Automotive Aluminum Extrusion Market 2021 Future Development Status Recorded during 2030

SHARE THIS ARTICLE

The global automotive aluminum extrusion market size is projected to hit over US$ 93.3 Bn by 2030, growing at a CAGR of 6% during the forecast period 2021 to 2030.

Automotive Aluminum Extrusion Market (By Type: Sub-structures, Door Beam, Bumpers, Pillars, Sub Frames, Seat Back Bar, Front Side Rail, Space Frames, Body Panels, Others; By Vehicle: Minicompact (A Segment), Supermini (B Segment), Compact (C Segment), Mid-Size (D Segment), Executive (E Segment), Luxury (F Segment), Utility Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses & Coaches; By Aluminum Grade: 5000 Series, 6000 Series, 7000 Series, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/37608

Report Coverage

Report Scope Details
Market Size USD 93.3 Bn by 2030
Growth Rate CAGR of 6% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Type, Vehicle, Aluminum Grade
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned BENTLER International, Bonnell Aluminum Extrusion Company, CAPALEX, Constellium SE, Innoval Technology, Kaiser Aluminum Corp, KOBE STEEL Ltd., Norsk Hydro ASA, Novelis Inc. OmniMax International, ProfilGruppen Extrusions AB, SMS Schimmer, UACJ Automotive Whitehall Industries, Inc., and Walter Klein GmbH & Co. KG.

Rise in the demand for lightweight vehicles across the globe is likely to propel the automotive aluminum extrusion market. For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. The enactment of stringent regulations regarding exhaust gas emission across the globe is prompting vehicle industries to develop lightweight vehicles, which is likely to propel the automotive aluminum extrusion market across the globe.

Expansion of Global Automotive Aluminum Extrusion Market

The surge in trade volume owing to rising bilateral trade among countries is projected to boost the automotive aluminum extrusion market during the forecast period. China witnessed an increase in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.

Based on vehicle, the global automotive aluminum extrusion market has been segmented into minicompact (A Segment), supermini (B Segment), compact (C Segment), mid-size (D Segment), executive (E Segment), luxury (F Segment), utility vehicles, light commercial vehicles, heavy commercial vehicles, and buses & coaches. Utility vehicles is likely to be a highly lucrative segment during the forecast period. This is primarily due to rise in demand for SUVs across the globe. The increase in demand for light commercial vehicles across the globe due to an increase in transportation of goods and commodities across the globe is projected to fuel the demand for light commercial vehicles globally.

Based on type, the sub-structure segment accounted for a significant share of the global automotive aluminum extrusion market. Rise in demand for electric vehicles where aluminum sub-structure is widely used to increase vehicle range is anticipated to boost the automotive aluminum extrusion market across the globe.

Electric Vehicles Set Pace for New Mobility Standards

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.

Analysts at the Vision Research Reports are anticipating Y-O-Y growth for the automotive aluminum extrusion market, as EVs are becoming readily available for customers. Moreover, aluminum extruded structures help to offset the battery weight and lead to fuel savings. Improved vehicle performance is the key advantage of automotive aluminum extruded components.

Drivers of Automotive Aluminum Extrusion Market

  • Rise in consumer trend toward fuel-efficient vehicles across the globe is likely to drive the global automotive aluminum extrusion market. Use of aluminum saves an equivalent of 108 million barrels of crude oil in energy compared with a fleet of traditional steel vehicles.
  • Aluminum can provide weight saving of up to 50%, as compared to that offered by traditional mild steel structure, which is likely to enhance fuel-efficiency of a vehicle. Vehicles having aluminum material has a 20% smaller lifecycle CO2 footprint, as compared to steel vehicles. Furthermore, a fleet of aluminum vehicles saves an equivalent of 44 million tons of CO2 emissions.
  • Stringent emission norms have been prompting automotive parts manufacturers to focus on the reduction of vehicle weight for the last few years in order to achieve maximum fuel-efficiency and comply with norms enacted by regulatory bodies
  • Aluminum can absorb twice the amount of crash energy as compared to that absorbed by mild steel. Moreover, it can provide weight savings of up to 50% as compared with that offered by traditional mild steel structure. Aluminum can be recycled after the life span of the vehicle ends, which is a key advantage of using aluminum in automotive applications. Almost 90% of automotive aluminum scrap materials are recycled annually. A single ton of recycled aluminum scrap creates energy-savings equivalent of approximately 2,300 gallons of gasoline. This is anticipated to boost the automotive aluminum extrusion market across the globe.

