New York, US, Oct. 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Automotive Aluminum Market Research Report: Information By Product Type, By Application By Vehicle Type, By Region - Forecast 2030”, the global market valuation is expected to grow to USD 133.41 BN by 2030, with over 8.72% CAGR during the assessment period (2022-2030).
Automotive Aluminum Market Overview
The automotive aluminum market is witnessing rapid revenue growth across the globe. Governments promote aluminum use for automotive parts and outer body side panels. Besides, mobility industries worldwide are looking for aluminum body outer panels. At the same time, several OEMs and Tier 1 suppliers are working on developing one-piece vehicle body outer panels from aluminum sheets. All these factors cumulatively contribute to increasing the market demand, and the market is projected to continue to grow in future years.
Aluminum makes a great material for car bodies, and aluminum alloys are common in aluminum car bodies. It is easier-to-form material than steel, characteristically softer, and possesses great formability & excellent corrosion resistance. Using aluminum in manufacturing vehicle body parts, such as the door openings and the depth of the body side or the tumblehome, can reduce the overall weight of a vehicle and increase fuel efficiency.
Leading players in the global automotive aluminum market include,
- Alcoa Corporation (US)
- UACJ Corporation (Japan)
- Rio Tinto Group (UK)
- Norsk Hydro ASA (Norway)
- AMG Advanced Metallurgical Group (Netherlands)
- ElringKlinger AG (Germany)
- Autoneum Holding AG (Switzerland)
- Aluminum Corporation of China Limited (CHALCO - China)
- Novelis Inc. (US)
- Progress-Werk Oberkirch AG (Germany)
- Constellium (US)
- Aleris Corporation (US)
- Dana Limited (US)
- Kaiser Aluminum (US)
- Lorin Industries (US)
- Jindal Aluminium Ltd. (India)
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Therefore, automakers and Tier 1 suppliers maximize the use of high-strength aluminum to make lightweight next-generation vehicle designs, shaping a sustainable world. Leading automotive aluminum suppliers make significant investments in developing innovative, low-carbon aluminum, modifying existing steel tooling to sheet aluminum. Aluminum adoption is expected to continue to grow across the world.
Aluminum is a preferred material for vehicle manufacturing due to its high strength-to-weight ratio. Besides, other specific mechanical properties of aluminum, like electrical conductivity, formability, and impact resistance, are the key advantages it brings to the auto industry. Automobiles and the transportation industry create large sums of carbon monoxide and other greenhouse gas emissions, adding smog and environmental issues.
With the growing push for sustainable and fuel-efficient vehicles, more incentives are expected to be implemented by policymakers aiming for a more efficient fuel economy and lower vehicle emissions. Substituting aluminum for steel entails a thickness conversion factor.
In the future, aluminum use in cars is expected to increase further due to the introduction of improved fabrication techniques. With increasing sustainability and environmental impact concerns globally, aluminum is expected to achieve considerable prominence in the automotive industry.
Automotive Aluminum Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 133.41 Billion |
| CAGR during 2022-2030 | 8.72% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rise in vehicles production across the globe |
| Key Market Drivers | Enhancement of the driving dynamics |
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Industry Trends
Lightweight body parts are quickly being absorbed into the automotive industry due to the stringent government regulations for fuel-efficient vehicles. The growing production of lightweight vehicles due to the rising pressure for fuel efficiency, alongside the growing production and sales of electric vehicles, drive the market growth. Auto suppliers are looking to supply higher-value components required for the development.
Automakers work with body weight and stamping engineers to develop successful feasible, quality volume production with no rework. These suppliers also buy tons of aluminum, lighter and much cheaper than copper, to make up portions of larger auto parts. On the other hand, automakers are going through a massive transition, increasingly moving their fleets to electric vehicles.
Automotive Aluminum Market Segments
The report is segmented into product types, vehicle types, applications, and regions. The product type segment comprises cast aluminum, rolled aluminum, extruded aluminum, and others. The application segment comprises powertrain, chassis & suspension, car body, and others. The vehicle type segment comprises passenger cars, LCVs, HCVs, and others. The region segment comprises Asia-Pacific, North America, Europe, and the rest of the world.
Automotive Aluminum Market Regional Analysis
North America dominates the global automotive aluminum market. The rapid implementation of Corporate Average Fuel Economy (CAFE) standards in this region predominantly drive market growth. Besides, several government initiatives to boost the automotive industry growth and rising passenger car sales are major driving forces behind the increased market demand.
Also, the rising pressure to promote lightweight automotive body parts and stringent government regulations to control fuel emissions substantiate the market revenues. The strong presence of notable automakers & industry players, alongside high automotive safety regulations in this region, escalates market shares. Moreover, the high per capita income and early adoption of advanced technologies push the market value in the region.
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Automotive Aluminum Market Competitive Landscape
The automotive aluminum market appears highly competitive, with the presence of prominent companies having an international and regional presence. These companies aggressively target increased participation through collaborations to expand their operations and offerings to target potential clientele. The market would witness intensified competition with innovations and increased R&D investments & M&A.
Leading manufacturers focus on developing lightweight, advanced aluminum components that can be consumed in the automotive sector to build better auto parts and for other applications, such as a compact and cost-effective range of surface-mount aluminum chip capacitors for automotive electronics.
For instance, on Sept. 20, 2022, Maxion Wheels, a leading global wheel manufacturer, announced the opening of its new truck steel wheels plant in Turkey, which it built in partnership with Inci Holding. The two companies will also build a forged aluminum production plant catering to Commercial Vehicle (CV) wheels at the beginning of 2024. They are planning a new, state-of-the-art, CO2-optimized forged aluminum facility to respond to the customer needs for multiple wheel solutions to optimize their transportation solutions.
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To drive these developments, partner companies have jointly invested US$150 million from 2021 and are expected to continue investing by 2025. Over the years ahead, the two companies would work together further to enhance Maxion Wheels’ existing steel wheel portfolio, expanding its reach to commercial vehicle applications and accentuating aluminum solutions.
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