Automotive Aluminum Extruded Parts Market set to rise at 6% CAGR, totaling US$ 110,231.3 million by 2034: Fact MR. Report
Explore the growth of automotive aluminum extruded parts market driven by lightweighting, electric vehicle surge, and sustainability commitment in the automotive industry.
Rockville , March 21, 2024 (GLOBE NEWSWIRE) -- The global automotive aluminum extruded parts market is estimated at US$ 61,552.6 million in 2024, projected to expand at a 6% CAGR through 2034. The market is projected at a valuation of US$ 110,231.3 million by 2034. The market is witnessing significant growth propelled by key industry dynamics. With the automotive sector's increasing emphasis on lightweighting to meet stringent fuel efficiency and emission standards, aluminum extruded parts have emerged as pivotal components.
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These parts, from body panels to structural elements, enhance fuel efficiency and improve overall vehicle performance. The aluminum's inherent corrosion resistance and durability further enhance its appeal in automotive applications. The market is experiencing a notable surge in demand driven by the rising popularity of electric vehicles (EVs). Aluminum extruded parts play a crucial role in EVs by contributing to weight reduction, thus extending the range and optimizing energy efficiency.
The market's growth is fueled by the automotive industry's commitment to sustainability and eco-friendly practices, as aluminum is recyclable, aligning with broader environmental objectives. Several key growth drivers define the trajectory of the market. The industry's heightened focus on lightweighting, necessitated by stringent fuel efficiency and emission standards, propels the demand for aluminum extrusions.
Increased consumer awareness and regulatory pressures for fuel-efficient vehicles also drive adoption, promoting enhanced fuel efficiency and reduced carbon emissions. The surge in electric vehicle adoption, accentuated by the lightweight nature of aluminum extruded parts, is a significant growth driver. These parts contribute to better range and overall performance in electric platforms. Aluminum's intrinsic corrosion resistance and durability in various environmental conditions add to its attractiveness in automotive applications.
As the automotive industry continues evolving with a commitment to technological advancements and sustainable practices, the demand for aluminum extruded parts is expected to persist and expand. Ongoing innovations in manufacturing processes and materials will likely shape the future landscape of the automotive market, solidifying the role of aluminum extrusions in driving efficiency, sustainability, and aesthetic appeal.
Report Attribute | Details |
Value Projection (2034) | US$ 1,10,231.3 Million |
Growth Rate (2024-2034) | 6% CAGR |
No. of pages | 170 Pages |
No. of Tables | 48 Tables |
No. of Figures | 144 Figures |
Key Takeaways from Market Study
North America market is expected to expand at a CAGR of 5% through 2034.
The industry in the United States holds a market share of 85.1% in 2024.
The market in the United States is valued at US$ 12,950.5 million in 2024.
The industry in China is expected to rise at a CAGR of 6.9% through 2034.
By vehicle type, the light commercial vehicles segment to hold a market share of 34.5% in 2024.
“The industry's increasing focus on lightweighting drives the automotive aluminum extruded parts market”, says a Fact MR. analyst.
Key Companies Profiled in This Report
Novelis Inc.
Benteler International
Bonnell Aluminum Extrusion Company
CAPALEX
Constellium SE
Kaiser Aluminium Corp.
Kobe Steel Ltd.
Norsk Hydro ASA
Omnimax International
ProfilGruppen Extrusions AB
SMS Schimmer
Competitive Landscape
The market's competitive landscape is marked by intense competition among manufacturers vying for market share. Established automotive companies and specialized aluminum extrusion suppliers engage in innovation and strategic collaborations to meet the growing demand for lightweight and durable components.
The market is dynamic, characterized by ongoing advancements in design and materials, reflecting the industry's commitment to sustainability and meeting stringent automotive standards.
Some recent developments of the Automotive Aluminum Extruded Parts Market
In May 2022, Novelis Inc. disclosed a strategic investment exceeding USD 2.5 billion in Baldwin County, Alabama, to establish a state-of-the-art low-carbon recycling and rolling factory.
In September 2021, Constellium SE, confirmed its role as the supplier of aluminum structural components for the all-electric Ford F-150 Lightning. The F-150 Lightning, consistent with its F-Series counterparts, features robust construction utilizing high-strength aluminum alloys.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive aluminum extruded parts market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on By Material (5000 Series, 6000 Series, 7000 Series, Others), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
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Aluminum Extrusion Market: The global sales of aluminum extrusion is expected to garner a market value of US$ 89 Bn in 2022 and is expected to register a CAGR of 7% by accumulating a market value of US$ 175 Bn through the assessment period 2022-2032.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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