Automotive Aluminum Market Worth $60.58 Billion by 2025 | CAGR: 8.7%: Grand View Research, Inc.
SOURCE Grand View Research, Inc.
SAN FRANCISCO, July 18, 2019 /PRNewswire/ -- The global automotive aluminum market size is expected to reach USD 60.58 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.7% during the forecast period. Rising emission standards and concerns regarding environment protection are triggering the growth.
Key suggestions from the report:
- In terms of revenue, passenger cars segment is anticipated to reach USD 39.76 billion by 2025. The growth is attributed to increasing demand for passenger cars, especially in China and India
- Light commercial vehicles are projected to expand at the highest CAGR of 11.1% over the forecast period. Increasing production capacities of major automakers is assisting the growth
- In terms of volume, body structure segment is likely to observe the highest CAGR of 9.3% from 2019 to 2025. Shift towards lightweight materials to improve the efficiency of vehicle is the key driver for the segment
- Asia Pacific held the largest volume share of 40.2% in 2018. Expansion along with investments in auto sector are driving the growth
- In terms of revenue, North America is projected to register the highest CAGR of 10.3% from 2019 to 2025 on account of strict emission standards in the region
- Some of the key players present in the automotive aluminum market are Norsk Hydro ASA, Federal-Mogul Holding Corporation, Dana Holding Corporation, Ryobi Ltd and NEMAK Innovative Lightweighting. These players are looking for capacity expansion and partnerships with different companies to achieve a competitive edge.
Read 110 page research report with TOC on "Automotive Aluminum Market Size, Share & Trends Analysis Report By End Use (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Application, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/automotive-aluminum-market
In August 2018, as per the new agreement between U.S, Mexico, and Canada, around 75% parts of cars or trucks must be manufactured in these three countries to qualify for zero tariffs. North American Free Trade Agreement (NAFTA) announced that the cars and trucks need to achieve the 54.5 mpg fuel efficiency by 2025. These government initiatives are focused on facilitating the auto manufacturers to reduce the weight of the car body by 25%.
The major aluminum forms used in the automotive industry are castings, rolled products, extruded products, and stampings. Aluminum coupled with copper, manganese, or silicon is used in the automotive industry to manufacture components with high strength. The benefits such as light weight, high strength, and lower emission are expected to encourage car manufacturers to choose aluminum as a material of choice.
According to OICA, the global automotive production including passenger cars and commercial vehicles was 89.8 million units in 2014 and it reached 97.3 million units in 2017. This shows an increasing demand for vehicles, which in turn is anticipated to fuel the utilization of aluminum in the forthcoming years. Automakers are now using lightweight materials such as aluminum to improve the fuel efficiency of vehicles.
The primary restraint for the industry is rise in the input costs such as energy, wage, and production, to name a few. In addition, changes in the regulatory landscape and growing concern regarding environment have pushed the manufacturers of the sector to opt for new technologies which can provide measures to save energy and enhance production output.
Grand View Research has segmented the global automotive aluminum market on the basis of end use, application, and region:
- Automotive Aluminum End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Automotive Aluminum Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Body Structure
- Power Train
- Automotive Aluminum Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central and South America
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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