The growing use of aluminum casting in electric vehicles (EV) is one of the key factors that will affect market growth in the forthcoming years. To reduce the weight and lower the overall energy consumption, aluminum castings are increasingly being used in the manufacture of electric vehicles. The ability of aluminum to transfer thermal heat efficiently makes it the most viable option for regulating the temperature in electric batteries used for EVs. This has been brought out in a research by Technavio.
As per IEA estimates, electric cars are expected to account for over 18% of the total vehicles on the road in the US by 2025. Also, the increasing demand for electric cars in developing economies such as China will further contribute to the rising demand for aluminum casting during the forecast period. Therefore, the rising popularity of electric vehicles will drive the aluminum casting market to register a CAGR of close to 6% during the forecast period.
(News from MTLEXS.COM)