Challenges for Automotive Aluminum Extrusion Market

  • Major vehicle manufacturers shutdown their plants due to the COVID-19 pandemic, which led to a decline in vehicle production and sale. Prominent automakers, including GM, Ford, and FCA, under pressure from unions to protect employees and to follow government advisories, decided to idle their plants across the globe. Toyota, Honda, Tesla, and Nissan also announced a temporary suspension of production across the globe, which is a major challenge for the automotive aluminum extrusion market across the globe.
  • Aluminum is an expensive material, whose costs 2 to 3 times higher than steel. Aluminum frames and body parts are difficult to weld, as compared to steel frames and steel body parts, which is likely to be a challenge for the global automotive aluminum extrusion market

New Aluminum Alloys with Thermal Deformation Suit Lightweight Applications

The automotive aluminum extrusion market is anticipated to grow at a favorable CAGR of 6% throughout the assessment period. This can be attributed to manufacturers being keen on using aluminum alloys in lightweight applications. However, the connection mode is limited in the case of aluminum alloys, which leads to problems in riveting and welding, resulting in poor static performance. Hence, companies in the automotive aluminum extrusion market should collaborate with researchers to develop new aluminum alloys using cost-efficient methods such as thermal deformation, micro alloying, and heat treatment.

Manufacturers are tapping value-grab opportunities in North America. For instance, Norsk Hydro ASA— a Norwegian aluminum and renewable energy company, is investing in output capacities for approx. 23 locations in North America with its enormous competency in design and technical support. Manufacturers are adopting latest technologies in metallurgy and application engineering to gain market recognition.

Collaboration with Universities Helps to Narrow Gap in R&D and Production

Groundbreaking innovations in extrusion equipment are contributing toward the growth of the automotive aluminum extrusion market. For instance, manufacturers should take cues from the Constellium University Technology Center at Brunel University London to develop one-of-its-kind extrusion equipment, which deploys rapid prototyping of automotive components. Automakers should use industry-standard extrusion equipment to significantly reduce development times while manufacturing components using advance aluminum alloys.

Companies in the automotive aluminum extrusion market need to increase R&D muscle to innovate in new alloy processing technologies meant for lightweight applications. They are setting their collaboration wheels in motion with R&D centers at leading universities to develop extruded components as per the automaker’s specifications. Rapid prototyping is the key to reduce development time of vehicles. R&D centers are conducting simulation and precision testing for crash, towing, and assembly processes.

Regional Analysis of Automotive Aluminum Extrusion Market

The global automotive aluminum extrusion market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive aluminum extrusion market in 2019. It is anticipated to hold a leading share during the forecast period due to rise in the production and sale of vehicles in China and countries in ASEAN. Followed by Asia Pacific, Europe also held a significant share of the global automotive aluminum extrusion market due to increase in the demand for utility vehicles in the region. The surge in the demand for electric vehicles due to an enactment of stringent emission norms across Europe and Asia Pacific is likely to propel the aluminum extrusion market across Europe and Asia Pacific.

Key Players in Automotive Aluminum Extrusion Market

Prominent players operating in the global automotive aluminum extrusion market include BENTLER International, Bonnell Aluminum Extrusion Company, CAPALEX, Constellium SE, Innoval Technology, Kaiser Aluminum Corp, KOBE STEEL Ltd., Norsk Hydro ASA, Novelis Inc. OmniMax International, ProfilGruppen Extrusions AB, SMS Schimmer, UACJ Automotive Whitehall Industries, Inc., and Walter Klein GmbH & Co. KG.

Global Automotive Aluminum Extrusion Market: Segmentation

  • Automotive Aluminum Extrusion Market, by Type
    • Sub-structures
    • Door Beam
    • Bumpers
    • Pillars
    • Sub Frames
    • Seat Back Bar
    • Front Side Rail
    • Space Frames
    • Body Panels
    • Others
  • Automotive Aluminum Extrusion Market, by Vehicle
    • Minicompact (A Segment)
    • Supermini (B Segment)
    • Compact (C Segment)
    • Mid-Size (D Segment)
    • Executive (E Segment)
    • Luxury (F Segment)
    • Utility Vehicles
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
    • Buses & Coaches
  • Automotive Aluminum Extrusion Market, by Aluminum Grade
    • 5000 Series
    • 6000 Series
    • 7000 Series
    • Others
  • Automotive Aluminum Extrusion Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/37608 or call: +1 9197 992 333

Daksh

Daksh is an SEO Analyst having 3 years of experienced. we can quickly understand and support initiatives that will contribute to the goals and success of client campaigns. and also Perform keyword research in coordination with client business objectives to optimize existing content and uncover new opportunities.

View all posts by Daksh →

Leave a Reply

Your email address will not be published.