Published by Coherent Market Insights
Posted on October 10, 2021
The automotive aluminum market is projected to grow from USD 47.91 Billion in 2016 to USD 111.80 Billion by 2026, at a CAGR of 8.8% from 2016 to 2026.
Aluminum is found in nature in the form of aluminum sulfates and can also be produced from bauxite, which comprises various elements such as aluminum hydroxide, silicon, titanium, sulfur, gallium, vanadium oxides, chromium, iron, sulfuric calcium, and magnesium carbonates, among others. Aluminum is significantly lighter than steel, has good tensile strength, and is easier to mold, making it a preferred choice in various industries. Aluminum was first used in a sports car back in 1899, two years later an engine with aluminum parts was first built.
A detailed report on Global Automotive Aluminum Market providing a complete information on the current market situation and offering robust insights about the potential size, volume, and dynamics of the market during the forecast period, 2021-2027.
Top Key Players in Automotive Aluminum market: Alcoa Inc., Arconic Inc., UACJ Corporation, CHALCO, AMG Advanced Metallurgical Group, Norsk Hydro ASA, Constellium N.V., Novelis Inc., and Rio.
Regional Analysis For Automotive Aluminum Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Automotive Aluminum market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Automotive Aluminum Market Outlook – Rising demand for lightweight and fuel efficient automobiles supplementing market growth
North America is expected to dominate the automotive aluminum market over the forecast period. This is mainly attributed to the stringent implementation of yield strength standards. CAFÉ Standards were implemented in the U.S. in order to reduce energy consumption by increasing fuel economy in cars, vans, light trucks, and heavy trucks. This has augmented growth of the market in the region.
For instance, the Indian government allows for 100% FDI in the automotive industry, which accounts for 7.1% of the country’s GDP. Furthermore, as highlighted by India Brand Equity Foundation (IBEF), the Indian government aims to make automobiles manufacturing the mainstay of its ambitious Make in India initiative and projects the passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016–2026.
This trend is expected to follow over the forecast period. ASI Performance Standard (Principles and Criteria launched December 2014) and ASI Chain of Custody Standard govern the automotive aluminum industry. These standards are applicable on all the phases of manufacturing aluminum, which includes bauxite mining, alumina purification, primary aluminum production, stages such as rolling, forging, extrusion and foundry, material alteration, and refining and re-melting of recycled scrap.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Automotive Aluminum market By Business Development, Innovation And Top Companies Forecast 2021-2027 appeared first on Gatorledger.
The automotive aluminum market is projected to grow from USD 47.91 Billion in 2016 to USD 111.80 Billion by 2026, at a CAGR of 8.8% from 2016 to 2026.
Aluminum is found in nature in the form of aluminum sulfates and can also be produced from bauxite, which comprises various elements such as aluminum hydroxide, silicon, titanium, sulfur, gallium, vanadium oxides, chromium, iron, sulfuric calcium, and magnesium carbonates, among others. Aluminum is significantly lighter than steel, has good tensile strength, and is easier to mold, making it a preferred choice in various industries. Aluminum was first used in a sports car back in 1899, two years later an engine with aluminum parts was first built.
A detailed report on Global Automotive Aluminum Market providing a complete information on the current market situation and offering robust insights about the potential size, volume, and dynamics of the market during the forecast period, 2021-2027.
Top Key Players in Automotive Aluminum market: Alcoa Inc., Arconic Inc., UACJ Corporation, CHALCO, AMG Advanced Metallurgical Group, Norsk Hydro ASA, Constellium N.V., Novelis Inc., and Rio.
Regional Analysis For Automotive Aluminum Market:
Besides segmental breakdown, the report is highly structured into region wise study. The regional analysis comprehensively done by the researchers highlights key regions and their dominating countries accounting for substantial revenue share in the Automotive Aluminum market. The study helps understanding how the market will fare in the respective region, while also mentioning the emerging regions growing with a significant CAGR. The following are the regions covered in this report.
Automotive Aluminum Market Outlook – Rising demand for lightweight and fuel efficient automobiles supplementing market growth
North America is expected to dominate the automotive aluminum market over the forecast period. This is mainly attributed to the stringent implementation of yield strength standards. CAFÉ Standards were implemented in the U.S. in order to reduce energy consumption by increasing fuel economy in cars, vans, light trucks, and heavy trucks. This has augmented growth of the market in the region.
For instance, the Indian government allows for 100% FDI in the automotive industry, which accounts for 7.1% of the country’s GDP. Furthermore, as highlighted by India Brand Equity Foundation (IBEF), the Indian government aims to make automobiles manufacturing the mainstay of its ambitious Make in India initiative and projects the passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016–2026.
This trend is expected to follow over the forecast period. ASI Performance Standard (Principles and Criteria launched December 2014) and ASI Chain of Custody Standard govern the automotive aluminum industry. These standards are applicable on all the phases of manufacturing aluminum, which includes bauxite mining, alumina purification, primary aluminum production, stages such as rolling, forging, extrusion and foundry, material alteration, and refining and re-melting of recycled scrap.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
The post Automotive Aluminum market By Business Development, Innovation And Top Companies Forecast 2021-2027 appeared first on Gatorledger.
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