The global Automotive Aluminum Market size is expected to reach USD 60.58 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.7% during the forecast period.
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Rising emission standards and concerns regarding environment protection are triggering the growth.
In August 2018, as per the new agreement between U.S, Mexico, and Canada, around 75% parts of cars or trucks must be manufactured in these three countries to qualify for zero tariffs. North American Free Trade Agreement (NAFTA) announced that the cars and trucks need to achieve the 54.5 mpg fuel efficiency by 2025. These government initiatives are focused on facilitating the auto manufacturers to reduce the weight of the car body by 25%.
The major aluminum forms used in the automotive industry are castings, rolled products, extruded products, and stampings. Aluminum coupled with copper, manganese, or silicon is used in the automotive industry to manufacture components with high strength. The benefits such as light weight, high strength, and lower emission are expected to encourage car manufacturers to choose aluminum as a material of choice.
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Further key findings from the report suggest:
• In terms of revenue, passenger cars segment is anticipated to reach USD 39.76 billion by 2025. The growth is attributed to increasing demand for passenger cars, especially in China and India
• Light commercial vehicles are projected to expand at the highest CAGR of 11.1% over the forecast period. Increasing production capacities of major automakers is assisting the growth
• In terms of volume, body structure segment is likely to observe the highest CAGR of 9.3% from 2019 to 2025. Shift towards lightweight materials to improve the efficiency of vehicle is the key driver for the segment
• Asia Pacific held the largest volume share of 40.2% in 2018. Expansion along with investments in auto sector are driving the growth
• In terms of revenue, North America is projected to register the highest CAGR of 10.3% from 2019 to 2025 on account of strict emission standards in the region
• Some of the key players present in the automotive aluminum market are Norsk Hydro ASA, Federal-Mogul Holding Corporation, Dana Holding Corporation, Ryobi Ltd and NEMAK Innovative Lightweighting. These players are looking for capacity expansion and partnerships with different companies to achieve a competitive edge
Grand View Research has segmented the global automotive aluminum market on the basis of end use, application, and region:
Automotive Aluminum End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles