Automotive Aluminum Industry/ Innovation/ Related News:
Nov.07, 2022 --- Novelis Inc., a leading
provider of sustainable, low-carbon rolled aluminum solutions, started the
construction of its new aluminum recycling center in South Korea to expand
sustainable, low-carbon aluminum production. Novelis is building a new
recycling center to meet the global demand for sustainable, low-carbon aluminum
sheets for automotive and high-end specialty products.
The recycling center is being built
with an investment of US$50 million and is expected to come online in 2024.
Processing an annual casting capacity of 100 kilotonnes of low-carbon sheet
ingot, the new recycling center will contribute to Novelis' efforts to reduce
its carbon emissions by over 420,000 tons each year, realizing its 2050 goal
for carbon neutrality.
Automotive Aluminum Market Overview:
The automotive
aluminum market size is expected to garner
continual traction worldwide. According to Market Research Future (MRFR), the
global automotive aluminum market valuation is expected to grow to USD 133.41
BN by 2030, with over 12.80% CAGR during the assessment period (2023-2030).
Auto part manufacturers are looking to supply higher-value components required
for vehicle development.
Lightweight body parts are quickly
being absorbed into the automotive industry due to the stringent government
regulations for fuel-efficient vehicles. The rising production and demand for
lightweight vehicles, alongside the growing production & sales of electric
vehicles, drive the market growth. These suppliers also buy tons of aluminum,
lighter and much cheaper than copper, to make up portions of larger auto
parts.
Major Players
·
Alcoa
Corporation
·
Novelis
Inc.
·
UACJ
Corporation
·
Norsk Hydro
ASA
·
AMG
Advanced Metallurgical Group
·
Constellium
·
Aluminum
Corporation of China Limited
·
Rio Tinto
Group
·
Aleris
Corporation
·
Autoneum
Holding AG
·
Dana
Limited
·
ElringKlinger
AG
·
Progress-Werk
Oberkirch AG
·
JINDAL
ALUMINIUM LTD.
·
Kaiser
Aluminum
·
Lorin
Industries among others
Get Free
Sample Report of Automotive Aluminum Market
Automotive Aluminum Market –
Segments
The market is segmented into product
type, vehicle type, application, and region. The product type segment is
sub-segmented into cast aluminum, extruded aluminum, rolled aluminum, and
others. The application segment is sub-segmented into chassis & suspension,
powertrain, car body, and others. The vehicle type segment is sub-segmented
into passenger cars, LCVs, HCVs, and others.
Automotive Lightweight Body
Panel Market – Regional Analysis
North America is the largest market for
automotive aluminum, headed by the rapid implementation of Corporate Average
Fuel Economy (CAFE) standards in this region. Besides, rising sales of
passenger cars and government initiatives to boost the automotive industry are
major driving forces defining the growing market landscape. The rising pressure
worldwide to promote lightweight vehicle body parts and stringent government
regulations to control fuel emissions escalate the market value.
Also, the strong presence of notable
automakers and industry players, alongside high automotive safety regulations,
accelerates the region's market shares. Additional factors bolstering the
market growth include high per capita income and the early adoption of advanced
technologies. With the rise in aluminum production, a key material for electric
vehicles, the US holds the largest market share.
Automotive Aluminum Market –
Competitive Landscape
The highly competitive automotive
aluminum market share appears fragmented, with
many well-established players forming a competitive landscape. Major players
initiate strategic approaches such as mergers & acquisitions,
collaborations, and product/technology development to gain a larger competitive
share. Substantial investments are transpired to develop products and expand
global footprints.
Electronic component manufacturers
focus on high-power, high-energy component solutions for power electronics
systems. To accelerate technological innovation in automotive applications,
they use aluminum electrolytic capacitors delivering high-endurance & CV
and low-ESR performance in competitively compact and cost-effective form
factors. The new range of surface-mount aluminum chip capacitors features three
different electrolytic technologies.
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