LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global aluminum market for the automotive industry is expected to grow at a CAGR of 4.5% during the forecast period.
This research report titled ‘Global Aluminum Market for the Automotive Industry 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
“With the developing transport and aircraft sector, aluminum's presence in the market is increasing due to its efficiency, cost effectiveness, sustainability, safety, durability, and performance. The growing demand for energy-efficient lightweight vehicles will also augment the growth of the global aluminum market for the automotive industry over the next four years,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals.
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Based on type, the report categorizes the global aluminum market for the automotive industry into three major segments:
- Castings and forgings
- Rolled plates and sheets
Global aluminum casting and forging market for automotive industry
Forging is a substitute for casting methodology as it provides high efficiency and reliability. Automotive manufacturers are using aluminum forged products due to high strength, reliability, and economic viability of the parts. In terms of geography, APAC is the largest market for aluminum forged parts. High outsourcing for the production of forged parts in developing countries have increased its demand in the region.
The global aluminum casting market is likely to grow at a moderate rate during 2016-2020 period due to the increasing preference for cast aluminum products in the automotive industry. Automotive manufacturers are using aluminum casting products to comply with the stringent emission norms implemented by government authorities such as the US Environmental Protection Agency. “In terms of geography, APAC was the largest market for aluminum casting and accounted for more than half of the total market share. China is the major contributor to the market in APAC,” adds Chandrakumar.
Global aluminum extrusion market for automotive industry
The global aluminum extrusion market will grow rapidly driven by the demand for lightweight vehicles. In the past, aluminum extruded products were used only for engine mounts, brake components, radiator frames, seat frames, and other minor applications. Now, original equipment manufacturers are identifying new applications of aluminum bars and tubes for high-end equipment like safety components, crash management systems, body-in-white structures, cockpit carriers, and elaborate decorative parts.
In addition, aluminum extrusion products are used for producing pedal mountings, dashboard reinforcements, door trimmings, wipers, electronic applications, brackets, electrical base carriers, and suspension parts. The aluminum equipment parts for the automotive industry produced through extruded products are lighter and are designed for optimization and in compliance with safety standards. Presently, the original equipment manufacturers use primary molten aluminum as a raw material for extruded aluminum automotive components that comply with international safety standards and give a better finish with improved quality.
Global aluminum rolled product market for automotive industry
The global aluminum rolled product market for the automotive industry is expected to grow at a significant rate driven by the demand from diverse industries such as food and beverage, building, construction, and transportation.
Aluminum plates and sheets are used to produce lighter yet stronger cars. These plates and sheets guarantee an optimum combination of weight, strength, efficiency, and performance with lower fuel consumption and toxic gas emissions. It also enables easy recyclability. It is also used in the manufacture of lithographic plates that can be anodized easily and gives an ideal surface for printing.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Norsk Hydro
Browse Related Reports:
- Global Aluminum Extrusion Market 2016-2020
- Global Aluminum Die Casting Machinery Market 2016-2020
- Global Automotive Aluminum Market 2015-2019
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