Automotive Aluminium Alloy Market by product (Wrought alloy and Cast alloy) –by Vehicle (Passenger Car, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV) –by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) – is expected to reach US$ $63.40Bn by 2026 at a CAGR of 7.15%.
Rising trends for domestic as well as international commuting and increase in global trade activities will boost the aluminium alloys demand in the automotive industry. According to the Association of International Automotive Manufacturers number of car’s manufacturing witnessed a steep increase from less than 4 billion in 2011 to more than 7 billion in 2016 and this number will double over the next two decades. U.S., China, and India accounted for majority of the total with more than 2 billion in 2016, but India is likely to surpass U.S. Automotive industry is gradually increasing to successfully serve the high number of cars, hence push the overall aluminium alloys market.
Automotive Aluminium Alloy Market are expected to hold the largest market share in Automotive & transportation during 2018-2026
The recent government initiative towards the environment policy on aluminium alloy have made a compulsion on utilizing the alloy aluminium to meet the demand of transportation sector and the automotive industry. Furthermore started focusing on optimizing the performance of the vehicles to ensure sustainable, environment-friendly transportation. Aluminium Alloy supply strength and resistance, which can help reduce the automotive industry’s footprint with carbon emissions by creating vehicles that can be recycled.
Asia pacific to hold the largest share of the Automotive Aluminium Alloy in 2026
Among regions, growing industrialization in India and Southeast Asian countries will further augment the growth of Automotive Aluminium Alloy market during the forecast years. India and China are one of emerging economies in world due to which Asia pacific is looking very attractive to manufacturers who had made China their base of operations in Asia. From increasing labor costs, to quality issues as well as other concerns, manufacturers such as giant Foxconn to Samsung have announced they will be moving to other countries in Southeast Asia.
The key players of Automotive Aluminium Alloy market include Toray Industries Inc., Teijin Limited, Mitsubishi Rayon Co. Ltd, Bharat Forge, Hindalco Industries, UACJ Corporation, ERAMET, Magna International Inc. IBC Advanced Alloys Corp, United Company RUSAL and Aluminium Corporation of China.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the automotive aluminium alloy market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the automotive aluminium alloy market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain automotive aluminium alloy market positioning of competitors.
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Automotive Aluminium Alloy Market