According to a new market research report published by Credence Research, Inc. “Aluminum Market in Automotive Industry – Growth, Opportunities, Share & Competitive Analysis, 2017 – 2025,” aluminum market in automotive industry was valued at US$ 27,356 Mn in 2016, and is expected to reach US$ 52,407 Mn by 2025, expanding at a CAGR of 7.4% from 2017 to 2025.
Browse the full Aluminum Market in Automotive Industry – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/aluminium-market-in-automotive-industry
Aluminum bears properties such as low weight, high-performance, corrosion resistance, and flexibility, thus making it a suitable material for manufacturing more efficient vehicles. Aluminum is used in automotive to offer tremendous performance, high level of passenger safety, superior fuel efficiency, and comfort. The aluminum used in a vehicle are recyclable. Reducing weight with aluminum 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 aluminum 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 aluminum materials in automotive industry. These countries are likely to provide excellent growth and profit opportunities for global aluminum suppliers.
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Cast aluminum was the largest segment in terms of value in 2016, followed by rolled aluminum 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 aluminum material suppliers to develop a wide range of solutions to meet these requirements. All these factors are expected to increase the demand for aluminum in the global automotive industry during the forecast period.
Asia Pacific has been the largest region in terms of the aluminum consumption in automotive industry, followed by Europe, North America and ROW, due to higher vehicle production in Asia Pacific. In terms of volume, aluminum consumption in the global automotive industry is anticipated to grow at a CAGR of 7.4% from 2017 to 2025.
Some of the major companies operating in the market include Alcoa Inc., Aleris International, Aluminum Corporation of China Limited, BHP Billiton Limited, Constellium NV, Kaiser Aluminum Corp., Norsk Hydro ASA, Novelis Inc., United Company Rusal Plc., Vedanta Resources Plc, and Vimetco N.V.