Aluminum for Automobile Body Market Report: CAGR is Projected to 2.5%

Aluminum for Automobile Body Market Summary

According to the new market research report “Global Aluminum for Automobile Body Market Report 2023-2029”, published by QYResearch, the global Aluminum for Automobile Body market size is projected to reach USD 55.86 billion by 2029, at a CAGR of 2.5% during the forecast period.

• Global Aluminum for Automobile Body MarketSize(US$ Million), 2018-2029

Based on or includes research from QYResearch: Global Aluminum for Automobile Body Market Report 2023-2029.

Market Drivers:

Although Aluminium in automobiles has been used for several years its proportion in new vehicles increases steadily. Nevertheless, the use of aluminium adoption in automobiles and demand varies from country to country for various reasons.

During the last several years aluminium use in automobiles and light trucks marks the highest growth from all other aluminium applications, in any segment of use. Aluminium remains “the fastest growing automotive material over competing materials and is entering its most unprecedented growth phase since we’ve been tracking the shifting mix of automotive materials,” the latest survey of automakers by Ducker Worldwide (U.S. leading consultancy) showed.

The WardsAuto and DuPont Automotive survey also confirms aluminium is the first preferred material of choice among engineers and designers to help meet the expected fuel economy and emissions standards by 2025.

Additional prospects for even higher aluminium demand comes from electric vehicles revolution, entering the market sooner and faster than anyone could expect. In the electric vehicle (EV) market, the biggest factor that drives consumer preference, aside of high but falling costs, is driving range. To achieve a high range for a given battery size and weight, weight reduction of EV is needed. And again, the preferred material in EV lightening is aluminium.

Restraint:

Aluminium and AHSS Content as Percent of Vehicle Curb Weight to Rise

The main battle for a position in future cars is lead between aluminium and steel. The latest outcome is that aluminium is advancing and increasing its content in cars while steel, with its advanced high strength steel (AHSS) variations is defending its still dominant position.

Aluminium content in cars is increasing with fastest pace and highest quantity per car in North America.

The first step in vehicle lightening can be done by use of advanced high strength steels, but there are limits to that. For big weight savings is needed lighter material, while aluminium is an optimal solution. So aluminium will be used in big cars (SUVs), while AHSS will most likely keep its dominance in small cars.

Under fierce market competition, small startups face enormous operational pressure, and with the increase of market participants, price wars become increasingly fierce. 

The global economy is facing significant downward pressure, with the slowdown in economic growth in major economies, high inflation, and multiple rounds of interest rate hikes by the Federal Reserve weakening the willingness of enterprises to invest. Trade friction intensifies, geopolitical conflicts continue.

 Global geopolitical conflicts continue, trade frictions intensify, regional economic uncertainty intensifies, and exchange rate fluctuations are significant, increasing business risks for enterprises.

Opportunity:

All future automobiles will need to satisfy stringent emission standards and the best way to do it with exciting technologies is to reduce their weight. Various aluminium alloys, all kinds and generations of advanced high strength steels, then magnesium, composite materials (carbon fiber) and various plastic materials are the main to be used in automobiles to achieve that goal. Parallel with new types of alloys new techniques of material shaping/designing are established and used.

• Global Aluminum for Automobile Body Top9Players Ranking and Market Share（Continually updated）

Based on or includes research from QYResearch: Global Aluminum for Automobile Body Market Report 2023-2029.

According to QYResearch Top Players Research Center, the global key manufacturers of Aluminum for Automobile Body include Nemak, Ryobi, etc. In 2022, the global top three players had a share approximately 14.0% in terms of revenue.

• Aluminum for Automobile Body,Global Market Size, Split by Product Segment

Based on or includes research from QYResearch: Global Aluminum for Automobile Body Market Report 2023-2029.

In terms of product type, currently Aluminum Alloy 319 is the largest segment, hold a share of 52.8%.

• Aluminum for Automobile Body,Global Market Size, Split by ApplicationSegment

Based on or includes research from QYResearch: Global Aluminum for Automobile Body Market Report 2023-2029.

In terms of product application, currently Powertrain is the largest segment, hold a share of 85.6%.

• Aluminum for Automobile Body,Global Market Size, Split by Region

Based on or includes research from QYResearch: Global Aluminum for Automobile Body Market Report 2023-2029.

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