The major factors behind the growth of the global Automotive Aluminium Market are growing vehicle production, increasingly stringent regulations governing fuel efficiency and emissions and the rising weight of the vehicles.
Since worldwide automobile production exceed 90 million in 2015, and expect 93 million automobiles will be produced in 2016; some 68.56 million cars were produced worldwide and about 22.12 million such vehicles were produced globally in 2015, thanks to impetus from increasing automobile production, the global Automotive Aluminium Market is expected to register at 6.33% CAGR over 2016-2020.
Thanks to High Growth Estimated Owing to Increasing Demand for Lightweight Vehicles, share of aluminium alloys in automobiles is estimated to increase since automobile manufacturers are developing lightweight vehicles with aluminium alloys. Reduction in the vehicle’s weight enables OEMs to reduce emissions, improve fuel efficiency and driving dynamics for the end users. A 10% reduction in weight leads to an increase in efficiency by almost 6% to 8%. The changing regulatory requirements and rising demand for fuel efficient vehicles is estimated to drive the growth of aluminium alloys in automobiles.
In terms of geographic, Asia-Oceania is estimated to dominate the automotive alloys market, in terms of value, in 2016. It is followed by North America, Europe. China, Japan, and India are key markets for automotive alloys, and contribute significantly to the Asia-Oceania market.
According to research, Aluminium in the Automotive Market worth 65.8 $Billion by 2020.
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