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Automotive Aluminium Extruded Parts by Product Type (Sub-structures, Door Beams, Bumpers, Pillars, Sub Frames, Seat Back Bars, Front Side Rails, Space Frames, Body Panels)
[256 Pages] By 2023, Automotive Aluminium Extruded Parts are anticipated to create value of about US$ 58,597.3 million, predicts Persistence Market Research. Global automotive industry growth is spurring the market for aluminium extruded parts owing to several factors such as increasing environmental concerns, changing government regulations, demand for efficient material for automobile production and weight reduction of automotive vehicles. The global market for Automotive Aluminium Extruded Parts is expected to reach US$ 103,953.0 million by 2033, growing at a CAGR of 5.9% between 2023 and 2033.
Automobile makers are adding more body elements, such sensors, to increase a vehicle's structural strength and improve passenger safety as a result of the issues posed by rising body weight. Manufacturers are employing aluminium more frequently to comply with vehicle emission rules set forth by domestic regulatory bodies and reduce the weight of automobiles, which is anticipated to drive the market for aluminium extruded components for automobiles.
Global Automotive Aluminium Extruded Parts Size (2022A)
US$ 55,634.5 Mn
Global Automotive Aluminium Extruded Parts Size (2023E)
US$ 58,597.3 Mn
Projected Automotive Aluminium Extruded Parts Value (2033F)
US$ 103,953.0 Mn
Value CAGR (2023-2033)
Collective Value Share: Top 3 Countries (2022)
It is anticipated that the global economy will expand significantly in the following years. Global manufacturing sector expansion world will stimulate global economic growth and have a significant effect on the market for aluminium extruded parts. Electric car use is rising quickly in both developed and emerging economies. Sales of electric vehicles (EVs) are led by the United States and China, as well as other growing economies like India, which has started converting its public transit system to accommodate EVs.
For structural applications with high-strength requirements, such as bumper systems, longitudinals, and side sills, high-strength aluminium alloys are being specified. Although, the demand for Automotive Aluminium Extruded Parts is projected to grow at a CAGR of 5.9% to reach a valuation of about US$ 103,953.0 Mn by the end of 2033. Original Equipment Manufacturers(OEMs) are focusing on using high-strength aluminium alloys for structural applications such as bumper systems, longitudinals, and side sills to reduce carbon emissions, make vehicle lightweight and improvise commuters’ safety. These factors are expected to increase vehicle performance and spur the market demand for aluminium-extruded parts for automobiles. Owing to several factors, the demand for the market is expected to grow at a CAGR of about 6.0% during the first half of the forecast period and 5.8% in the second half of forecast period.
As consumers switch to lighter cars, the need for automotive aluminium extruded parts is expected to rise dramatically. The ability to recycle aluminium after a vehicle's useful life is its main advantage when used in automotive applications. Additionally, increased demand for high-performance cars and commercial vehicles in developing countries is predicted to expedite the global market expansion for automotive aluminium extruded parts in the near future. Between 2023 and 2033, the automotive aluminium extruded parts market is expected to create an absolute dollar opportunity of about US$ 45,355.74 Mn during the projected period.
“Growing popularity of fuel-efficient vehicles in the market”
Fuel-efficient vehicles are expected to be on the rise during the forecast period. The Aluminium extrusion industry for automobiles when compared to a fleet of conventional steel cars, the usage of Aluminum conserves energy equal to 108 million barrels of crude oil. In the last few years, strict pollution regulations have compelled auto part producers to concentrate on reducing vehicle weight in order to maximize fuel efficiency and meet regulatory standards.
The usage of aluminium material in vehicles is projected to expand due to the growing trend of lightweight vehicle adoption brought on by the implementation of strict emission standards regarding exhaust gas emissions. Aluminium may replace steel in automobiles, resulting in 5-7% fuel savings.
“Aluminum's ability to be recycled and other green benefits are boosting demand for its extruded parts”
The primary benefit of employing aluminium in automotive applications is that it can be recycled once a vehicle's useful life is up. Every year, recycling rates for vehicle aluminium scrap are close to 90%. The energy saved by one tonne of recycled aluminium scrap is equivalent to 2,300 gallons of gasoline. This is projected to drive up demand for automotive aluminium extruded components globally. Increasing the amount of aluminium used in automobiles to enhance vehicle performance is anticipated to drive up demand for automotive aluminium extrusion. Major automakers are decreasing vehicle weight due to the implementation of strict laws and regulations to minimize exhaust gas emissions because aluminium is lightweight and lowers CO2 emissions.
