Published on : Aug 31, 2015
ResearchMoz has announced a new addition to its repertoire of analytical market research reports, titled “Automotive Aluminum Market in the APAC Region 2015-2019”. The new report discusses the automotive aluminum market, focusing on the Asia Pacific region due to the growing importance of the region in the global automotive aluminum market. The report presents historical data regarding the automotive aluminum market’s performance in Asia Pacific, elaborative information on the trends that have and will dictate the trajectory of the market, and forecasts for the development of the APAC automotive aluminum market based on the same.
Automotive aluminum is a relatively new addition to the automotive industry, which previously relied on steel to produce vehicle bodies. Aluminum helps reduce the weight of a vehicle by up to 24%, which helps increase fuel efficiency as well as several other automotive characteristics. These benefits conferred by aluminum to automotive design have led to strong growth prospects for the APAC automotive aluminum market, which is expected to grow at a robust 7.95% CAGR from 2014 to 2020.
Going further, the report zooms in on the rapid development of the automotive industry in the Asia Pacific region in recent years as the key growth driver of the APAC automotive aluminum market. The automotive industries in Japan and South Korea are already among the global giants thanks to the exploits of companies such as Honda, Toyota, Nissan, Kia, Hyundai, etc. These established industries are being joined by the Chinese and Indian car industries. Both these countries are home to manufacturing plants of several local as well as international carmakers and have plans to expand the same.
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The local car industries in India, China, and Indonesia are growing rapidly, and due to the global presence of mainly Indian and Chinese companies, which collectively own several European auto brands, these industries are becoming increasingly influential in the global automotive world. This, allied to ongoing technological development helping these companies match the build quality and reliability of Western carmakers, will boost demand for Asian cars from European and North American markets. This will help the APAC automotive aluminum market massively.
The third prong of the development of the APAC automotive aluminum market is the growing demand for cars and other vehicles from APAC itself. Thanks to increasing urbanization and rapid development in countries such as China, India, Japan, and South Korea, the automotive industries in these countries are enjoying a growing domestic demand, which will help the growth of the APAC automotive aluminum market.
The prime concern for the APAC automotive aluminum market is the fluctuating pricing of aluminum. Additional fabrication costs necessary for the usage of aluminum in automotive applications also check the growth of the market. Thus, coming up with ways of reducing the per-vehicle usage of aluminum will help automakers dominate the automotive aluminum market. However, the overwhelming positives granted by the usage of automotive aluminum will outweigh the drawbacks and will allow the APAC automotive aluminum market to grow at a sturdy pace.
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