According to IMARC Group’s latest report, titled “Automotive Aluminum Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global automotive aluminum market reached a value of US$ 25.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.4 Billion by 2027, exhibiting a CAGR of 8.82% during 2022-2027.
Automotive aluminum is a type of metal that is used for manufacturing the body, wheels, frame, fuel systems, heat shields, engine pistons, radiators, and other parts of a vehicle. It can be categorized into several types in terms of product form, such as die-casting, permanent mold casting, sand casting, aluminum plate, aluminum sheet, etc. Automotive aluminum metal has an extremely lightweight construction and provides improved durability, stability, and cost-effectiveness. It can absorb a higher amount of shock in case of an accident and allows faster vehicle acceleration. Consequently, automotive aluminum is extensively utilized across the various segments of the global automobile industry, including passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
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The rising demand for automobiles in the Asia-Pacific, North America, and European regions is primarily driving the automotive aluminum market. Additionally, the inflating need for variants with enhanced properties, such as recyclability, high strength, corrosion resistance, etc., in the automobile sector is also augmenting the market growth. Furthermore, the elevating usage of aluminum mixed with silicon, copper, and manganese to manufacture lightweight vehicle components is acting as another significant growth-inducing factor. Besides this, the launch of numerous policies by the government bodies aimed at promoting the production of vehicles that lower the emission of greenhouse gases and the development of extensive research and development (R&D) activities are expected to bolster the automotive aluminum market in the coming years.
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The report has segmented the market on the basis of product form, vehicle type, application and region.
Breakup by Product Form:
Permanent Mold Casting
Breakup by Vehicle Type:
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
Breakup by Application:
Chassis & Suspension
Roof and Trim
Breakup by Geography:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
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