New York, April 13, 2023 (GLOBE NEWSWIRE) -- The Automotive Aluminium Extruded Parts Market was valued at USD 55.63 billion in 2022, is projected for growth by 5.9% yearly to reach USD 103.95 billion by 2033. The demand for lightweight and fuel-efficient vehicles is the primary factor driving the growth of the market. The increasing adoption of electric vehicles is also contributing to the growth of the market, as aluminum extruded parts are widely used in electric vehicle components.
The Automotive Aluminum Extruded Parts Market refers to the production and sales of aluminum extruded parts that are used in automobiles. The market has been growing steadily due to the increasing demand for lightweight and fuel-efficient vehicles. Aluminum extruded parts are used in a variety of applications in automobiles, including body structure, engine components, and interior and exterior trim. This report aims to provide an overview of the current state of the Automotive Aluminum Extruded Parts Market and the factors driving its growth.
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The automotive aluminum extruded parts market has been growing steadily in recent years due to the increasing demand for lightweight, durable, and corrosion-resistant automotive components. Aluminum extruded parts offer several advantages over traditional materials such as steel, including better fuel efficiency, improved performance, and reduced emissions.
Automotive Aluminum Extruded Parts Market Growth Factors
- Lightweighting: The automotive industry is increasingly focused on reducing vehicle weight to improve fuel efficiency and reduce emissions. Aluminum extruded parts are lightweight, making them an attractive alternative to heavier materials such as steel.
- Durability: Aluminum extruded parts have a high strength-to-weight ratio, making them strong and durable. This makes them ideal for use in automotive applications, where parts need to withstand high stress and strain.
- Corrosion resistance: Aluminum extruded parts have excellent resistance to corrosion, which is important in automotive applications where exposure to harsh environments and corrosive materials is common.
- Cost-effectiveness: Aluminum extruded parts are cost-effective compared to other materials like carbon fiber and titanium. They can be produced at a lower cost, making them an attractive option for automotive manufacturers.
- Design flexibility: Aluminum extruded parts can be produced in a variety of shapes and sizes, which gives designers more flexibility when designing automotive components. This allows for more efficient use of space and better performance.
- Environmental regulations: Governments around the world are implementing regulations to reduce greenhouse gas emissions from vehicles. Aluminum extruded parts can help automakers meet these regulations by reducing the weight of vehicles and improving fuel efficiency.
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The key players in the Automotive Aluminum Extruded Parts Market include Novelis Inc., Benteler International, Bonnell Aluminum Extrusion Company, CAPALEX, Constellium SE, Kaiser Aluminium Corp., Kobe Steel Ltd., Norsk Hydro ASA, Omnimax International, ProfilGruppen Extrusions AB, SMS Schimmer, UACJ Automotive Whitehall Industries, Inc., Walter Klein GmbH & Co. KG, Gestamp Automoción, S.A, China Zhongwang Holdings Limited, Indo Alusys Industries Limited, Century Extrusions Limited, Arconic Corporation
Market Segmentation:
By Product type: The product type segment includes aluminum extruded parts such as bumpers, chassis, engine blocks, wheels, and others. Engine blocks and chassis are the most commonly used extruded parts in the automotive industry.
By Application: The application segment includes body structure, powertrain, suspension, and others. The body structure segment is expected to hold the largest market share due to the increasing use of lightweight materials in automotive manufacturing.
By Vehicle type: The vehicle type segment includes passenger cars, commercial vehicles, and electric vehicles. The demand for aluminum extruded parts in electric vehicles is expected to grow significantly due to their lightweight and efficient design.
Regional Analysis:
North America is expected to dominate the Automotive Aluminum Extruded Parts Market during the forecast period, due to the presence of major automobile manufacturers in the region. Europe is also expected to witness significant growth, due to the increasing adoption of lightweight materials in the automotive industry. The Asia Pacific region is expected to grow at the highest CAGR, due to the increasing demand for automobiles in countries such as China and India.
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Recent Developments:
- In March 2021, the German automotive parts supplier Schaeffler announced that it had developed an aluminum electric motor housing using the extrusion process. The housing is said to be significantly lighter and more efficient than conventional motor housings made of cast iron.
- In January 2021, the Chinese automaker NIO unveiled its ET7 electric sedan, which features a lightweight aluminum chassis made using extruded parts. The use of aluminum has helped to reduce the weight of the vehicle, improve its handling, and extend its driving range.
- In November 2020, the French automotive supplier Valeo announced that it had developed a new range of aluminum extruded heat exchangers for electric vehicles. The new heat exchangers are said to be lighter, more efficient, and better suited for use in electric vehicles than traditional heat exchangers made of copper.
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