Global Aluminum Market Expected To Reach XX Million By 2025
According to a new report published by Reports Monitor titled, Global Aluminum Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the Global aluminum market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Aluminum is a ductile & nonmagnetic metal with a dull luster due to thin aluminum oxide coating. Low metal density, corrosion resistance, and thermal conductivity are some properties, which makes it ideal for various industrial applications. It is used in food, packaging and pharmaceutical industries, as it is nontoxic in nature, preserves food for longer period, acts as barrier for growth of microorganisms. Aluminum is good electrical conductor and thus is used frequently in electrical transmission lines. In addition, it is used as one of the primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of Aluminum, which makes it a favorable choice for various industrial applications.
The growth of the global aluminum market is driven by development in the transport industry, technological advancements in aluminum manufacturing technologies and processing equipment. Furthermore market is propelled by increase in usage of aluminum in various industries such as building & construction and foil & packaging. Asia-Pacific is the leading region, in terms of growth, due to rapid urbanization, growth in income of people living in urban areas, and faster industrial development. In addition, continuous advancements in transport industry and ongoing R&D activities to develop innovative, more effective, and cheaper aluminum products fuel the growth of the market. However, increase in competition from substitutes and varying prices of raw materials such as alumina are some factors that limit the market growth. Growth in demand from emerging economies such as China & India and increase in use of recycled aluminum products globally provides lucrative opportunities for the market expansion. Lowering energy requirement is one of the major challenges faced by aluminum industry.
This market can be segmented on the basis of end users, which includes transport, building and construction, consumer goods, foil and packaging, machinery and equipment. Another way in which the market is segmented is processing method which includes flat rolled, casting, extrusions, forging, pigment and powder, rod and bar.
The global steel market is studied across regions North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa. Asia-Pacific and Europe collectively contributed more than half of the share to the global aluminum market revenue. Asia-Pacific (majorly China and India) might hold the market owing to rapid urbanization, growth in income of people in urban areas, and faster industrial development. Another key factor driving growth of the Asia Pacific aluminum market is growth of the automobiles industry. Economic development and rising purchasing power in the emerging economies of the region is leading to a substantial demand for automobiles. Growth in the demand for automobiles has led to a substantial increase in fuel consumption, which in turn has led to surge in demand of fuel efficient automobile. This can be accomplished by low weight vehicles which can be manufactured by using aluminum.
Key players: Alcoa Corporation (U.S.), Aluminum Corporation of China Limited (CHALCO) (China), China Hongqiao Group Ltd. (China), China Power Investment Corp. (CPI) (China), East Hope Group Company Limited (China), Emirates Global Aluminum PJSC (UAE), Norsk Hydro ASA (Norway), Rio Tinto Alcan Inc. (Canada), United Company RUSAL Plc. (Russia), and Xinfa Group Co., Ltd. (China).
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