11 JULY 2016finance.yahoo.com
Rising demand for lightweight vehicles to drive global automotive aluminium market until 2020
Edited by : AL CIRCLE
2 min read
According to a recently published market report, the global aluminium market for the automotive industry is expected to grow at a CAGR of 4.5 per cent during 2016-2020.
“With the developing transport and aircraft sector, aluminium's presence in the market is increasing due to its efficiency, cost effectiveness, sustainability, safety, durability, and performance. The growing demand for energy-efficient lightweight vehicles will also augment the growth of the global aluminium market for the automotive industry over the next four years,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals.
Based on type, the report categorizes the global aluminium market for the automotive industry into three major segments: Castings and forgings, Extrusion, and Rolled plates and sheets.
Global aluminium casting and forging market for automotive industry
Forging is a substitute for casting methodology as it provides high efficiency and reliability. Automotive manufacturers are using aluminium forged products due to high strength, reliability, and economic viability of the parts. In terms of geography, APAC is the largest market for aluminium forged parts. High outsourcing for the production of forged parts in developing countries have increased its demand in the region.
The global aluminium casting market is likely to grow at a moderate rate during 2016-2020 period due to the increasing preference for cast aluminium products in the automotive industry.
Global aluminium extrusion market for automotive industry
The global aluminium extrusion market will grow rapidly driven by the demand for lightweight vehicles. In the past, aluminium extruded products were used only for engine mounts, brake components, radiator frames, seat frames, and other minor applications. Now, original equipment manufacturers are identifying new applications of aluminium bars and tubes for high-end equipment like safety components, crash management systems, body-in-white structures, cockpit carriers, and elaborate decorative parts.
Global aluminium rolled product market for automotive industry
The global aluminium rolled product market for the automotive industry is expected to grow at a significant rate driven by the demand from diverse industries such as food and beverage, building, construction, and transportation.
The top vendors highlighted by the research analysts in this report include Alcoa, Aleris, Chalco, Constellium, Norsk Hydro, and Novelis.
“With the developing transport and aircraft sector, aluminium's presence in the market is increasing due to its efficiency, cost effectiveness, sustainability, safety, durability, and performance. The growing demand for energy-efficient lightweight vehicles will also augment the growth of the global aluminium market for the automotive industry over the next four years,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals.
Based on type, the report categorizes the global aluminium market for the automotive industry into three major segments: Castings and forgings, Extrusion, and Rolled plates and sheets.
Global aluminium casting and forging market for automotive industry
Forging is a substitute for casting methodology as it provides high efficiency and reliability. Automotive manufacturers are using aluminium forged products due to high strength, reliability, and economic viability of the parts. In terms of geography, APAC is the largest market for aluminium forged parts. High outsourcing for the production of forged parts in developing countries have increased its demand in the region.
The global aluminium casting market is likely to grow at a moderate rate during 2016-2020 period due to the increasing preference for cast aluminium products in the automotive industry.
Global aluminium extrusion market for automotive industry
The global aluminium extrusion market will grow rapidly driven by the demand for lightweight vehicles. In the past, aluminium extruded products were used only for engine mounts, brake components, radiator frames, seat frames, and other minor applications. Now, original equipment manufacturers are identifying new applications of aluminium bars and tubes for high-end equipment like safety components, crash management systems, body-in-white structures, cockpit carriers, and elaborate decorative parts.
Global aluminium rolled product market for automotive industry
The global aluminium rolled product market for the automotive industry is expected to grow at a significant rate driven by the demand from diverse industries such as food and beverage, building, construction, and transportation.
The top vendors highlighted by the research analysts in this report include Alcoa, Aleris, Chalco, Constellium, Norsk Hydro, and Novelis.
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