ Corporation
• Norsk Hydro ASA
• Lorin Industries, Inc.
• Kaiser Aluminum Corporation
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.