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Automotive Aluminum Market worth 111.80 Billion USD by 2026 | Key Market Players are Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway)

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Automotive Aluminum Market worth 111.80 Billion USD by 2026 | Key Market Players are Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway)

August 02
21:06 2021
Automotive Aluminum Market worth 111.80 Billion USD by 2026 | Key Market Players are Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway)

Browse 81 market data tables and 76 figures spread through 164 pages and in-depth TOC on “Automotive Aluminum Market”
Automotive Aluminum Market by Product Form (Cast Aluminum, Rolled Aluminum, & Extruded Aluminum), Application (Powertrain, Chassis & Suspension, & Car Body), Vehicle Type (Passenger Car, LCV, & HCV), Region

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. Increased demand for lightweight and efficient materials from the automotive industry is fueling the demand for automotive aluminum as it not only reduces weight of automobile components, but also of the complete body of automobiles by up to 50%.

To know about the assumptions considered for the study download the pdf brochure

Among applications, the car body segment of the automotive aluminum market

The car body application segment accounted for the third-largest share of the automotive aluminum market in 2016. This segment is projected to grow at the highest CAGR from 2016 to 2026. The growth of this segment can mainly be attributed to increasing use of rolled aluminum by automobile manufacturers for manufacturing car bodies to reduce weight of cars, thereby resulting in improved fuel efficiency as well as driving dynamics of vehicles.

Among product forms, the rolled aluminum segment of the automotive aluminum market

The rolled aluminum segment of the automotive aluminum market is projected to grow at the highest CAGR from 2016 to 2026. Rolled aluminum is manufactured by passing aluminum between rolls under pressure. This results in the formation of thin and long rolls of aluminum in the direction, wherein it is moving. Rolled aluminum process is used to form three major forms of aluminum, namely, aluminum sheets, aluminum foils, and aluminum plates. Growth of the rolled aluminum segment of the aluminum automotive market can be attributed to increasing use of rolled aluminum in the manufacturing of body parts of cars to increase their fuel efficiency and reduce their weight.

The North American region accounted for the largest share of the automotive aluminum market in 2016. This increased demand of automotive aluminum in the North American region can be attributed to implementation of Corporate Average Fuel Economy (CAFE) standards, which mandate automobile companies to strive for increased fuel efficiency. Thus, automobile companies in the North American region prefer aluminum over steel as it helps to achieve improved aerodynamics as well reduces weight of automobiles, thereby enabling fuel savings.

Key players operational in the automotive aluminum market include Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group (Netherlands), Constellium N.V. (Netherlands), CHALCO (China), and Rio Tinto (U.K.), among others.

Novelis Inc. is one of the leading manufacturers of automotive aluminum, globally. The company is focused on maintaining its position in the automotive aluminum market by adopting varied strategies, such as new product launches, expansions, and acquisitions. For instance, in August 2015, the company developed a series of alloys, namely, Novelis Advanz for manufacturing critical safety components of automobiles. Use of this series of alloys reduces weight of automobiles significantly as compared to high strength steels that are used in automotive applications. These alloys are used for manufacturing bumper systems, crash ring components, and door intrusion beams of automobiles. In March 2015, the company signed a long-term collaboration agreement with Henkel Adhesive Technologies (Germany) for development of advanced bonding technologies to enable use of aluminum in the high volume automobile market. The company aims to combine its expertise of aluminum manufacturing with surface treatment technologies of Henkel to address challenges pertaining to processing and application of aluminum in automobiles.

Aloca Inc. is another key player in the automotive aluminum market and has its presence in several regions across the globe. The company has been focusing on expansions to strengthen its market position. In September 2015, the company completed the expansion of its Tennessee (U.S.)-based facility, which supplies aluminum sheets to various Original Equipment Manufacturers (OEMs), such as Ford Motor Company, Fiat Chrysler Automobiles, and General Motors. The facility features rolling mill technology, which enables the company to control the production of aluminum sheets according to the market demand. It also has a recycling center that reduces expenses and carbon footprints. The company invested USD 275 million to carry out this expansion. In September 2015, the company restarted its two casting pits in Texarkana casthouse by investing USD 6 million to meet the increasing demand for aluminum slabs from the automotive industry of the North American region.

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