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Automotive Aluminum Market report categorizes global market by product type, vehicle type, sales channel - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2026
Automotive Aluminum Market - Global Industry
Insights, Trends, Outlook, and Opportunity Analysis,
2018–2026
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. Ever since, aluminum
has been used by automotive manufacturers, owing to the inexpensiveness
application in mass- produced vehicles. Vehicles manufactured using advanced
aluminum alloys are more fuel efficient and reduce carbon emissions, making it more
environment-friendly as compared to vehicles manufactured using steel. It also
increases performance of the vehicle and improves durability. Aluminum is versatile
in nature, which enables automobile manufacturers to combine it with other metals or
with materials such as fiberglass and plastics to enhance specific properties. Also,
aluminum has the capacity to absorb twice the crash energy as compared to mild
steel, which makes it safer.
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Automotive manufacturers are focusing on improving performance, fuel economy
and reducing emissions, without affecting the size, safety, and capability, a factor
that has led to significant growth of the automotive aluminum market.
Aluminum castings are used in various parts of automobiles such as alternator
housing, carburetors, wheels, valve covers, engine block, transmission housings,
wheel spacer, impellers, and fan clutch. Aluminum sheets are used in complete
vehicle body, structural components, car trims and sealing, body panels, side walls,
hood, doors, and trunks. Extruded aluminum is used to manufacture roof rails and
sunroofs. The use of aluminum in automobiles has provided numerous benefits such
as good formability, great potential in weight reduction, excellent corrosion behavior
in presence of thermal load, high yield strength, and dent resistance capability,
high-quality surface finish and recyclability. Original equipment manufacturers
contribute a major share in the automotive aluminum market.
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. Asia
Pacific is expected to follow North America in the consumption of automotive
aluminum. This is mainly attributed to increasing discretionary income in the region
and supportive government initiatives, especially in the growth engines of the region
— China and India. 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.
High cost of automotive aluminum as compared to steel and cast iron is one of the
restraining factors for the automotive aluminum market. Also, introduction of new
materials like reinforced plastic has restrained the market growth of automotive
aluminum on a global scale. Research and development on alternative methods to
produce aluminum at a lower cost and eco-friendly manufacturing processes to
reduce environmental damage are some of the key strategies adopted by the top
market players. Some of the companies operating in the global automotive aluminum
market are Alcoa Inc., Arconic Inc., UACJ Corporation, CHALCO, AMG Advanced
Metallurgical Group, Norsk Hydro ASA, Constellium N.V., Novelis Inc., and Rio.
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apeksha motghare
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