Aluminum Market Overview:
The Global Aluminum Market was valued at USD 163.5 Billion in 2018 and is expected to register 6.5% CAGR during the forecast period and reach a value of USD 235.8 Billion by 2025.
The features of aluminum such as corrosion and oxidation resistance have increased the application of aluminum in various end-use industries such as building and construction, automotive, electrical and others.
Aluminum Market Key Players:
The key players profiled by MRFR that are operating in the global aluminum market are Aluminum Bahrain (Bahrain), Century Aluminum Company (the U.S.), Norsk Hydro ASA (Norway), Emirates Global Aluminum PJSC (UAE), Rio Tinto Australia (Australia), Rio Tinto Alcan Inc. (Canada), Hindalco Industries Limited (India), BHP Billiton Aluminum Australia Pty Ltd. (Australia), Aluminum Corporation of China (China), China Hongqiao Group (China), Alcoa Corporation (the U.S.), RUSAL (Russia), Vedanta Ltd. (India), and others.
The players in the global aluminum market are focusing on business expansion by implementing various innovative strategies such as increased research and development activities, collaborations, mergers and acquisitions and others to sustain the competition in the global aluminum market. For instance, in December 2018, Kobelco Aluminum Products & Extrusions Inc. has announced its plan of expanding the plant on Kobe Way. This expansion plan is worth USD 42 Mn.
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Aluminum Market Segmentation:
The global aluminum market can be segmented based on type, product, and application.
Based on type, the market can be segmented into primary and secondary. Primary segment held over 61.97% market and earned USD 93,458 million in 2017 which can go up to USD 135,867.3 million by 2025. However, the secondary segment is to register the fastest CAGR of 7.60% during this period.
Based on application, the market can be segmented into transportation, building & construction, foil & packaging, electrical, machinery & equipment, utensils, consumer goods, solar industry, hardware & accessories, and others. Transportation sector can register the highest market growth with 7.42% CAGR and reach a valuation of USD 72,354 million during the forecast period.
Aluminum Market Application:
Aluminum products are used in various industries such as transportation, packaging, construction, and others. 40% of the global aluminum market’s products was used in the transportation industry in 2016. The construction industry is expected to grow due to better lifestyle and increase in disposable incomes of the population of both developed and developing economies. The packaging industry is also one of the major end-users of the aluminum market and it is expected that this industry will grow significantly. The increasing demand of aluminum is directly proportional to the growing demand for value-added and recycled products. Aluminum industry does not have any bad effect on the environment due to which demand of the aluminum industry has increased. The growing preference of aluminum products for sustainable and innovative technology will also drive the aluminum market globally.
Aluminum are segmented on basis of type and end-use. Globally, aluminum market is growing due to the logistic and automobile industry. In the developing transport sector, use of aluminum has increased in automobile manufacturers due to its effectiveness, cost effectiveness, sustainability, safety, and durability. The demand for aluminum in the automotive industry is also increasing rapidly due to the development of lightweight and high-quality products. Automotive manufacturers are using non-ferrous casting materials such as alloys of aluminum, zinc and magnesium as these materials are lightweight, resistant to corrosion and have high conductivity. The growing demand for lightweight, faster and fuel-efficient vehicles will result in more use of aluminum in the automotive industry in the coming years.
Aluminum Market Regional Analysis:
Geographically, the global aluminum market has been segmented into five major regions such as North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East and Africa. Among these, the aluminum market in the APAC region accounts for the major share of the global aluminum market and reach the market valuation of USD 148,966.2 Mn by the end of 2025. This region is also anticipated to project fastest growth at a CAGR of 7.05% during the forecast period. The aluminum market in the Europe region is forecasted to expand at a CAGR of 5.99% during the forecast period.
Increased utilization of aluminum to reduce the weight of automobiles that are being manufactured in the rapidly expanding automotive sector is majorly contributing to the growth of the aluminum market in the Europe region. The aluminum market in the North America region is marked to expand at a CAGR of 5.88% during the assessment period. The market growth is attributed to the growing secondary usage of aluminum in various end-use industries in this region.
Aluminum Market Table of Content to be Continue…….,
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