According to a new market report published by Lucintel, the future of aluminum in the global automotive industry looks promising with opportunities in the passenger cars and commercial vehicles market. Aluminum in the global automotive industry is expected to reach an estimated $45 billion by 2024 with a CAGR of 6.6% from 2019 to 2024. The major drivers for this market are increasing vehicle production, government regulations on the fuel economy and emission controls, increasing stringent safety regulations, and increasing gasoline prices.
In this market, cast, rolled, and extruded aluminum are used for manufacturing of various automotive parts. On the basis of our comprehensive research, Lucintel forecasts that the cast aluminum will remain the largest market. Casting is a simple, inexpensive, and versatile way of forming aluminum into a wide array of products, which is expected to spur growth for this segment over the forecast period.
Within the global automotive aluminum industry, passenger car will remain the largest market by value and volume and it also expected to witness the highest growth over the forecast period due to increasing production of small, compact, and luxury car and increasing penetration of aluminum material per vehicle to reduce the carbon emission and to increase fuel efficiency.
Asia Pacific will remain the largest region due to high vehicle production, improving economic conditions, and increasing investments by the industry players within the APAC region. Europe is expected to witness the highest growth over the forecast period because of stringent government regulations toward carbon emissions and increasing demand for aluminum in SUVs & crossovers, small cars, and compact cars.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of aluminum in chassis and structural applications and development of advance manufacturing technologies to enhance the material strength. Alcoa, Novelis, Norsk Hydro, Constellium, and Aleris are the major aluminum suppliers in the global automotive industry.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for aluminum in the global automotive industry by vehicle types, product forms, application types, and regions, and compiled a comprehensive research report entitled “Growth Opportunities for Aluminum in the Global Automotive Industry 2019-2024: Trends, Forecast, and Opportunity Analysis”. The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for aluminum in the global automotive industry by vehicle type, product form, application type, and region, as follows:
By Vehicle type ($ Million and kilo tons from 2013 to 2024):
• Small Cars
• Compact Cars
• Mid-Size Cars
• Large Cars
• SUVs & Crossovers
• Pickup Trucks
By Product Forms ($ Million from 2013 to 2024):
• Cast Aluminum
• Rolled Aluminum
• Extruded Aluminum
By Application type ($ Million from 2013 to 2024):
• Transmissions and Drivelines
• Heat Transfer Systems
• Wheels and Brakes
• Structural Components
By Region ($ Million and kilo tons from 2013 to 2024):
• North America
o United Kingdom
• Asia Pacific
o South Korea
• The Rest of the World
This 236-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056, or email us at firstname.lastname@example.org. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
This report answers the following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for aluminum in the automotive industry by vehicle type (Small Cars, Compact Cars, Mid-Size Cars, Large Cars, SUVs and Crossovers, MPVs, and Pickups), product form (Cast Aluminum, Rolled Aluminum, Extruded Aluminum), application type (Engine, Transmission and Driveline, Heat Transfer, Wheels and Brakes, Structural Component), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5 What are the business risks and competitive threats in this market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some of the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10 What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material / product substitution?
Q.11 What M&A activity has occurred in the last 5 years and what has its impact been on the industry?