P&S Intelligence published a new research report, titled, “Automotive Aluminum Market: Global Industry Analysis and Forecast till 2024, (The global automotive aluminum market is expected to observe an extensive growth in the coming years, due to the increased demand for lightweight material in automobile industry, coupled with growing vehicle production in many countries around the world. Aluminum considerably reduces the overall weight of a vehicle and thus increases the fuel efficiency of the vehicle, which in turn, produces fewer tailpipe emission. Apart from this, 90% of aluminum used in automobile can be recycled. Mandatory regulations and strict emission norms in many countries have increased the demand for aluminum in the automotive industry.)”
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The steady rise in production of automobiles in many countries, coupled with growing demand for lightweight material in automobiles has fueled the demand for aluminum in the automobile industry. There is growing demand for lightweight material in automobiles as lightweight vehicles have better acceleration, braking, handling, and fuel efficiency, and low emission. The amount of aluminum required to provide the same strength as that of steel weighs 40% less than the steel. The inherent advantages of aluminum will attribute its high demand in the industry. Apart from this, strict emission regulation in many countries to reduce the automobile emission is expected to benefit the automotive aluminum market.
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Automotive Aluminum Market Competitive Landscape
The global automotive aluminum market is highly fragmented with considerable number of small players. The industry is expected to witness the entry of several new players that will offer advanced and innovative products. Major key players operating in the market are Norsk Hydro ASA, Alcoa Corporation, Aluminum Corporation of China Limited (Chalco), Constellium NV, Aleris International Inc., Novelis Inc., Rio Tinto plc, Norsk Hydro ASA, United Company RUSAL Plc, and Kaiser Aluminum Corporation.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include the U.S., Canada, Germany, the U.K., France, Japan, China, India, South Korea, Brazil, and Mexico.