According to a new market research report published by Acute Market Reports “Aluminium Market in Automotive Industry - Growth, Opportunities, Share & Competitive Analysis, 2021 – 2029,” Aluminium market in automotive industry was valued at US$ 35,453.3 Mn in 2020, and is expected to reach US$ 67,919.4 Mn by 2029, expanding at a CAGR of 7.4% from 2021 to 2029.
Browse the full Aluminium Market in Automotive Industry - Growth, Future Prospects and Competitive Analysis, 2021 – 2029 report at https://www.acutemarketreports.com/report/aluminium-market-in-automotive-industry-research
Market Insights
Aluminium bears properties such as low weight, high-performance, corrosion resistance, and flexibility, thus making it a suitable material for manufacturing more efficient vehicles. Aluminium is used in automotive to offer tremendous performance, high level of passenger safety, superior fuel efficiency, and comfort. The Aluminium used in a vehicle are recyclable. Reducing weight with Aluminium increases the fuel efficiency of a vehicle, which in turn produces fewer tailpipe emissions because lighter vehicles consume less energy (fuel or battery power) to get around. Therefore, vehicle manufacturers are increasingly using Aluminium to reduce carbon emission from the environment. Government regulations on fuel pricing and carbon emission reduction in developed countries are expected to be the growth drivers of Aluminium materials in automotive industry. These countries are likely to provide excellent growth and profit opportunities for global Aluminium suppliers.
Cast Aluminium was the largest segment in terms of value in 2020, followed by rolled Aluminium and it represents a high growth potential. Environmental regulations, governmental policies, customer demand to reduce fuel consumption, and improved driver safety have prompted automotive manufacturers and Aluminium material suppliers to develop a wide range of solutions to meet these requirements. All these factors are expected to increase the demand for Aluminium in the global automotive industry during the forecast period.
Asia Pacific has been the largest region in terms of the Aluminium consumption in automotive industry, followed by Europe, North America and ROW, due to higher vehicle production in Asia Pacific. In terms of volume, Aluminium consumption in the global automotive industry is anticipated to grow at a CAGR of 7.4% from 2021 to 2029.
Some of the major companies operating in the market include Alcoa Inc., Aleris International, Aluminium Corporation of China Limited, BHP Billiton Limited, Constellium NV, Kaiser Aluminium Corp., Norsk Hydro ASA, Novelis Inc., United Company Rusal Plc., Vedanta Resources Plc, and Vimetco N.V.