“Growing Demand for Lightweight Electric Vehicles ”
Electric car sales is rising quickly in both developed and emerging economies. China and the United States are currently at the top of the global electric vehicle market. (EV) sales, in addition to those of other developing nations, which has started modifying its public transit system to accommodate EVs. When aluminium is used in electric vehicles, the driving range of the vehicle can be increased by a factor that is roughly equal to the weight reduction.
This is predicted to expand the global market for automotive aluminium extruded parts. Automotive aluminium is in greater demand as a result of the automotive industry's growing need for lightweight and efficient materials. Aluminium may lower the weight of an automobile's entire body by up to 50%.
Where does German market stand in the Global Market for Automotive Aluminium Extruded Parts?
“Germany to account for about 6.1% of the global market in the estimated year 2022”
Urban transportation in the nation is well funded by the government and is supported by an advanced infrastructure. Germany, therefore has the highest amount of expenditure in Europe. Germany is a major market for automotive aluminium extruded parts in Europe, and demand is expected to be strong going forward, claims Persistence Market Research. Additionally, the presence of significant companies, increased investments in product pipelines, and increased research activities on efficient automotive components are all offering appealing potential for the nation's producers of automotive aluminium extruded parts.
Which country is expected to create lucrative opportunities for the automotive aluminium extruded parts market?
“Changing consumer preference towards mobility solutions spurring the market growth”
Persistence Market Research predicts that East Asia will continue to be one of the most alluring markets for automotive aluminium extruded components. Due to its significant production capacity in the automotive industry, China is anticipated to play a significant role in fostering industry growth. In the upcoming years, the Chinese government's plan to invest in energy and transportation infrastructure is likely to have a positive impact on the demand for automotive aluminium extruded parts.
Which Product Type has the Most Growth Potential in the Automotive Aluminium Extruded Parts?
“Sub Structure to account for 50.2% market share in the global market”
Aluminium substructures are perfect for use in automobile manufacture because they are lightweight and have a high strength-to-weight ratio, which adds strength while reducing overall vehicle weight. Due to their strong resistance to corrosion and the fact that they are the foundation of any vehicle, sub-structures are used by well-known automotive production businesses in their vehicles. Since they are superior to steel substructures, demand is anticipated to increase in the future.
What type of vehicles boosting the demand for Automotive Aluminium Extruded Parts market?
“Passenger Vehicles boosting the market growth for aluminium extruded parts market”
Lightweight passenger vehicles delivery has risen at a robust growth rate especially for electric vehicles in the global market. According to IEA, Electric light commercial vehicle sales increased by over 70% in 2021. The uptake for such vehicles has been increasing attributable to several reasons including stringent fuel economy and emission regulations and changing consumer preference and awareness towards sustainable commute options. Passenger vehicles to dominate the market throughout the forecast tenure contributing to about 72.9% in the global market.
Automotive aluminium extruded parts is expected to be moderately consolidated in nature with a large number of players present in the market. Key players in the market are expanding their market presence through collaborations and partnerships with domestic and international vehicle manufacturers. Furthermore, the launch of new products in the market is anticipated to boost market growth across geographies. Companies working together on projects or sharing different creative solutions for the development of aluminium extruded parts partners with automotive manufacturers companies has emerged as a widespread trend in the market for automotive aluminium extruded components.
Novelis Inc., Benteler International, Bonnell Aluminium Extrusion Company, and CAPALEX are a few of the well-known companies in the international market and are the major manufacturers who are preparing to establish their own market positions and are keen to preserve their unique identities. Some of the key developments are:
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The Global Automotive Aluminium Extruded Parts is estimated to be valued at over US$ 58,597.3 Mn as of 2023.
Automotive Aluminium Extruded Parts are projected to increase at 5.9% CAGR and is expected to be valued at around US$ 103,953.0 Mn by 2033 end.
Novelis Inc., Benteler International, Bonnell Aluminium Extrusion Company, and CAPALEX are some of the leading players in the overall market.
South Asia pacific region to be the lucrative market for Automotive Aluminium Extruded Parts over the forecast period 2023-2033.