Automotive Extruded Aluminum Market Summary
According to the new market research report "Global Automotive Extruded Aluminum Market Insights, Forecast to 2029", published by QYResearch, the global Automotive Extruded Aluminum market size is projected to grow from USD 8.11 billion in 2023 to USD 10.63 billion by 2029, at a CAGR of 4.6% during the forecast period.
- Global Automotive Extruded Aluminum MarketSize(US$ Million), 2018-2029
Source: QYResearch, “Global Automotive Extruded Aluminum Market Insights, Forecast to 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:
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:
Aluminum is gaining popularity as the fastest growing automotive material. Electric vehicles (EVs) are driving the automotive aluminum extrusion market. The growing use of aluminum in chassis applications, vehicle closure parts, and body-in-white parts are bolstering market growth. As such, automakers are adapting to new mobility standards, and are bullish on the growth of aluminum in the EV sector.
- Global Automotive Extruded Aluminum Top17Players Ranking and Market Share（Continually updated）
Source: QYResearch, “Global Automotive Extruded Aluminum Market Insights, Forecast to 2029”
According to QYResearch Top Players Research Center, the global key manufacturers of Automotive Extruded Aluminum include Hydro, APALT, Constellium, UACJ, Impol, OTTO FUCHS, Zhongwang, STEP-G, Kam Kiu, Kaiser, etc. In 2022, the global top five players had a share approximately 56.0% in terms of revenue.
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