Aluminum Flat Product Market Size Reach $74.9 Billion By 2027 | The Use of Recycled Material by the Enduse Industries to Reduce the Production Cost & Environmental Pollution: Grand View Research, Inc.

Aluminum Flat Product Market Size Reach $74.9 Billion By 2027 | The Use of Recycled Material by the Enduse Industries to Reduce the Production Cost & Environmental Pollution: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report by Grand View Research, Inc the global aluminum flat products market size was valued at USD 53.9 billion in 2019 and is anticipated to attain a compound annual growth rate (CAGR) of 4.2% from 2020 to 2027. Increasing penetration of aluminum in vehicles on account of its lightweight properties is projected to fuel the growth of the market.

The global aluminum flat products market size is expected to reach USD 74.9 billion by 2027, expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc.Establishment of plants and stringent regulation policies is projected to assist in the growth of the market. In July 2018, BMW announced its plans to invest USD 1.7 billion in a new car factory in Hungary. Establishment of new manufacturing plants is anticipated to increase the demand for aluminum flat products in the automotive sector. In November 2017, Aleris Corp announced its capacity expansion to increase the production of aluminum sheet for the automotive sector in Europe. These initiatives by the major end-use industries and manufacturing companies are likely to propel market growth over the forecast period.

Growing demand for electric vehicles and favorable tax policies by government is another factor driving the market. Considering the environmental pollution, in January 2019, the Federal Ministry of Finance in Germany announced its plan to implement that the consumers using electric vehicles have to pay less tax than the consumers using the combustion engine to promote the sales of electric vehicles. Utilization of lightweight materials enhances the performance of electric vehicles. As electric mobility penetrates the automotive sector of the country, it is likely to generate demand for aluminum flat products over the forecast period.

U.S. aluminum flat products market size

Request For a Free Sample Copy of This Report, Click The Link:

https://www.grandviewresearch.com/industry-analysis/aluminum-flat-products-market/request/rs1

The use of recycled material by the enduse industries to reduce the production cost and environmental pollution caused during the extraction of bauxite. For instance, in September 2017, Jaguar Land Rover announced to expand the use of recycled aluminum in vehicles. Jaguar Land Rover invested USD 2.3 million to meet the target of using Recycled Aluminum through Innovative Technology (REALITY) from the end of vehicles life and used in new vehicle body structure.

Aluminum Flat Products Market Report Highlights

  • In terms of volume, building and construction was the largest application segment and accounted for 10,693.5 kilotons of volume in 2019. The growth of the segment is attributed to growing infrastructure investments in emerging countries such as India and Brazil

  • In terms of revenue, automotive and transportation segment is projected to witness a CAGR of 3.6% over the forecast period. Increasing aluminum content per vehicle is key factor promoting the growth of this application segment

  • Plates accounted for revenue share of 42.0% in 2019. The growth of the segment is attributed to increasing demand in shipbuilding and consumer durables industry

  • Asia Pacific is projected to remain largest regional market over the coming years on account of growing demand from automotive and construction sector.

 

Have Inquiry before buying about this report, our team of analyst will be glad to help!

Global aluminum flat products market share

 

Availability of substitutes is likely to hamper market growth over the forecast period. Carbon fiber and magnesium alloy are major substitutes for aluminum in the automotive sector. Properties of magnesium alloys such as dent-resistance and machinability coupled with its ability to shield electromagnetic radiation and damped vibrations are likely to propel its utilization over the coming years.

Outbreak of COVID-19 in the first quarter of 2020 is projected to put short term negative impact on the market. Most governments around the world have observed lockdown due to highly contagious nature of COVID-19. This has affected temporary closure of non-essential businesses such vehicles and aircraft manufacturing creating impact in the demand of various metals and its alloys.

Access complete Aluminum Flat Products Market Report By Grand View Research, Inc.

Aluminum Flat Products Market Segmentation

Grand View Research has segmented the global aluminum flat products market on the basis of product, application, and region:

Aluminum Flat Products Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Plates

  • Sheets

Aluminum Flat Products Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Building & Construction

  • Automotive & Transportation

  • Consumer Goods

  • Electrical & Energy

  • Others

Aluminum Flat Products Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • Japan

    • India

  • Central and South America

    • Brazil

  • Middle East & Africa

List of Key Players in the Aluminum Flat Products Market

  • Norsk Hydro

  • Hindalco

  • Aleris Corporation

  • UAJC Corporation

  • Novelis

  • Arconic

 

Check out special pricing options for sectional purchase and startup companies

 

About Grand View Research

 

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/aluminum-flat-products-market