Aluminum Carbide Market would Leverage the Demand from Automotive Industry
The use of Aluminum Carbide in automotive has increased significantly. Aluminum carbide is a yellow, crystalline solid that reacts with water to form methane and it includes molten aluminum, abrasive material, metal oxides, and aluminum nitride. Aluminum carbide is used for a variety of tasks including cutting, drilling, metal fabrication, chamfering, engraving, grooving, polishing, and lapping. Aluminum carbide is in high demand in the market for the manufacture of various automotive components and industrial machinery tools. According to the Energy Information Administration (EIA), by 2035, there will be 1.7 million automobiles worldwide. The Aluminum Carbide Market size is estimated to reach US$14.8 billion by 2027, after growing at a CAGR of 8.8% during the forecast period 2022-2027.
Aluminum Carbide Market: Leading Segment in Automotive Market
On the basis of the end-use industry, the Aluminum Carbide market can be segmented into transportation, building & construction, metal fabrication, electrical & electronics, machinery and others. During the forecast period 2022-2027, the automotive segment is expected to grow with a CAGR of 9.2%. With the rise in automotive production across the globe, the demand for aluminum carbide is anticipated to rise for various applications such as cutting, drilling and others, which is projected to boost the aluminum carbide industry growth in the automotive industry during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year.
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Aluminum Carbide Market: Leading Region is the Asia-Pacific
On the basis of geography, the Aluminum Carbide market can be segmented into North America, South America, Europe, APAC, and ROW. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 43% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consuming automotive products. The automotive sector in Asia-Pacific is rapidly growing due to a flourishing base for automotive manufacturers, demand for automotive compounds and production rise. According to India Brand Equity Foundation, in 2021, the Indian passenger car market was valued at US$ 32.70 billion and it is expected to grow to US$ 54.84 billion by 2027. According to International Trade Administration, China remains the world's largest vehicle market in terms of both annual sales and manufacturing output, with domestic output expected to reach 35 million vehicles by 2025. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20.
The Aluminum Carbide market will also gain demand from the North American region. The U.S and Canada are emerging as competitive countries in the Aluminum Carbide market.
Aluminum Carbide Market: Competitive Landscape
Key companies holding major shares in the Aluminum Carbide market are Mitsubishi Materials Corporation, Rock River Tool, Advent Tool & Manufacturing, PROMAX Tools, Garr Tool, Tunco Manufacturing, Global Excel Tools Manufacturing, Ingersoll Cutting Tool Company, Best Carbide Cutting Tools, Vora Industries
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