The automotive aluminum market is projected to grow from USD 47.91 Billion in 2016 to USD 111.80 Billion by 2026, at a CAGR of 8.8% from 2016 to 2026. The growth of the automotive aluminum market can be attributed to increasing demand for automotive aluminum for varied applications such as manufacturing bodies of powertrains and cars. Alcoa Inc./Arconic Inc. (U.S.), Novelis Inc. (U.S.), UACJ Corporation (Japan), Norsk Hydro ASA (Norway), AMG Advanced Metallurgical Group (Netherlands), Constellium N.V. (Netherlands), CHALCO (China), and Rio Tinto (U.K.) are some of the leading players operating in this market.
The key players operational in the automotive aluminum market are focusing on new product launches, agreements, expansions, acquisitions, and joint ventures to cater to the increasing demand for automotive aluminum across varied industries. These companies are also investing in R&D activities to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the automotive aluminum market.
Novelis Inc. is one of the leading manufacturers of automotive aluminum, globally. The company is focused on maintaining its position in the automotive aluminum market by adopting varied strategies, such as new product launches, expansions, and acquisitions. For instance, in August 2015, the company developed a series of alloys, namely, Novelis Advanz for manufacturing critical safety components of automobiles. Use of this series of alloys reduces weight of automobiles significantly as compared to high strength steels that are used in automotive applications. These alloys are used for manufacturing bumper systems, crash ring components, and door intrusion beams of automobiles. In March 2015, the company signed a long-term collaboration agreement with Henkel Adhesive Technologies (Germany) for development of advanced bonding technologies to enable use of aluminum in the high volume automobile market. The company aims to combine its expertise of aluminum manufacturing with surface treatment technologies of Henkel to address challenges pertaining to processing and application of aluminum in automobiles.
Aloca Inc. is another key player in the automotive aluminum market and has its presence in several regions across the globe. The company has been focusing on expansions to strengthen its market position. In September 2015, the company completed the expansion of its Tennessee (U.S.)-based facility, which supplies aluminum sheets to various Original Equipment Manufacturers (OEMs), such as Ford Motor Company, Fiat Chrysler Automobiles, and General Motors. The facility features rolling mill technology, which enables the company to control the production of aluminum sheets according to the market demand. It also has a recycling center that reduces expenses and carbon footprints. The company invested USD 275 million to carry out this expansion. In September 2015, the company restarted its two casting pits in Texarkana casthouse by investing USD 6 million to meet the increasing demand for aluminum slabs from the automotive industry of the North American region.
Automotive Aluminum Market by Product Form (Cast Aluminum, Rolled Aluminum, & Extruded Aluminum), Application (Powertrain, Chassis & Suspension, & Car Body), Vehicle Type (Passenger Car, LCV, & HCV), Region - Global Forecast to 2026
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