Automotive aluminum is a lightweight metal extensively used in automotive components like engine parts, wheels, and vehicle body. It provides advantages like corrosion resistance, high strength-to-weight ratio, and durability. The growing demand for fuel-efficient and high-performance vehicles is driving the need for automobile lightweighting through increased aluminum adoption. The global Automotive Aluminum Market is estimated to be valued at US$ 48.69 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased use of aluminum in automotive is being driven by the trend of automobile lightweighting. Vehicle lightweighting helps in significantly improving fuel efficiency by reducing the overall weight of cars. The advantages of aluminum like high strength and relatively low density compared to steel have made it a preferred metal for automakers. It is estimated that increasing the use of aluminum in place of heavier metals can reduce the weight of a vehicle by 100-350 lbs. This directly enhances fuel economy by 6-8% depending on the vehicle type and model. Various automotive OEMs have started extensive adoption of aluminum alloy sheets, extrusions and castings in vehicles to meet the rising demands for reducing emissions and improving mileage performance.
Segment Analysis
The global automotive aluminum market is dominated by the cast aluminum sub-segment, which accounted for nearly 40% share of the overall market in 2023. Cast aluminum components are preferred by automakers as they can be cast in complex shapes and are economically viable for large production volumes. They are primarily used in powertrain applications like engine blocks and cylinder heads.
Key Takeaways
The Global Automotive Aluminum Market Size is expected to witness high growth at a CAGR of 12% during the forecast period of 2023 to 2030. Bolstered by the rising production of electric and hybrid vehicles, the market size is projected to reach US$ 87.07 billion by 2030 from US$ 48.69 billion in 2023.
Regional analysis: Asia Pacific dominated the global market with more than 35% share in 2023 owing to the large automobile manufacturing base in China and India. The region is expected to continue its dominance driven by strong economic growth and increasing consumer spending on personal vehicles in emerging economies.
Key players: Key players operating in the automotive aluminum market are Iron Mountain, ARC, Access, Shred-it, Restore plc, Cintas, Proshred, National Document Shredding Service, Shred Station, Red Dog Shred, Shred-X, Secured Document Shredding, Shred Works, Guardian Data Destruction, EndoShred, Mobile Shred, ShredQuick, ProShred Chicago, Shreds Unlimited. These players have expanded their presence globally through collaborations with OEMs and by offering innovative lightweight aluminum components.
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