The Europe automotive aluminum extruded parts market is set to be valued at US$ 16.7 Bn by 2032, according to the latest
research by Persistence Market Research, a research and consulting firm.
The report estimates the market to expand at a healthy CAGR
of 5.9% through the course of 2022-2032.
As aluminum can provide weight savings of up to 50% as compared to traditional mild
steel structures, it increases the fuel efficiency of a vehicle.
Vehicles having aluminum material have a 20 percent less lifetime CO2
footprint as compared to steel vehicles. As a result, it is projected
that demand for aluminum extruded parts in automotive applications would
increase substantially over the coming years.
The high thermal conductivity of an aluminum extruded part makes it an excellent choice
for removing heat from a vehicle. Alloy strength and extruded profile
are also key variables to consider when it comes to electric vehicle
crash control. As demand for electric vehicles grows across the world,
the market for automotive aluminum extruded components is likely to
develop further, as the range of electric vehicles is improved with the
use of aluminum in their manufacturing.
Key Takeaways from Market Study
- In the automotive aluminum extruded parts market in Europe, 7000 series
aluminum material is expected to remain one of the fastest-expanding
segments because it has the highest strength of all the aluminum alloys. - The passenger vehicles segment dominated the European market as a result of rising consumer demand for compact vehicles.
- By country, Germany is expected to account for the largest share in Europe with more than 25% market share by 2032.
“Electric car usage is rising at a rapid pace in both, developed and emerging
countries. Norway and Iceland, as well as other rising economies, are
already leading Europe in electric vehicle (EV) sales, and have begun to
modify their public transit infrastructure to accommodate EVs. The use
of aluminum in electric vehicles can extend their driving range by
nearly the same proportion as it reduces weight, which is expected to
drive the European market for automotive aluminum extruded parts,” says a Persistence Market Research analyst.
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Market Landscape
The Europe automotive aluminum extruded parts market is fiercely
competitive and highly concentrated. Some of the key players included in
the report are Norsk Hydro ASA, Novelis Incorporated, Gestamp
Automocion S.A, Benteler International, Kobe Steel Ltd., Costellium,
Rusal, and Arconic Corporation.
