South Korea Automotive Aluminum Market Overview:
The automotive
aluminum market in South Korea is growing as manufacturers shift towards
lightweight materials to improve fuel efficiency and reduce emissions. South
Korean automakers, known for their innovation, are increasingly using aluminum
in vehicle bodies and components to meet stringent fuel economy regulations and
consumer demand for more eco-friendly cars. The market is also benefiting from
advancements in aluminum processing technologies, enabling stronger and more durable
automotive parts.
The South
Korea Automotive Aluminum Market size is
projected to reach US$133.41 Billion by 2030, growing at a CAGR of 8.72%
during the forecast period 2022-2030. The base year considered for the study is
2021 and the forecast period is 2022 to 2030. The Russian Federation South
Korea Automotive Aluminum Market includes all kinds of aluminum used in
automobile manufacturing such as passenger cars, commercial cars, trucks, buses
and other vehicles.
United Kingdom South Korea Automotive Aluminum Market Executive Summary
The automotive industry is the largest consumer of aluminum in the
world. The metal is used to make everything from car parts to vehicle
exteriors. As a result, the market for aluminum has grown over the past few
years, with demand coming primarily from China and India. Furthermore, many
automakers are looking to use aluminum in their vehicles as they seek ways to
improve fuel efficiency. Automakers are also looking at using lighter weight
materials in order to meet stricter emissions standards set by governments
around the world.
United Kingdom South Korea Automotive Aluminum Market Dynamics
The Russian Federation South Korea Automotive Aluminum Market has seen a
recent boom in both size and growth. The Russian Federation South Korea
Automotive Aluminum Market is expected to grow at a CAGR of 8.2% during the
forecast period of 2016-2020. This is primarily due to the rising demand for
lightweight cars with increasing fuel efficiency standards, which require
lighter and more durable materials such as aluminum. For instance, the global
production of light weight vehicles has increased from 5% in 1995 to 40% in
2015.
United Kingdom South Korea Automotive Aluminum Market Competitive
Landscape
- Alcoa Corporation
- Novelis Inc.
- UACJ Corporation
- Norsk Hydro ASA
- AMG Advanced Metallurgical
Group
- Constellium
- Aluminum Corporation of
China Limited
- Rio Tinto Group
- Aleris Corporation
- Autoneum Holding AG
- Dana Limited
- ElringKlinger AG
- Progress-Werk Oberkirch AG
- JINDAL ALUMINIUM LTD.
- Kaiser Aluminum
- Lorin Industries
Automotive Aluminum Components:
- Engine Blocks and Cylinder
Heads:
Typically made from cast aluminum alloys like A356 due to their ability
to withstand high temperatures and pressures.
- Transmission Cases: Made from cast aluminum
alloys such as A380, which offer good strength and durability.
- Wheels: Often made from cast
aluminum alloys for their lightweight and strength.
- Body Panels: Made from wrought
aluminum alloys like 5xxx and 6xxx series for their formability and
corrosion resistance.
- Chassis Components: Include suspension parts,
subframes, and control arms, usually made from 6xxx or 7xxx series for
their strength and weight reduction benefits.
- Type of Aluminum for Car
Bodies:
- 5xxx Series (e.g., 5052,
5083):
Offers excellent corrosion resistance and moderate strength, making it
suitable for exterior panels.
- 6xxx Series (e.g., 6061,
6063):
Provides a good combination of strength, formability, and weldability,
making it ideal for structural components and body panels.
- 5xxx series alloys: Often used for body
panels due to their excellent formability and corrosion resistance.
- 6xxx series alloys: Preferred for structural
components like doors, hoods, and chassis parts because of their higher
strength and good workability.
Research Methodology
We have conducted a qualitative research to analyze the global Russian
Federation South Korea Automotive Aluminum Market size. This report is based on
in-depth interviews with key industry experts, an assessment of the competitive
dynamics within the industry, as well as an analysis of the macro-economic
drivers that influence demand. We have also used secondary sources to validate
and elaborate on our primary findings.
Global Russian Federation South Korea Automotive Aluminum Market, By
Vehicle Type
The global Russian Federation South Korea Automotive Aluminum Market
size is expected to grow at a CAGR of 6.5% during the forecast period
(2017-2027). The increasing demand for light weight vehicles owing to their
efficiency in terms of fuel consumption, emissions, and reduced maintenance
costs is one of the key factors driving the growth of the Russian Federation South
Korea Automotive Aluminum Market.
Global Russian Federation South Korea Automotive Aluminum Market, By
Application
The global Russian Federation South Korea Automotive Aluminum Market is
expected to grow from USD 23.2 billion in 2016 to USD 39.4 billion by 2023, at
a CAGR of 7.8% from 2017 to 2023. The growth of the automotive industry has
been driven by factors such as increasing demand for fuel efficient cars,
stringent emission norms, and technological advancements in electric vehicles.
Global Russian Federation South Korea Automotive Aluminum Market, By
Geography
The global Russian Federation South Korea Automotive Aluminum Market
generated revenue of USD 60.7 billion in 2016, representing a compound annual
growth rate (CAGR) of 4.8% from 2012 to 2016. In terms of volume, the global Russian
Federation South Korea Automotive Aluminum Market is forecasted to reach a
total of 186 million metric tons by 2021, with an annual growth rate of 3.4%
for the next five years.
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