Market Research Report
Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945313|
|Published||Content info||1116 Pages
Delivery time: 2-3 business days
|Automotive Aluminum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 1116 Pages||
The global automotive aluminum market grew at a CAGR of around 8% during 2014-2019. The automotive industry utilizes aluminum castings, extrusions and sheets to manufacture vehicle body, frame, wheels, fuel systems, heat shields and car interiors. It is also used in the production of various engine parts such as pistons, radiators and cylinder heads. As the aluminum used in passenger and commercial vehicles is light in weight, it offers high stability, durability and cost-effectiveness. In comparison to steel, aluminum parts can help the vehicle accelerate faster and absorb a higher amount of shock in case of a crash or accident.
The growing automotive industry is one of the key factors driving the growth of the market. Owing to properties, such as high strength, recyclability, corrosion resistance combined with thermal and electrical conductivity, aluminum is extensively utilized in the production of passenger cars and commercial trucks and buses. Furthermore, the adoption of robotics technology in the assembly lines to efficiently manufacture automobiles is creating a positive impact on the market. There is also an increasing usage of secondary or recycled aluminum in the manufacturing of automobiles for improved safety and reduced carbon dioxide emissions. Aluminum mixed with copper, silicon and manganese is being used for light-weight components, which in turn is leading to higher per unit usage of the metal. Moreover, the implementation of government policies promoting the manufacturing of vehicles that reduce the emission of greenhouse gases, thus improving the carbon footprint of automobiles, is creating a positive impact on the market growth. Other factors, including rising disposable incomes of consumers and extensive research and development (R&D) activities, are projected to drive the market further. Looking forward, IMARC Group expects the global automotive aluminum market to exhibit moderate growth during 2020-2025.