- The key vendors in the Global Automotive Aluminum Market 2015-2019 are Alcoa Inc., Aluminum Corporation of China Ltd., Rio Tinto Alcan Inc. and United Company RUSAL.
London, 16 December 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global Automotive Aluminum Market 2015-2019. One major trend emerging in this market is an increase in net aluminum pounds per vehicle. With an increased strictness in government regulations and new initiatives for emission reduction, the demand for better automotive aluminum is increasing. In terms of volume, the market is expected to grow at a CAGR of 7.57 percent during the forecast period of 2014-2019.
The market for aluminum as an automotive lightweight material is expected to witness fast growth during the forecast period primarily because of increased use of aluminum in the exterior body panels of automotive units. The growth of this market is expected to be fueled by the substitution of steel by aluminum in applications such as body structures, closures, and bumpers.
“Players in the market are shifting their operations to countries where they can get labor, raw materials, and other facilities at low cost because of rising manufacturing costs,” says Faisal Ghaus, Vice President of TechNavio Research.
“Cost of manufacturing is lowered by outsourcing production to low-cost countries and countries such as China have become one of the major sales markets.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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