Aluminum Market - By Type (Primary, Secondary), By Product (Flat-Rolled, Castings, Extrusions, Forgings, Pigments & Powder, Rod & Bar), By Application (Building & Construction, Transportation, Foil & Packaging, Electrical, Machinery & Equipment, Solar Industry, Utensils, Hardware & Accessories, Others) – Industry Forecast 2027

ID: VPR/CR/1012 Publishing Year: September 2021 Pages: 160 Format:   


Aluminum Market Overview:

The Aluminum Market is projected to grow from USD 170 billion in 2020 to reach USD 238 billion by 2027; it is expected to grow at a CAGR of 4.9% from 2020 to 2027.

Aluminum is a silvery-white element that belongs to Periodic Table Group 13. Aluminum is suitable as an engineering material since it is sturdy, light, and practical, and it is extremely resistant to corrosion. Furthermore, aluminium metal is both harmless and nonmagnetic. It has a wide range of uses in a variety of industries for the creation of diverse products. Aerospace, construction, manufacturing, electronics, packaging, and other key end-user industries for aluminium include: aerospace, construction, manufacturing, electronics, packaging, and so on. It's also utilised as a transmission line for electricity and in packaging materials like cans and containers.

Key Players:

  • Alcoa Corporation (U.S.),
  • Rio Tinto (Australia),
  • RUSAL (Russia),
  • Norsk Hydro A.S.A. (Norway),
  • Dubai Aluminum Company Limited (U.A.E),
  • Aluminum Bahrain B.S.C. (Bahrain),
  • Century Aluminum Company (U.S.),
  • Vedanta Ltd. (India),
  • China Aluminum Corporation (China),
  • China Hongqiao (China),
  • H.P. (Australia),
  • East Hope Group (China),
  • Emirates Global Aluminum (U.A.E.)

Covid-19 Impact:

Businesses of all types are beginning to exhibit indications of hardship as the COVID-19 pandemic sweeps the globe. The forecast for the aluminium sector is no exception; aluminium in various medical devices is currently in great demand and relies on improved printed circuit boards to function. The ventilators are the most notable of these devices, as they are used to support vital life processes in COVID-19 patients who are unable to breathe. As a result, the quick manufacturing of ventilators is expected to contribute to the Global Aluminium Market's Expansion, but in a negative way. The less important electronic devices that may use aluminum-based core mechanisms, such as the latest smartphone devices that are powered by P.C.B.s, are expected to see a slight drop in demand as a result of the contagion, and there is an indication of a slowdown in production of these devices as a result of the contagion.

Drivers:

Aluminum Market Expansion is being fueled by increasing demand from various end-user industries due to its exceptional properties of durability, ductility, and lightweight. Aluminum's demand is growing in transportation, automotive, renewable energies and green buildings, and air conditioning and refrigeration, thanks to its ability to reduce carbon emissions. As a result, the market for aluminium is likely to rise.

Aluminum Market Growth is expected to be boosted by its use in industries like as oil and gas, solar energy, and telecommunications. Furthermore, it is easily recycled, making it an attractive raw material for a variety of applications, which is projected to drive market expansion. Furthermore, it is gaining popularity as a metal alternative in a variety of industries. Aluminum, for example, is displacing steel in the automobile industry due to its light weight, potential to improve vehicle fuel efficiency, and contribution to reaching Corporate Average Fuel Economy regulations (CAFE). Ford, for example, released an aluminum-body F-150 pickup truck in January 2015. Aluminum market is predicted to rise as a result of this.

Market Restraints:

The Aluminium Sector is seeing a decline in profit margins as a result of oversupply, which is a major factor that is likely to stifle market growth. Furthermore, Aluminum Market Growth is expected to be hampered by a shortage of renewable energy that reduces CO2 emissions. Few places with high energy prices, such as portions of the United States and China, are becoming less appealing as locations for aluminium manufacturing, which is likely to stymie Aluminium Market Expansion. Furthermore, increased industry competition, combined with fluctuating raw material prices, is likely to impede Aluminium Market Growth over the projection period.

Market Opportunities:

Aluminum Market Expansion is expected to be fueled by increasing capacity of Aluminium smelting plants in order to meet the rising demand for energy around the world over the forecast period. For example, new smelters are being built in places like Russia, Malaysia, Africa, China's western and northwestern provinces, India, and other developed regions with stranded energy.

Manufacturers' shifting focus on aluminium recycling is expected to provide new growth prospects for the Aluminium Market. Some of the primary causes propelling the demand for recycling are rising commodity price volatility, increasing amounts of garbage, and increased adoption of environmental norms and regulations. As a result, the market for aluminium is likely to rise.

Market Segmentation:

End users, processing methods, and geography are all used to segment the Aluminium Market. The Aluminium Market is divided into transport, building & construction, electrical engineering, consumer products, foil & packaging, machinery & equipment, and others according on the end user (solar panel nanotechnology and aluminium air batteries). Flat rolls, castings, extrusions, forgings, pigments & powder, and rod & bar are the different types of processing. Aluminium Market market is divided into series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8 based on series. For North America, Europe, Asia-Pacific, and LAMEA, there is a geographical breakdown and in-depth examination of each of the aforementioned segments.

Regional Analysis:

Due to massive urbanisation and industrial expansion, China had the biggest Aluminium Market share in the Asia-Pacific Aluminium Market in 2018. The primary strategies utilised by Chinese manufacturers to enhance their market share include new product development, capacity expansions, and acquisitions. Multiple aluminium smelters were closed as part of China's national environmental policy to reduce CO2 emissions and improve industrial energy efficiency, resulting in a drop in Aluminium Production. Energy usage for updated and new aluminium smelters should be less than 13,200 kwh per tonne for ingots and 12,750 kwh per tonne for liquid form under the new guidelines. Korean manufacturers' primary methods for increasing their Aluminium Market share are product innovation and capacity growth.

 

 

 

 

 

 



Frequently Asked Questions
Aluminium Market is predicted to grow at 5% through forecast period of 2020-2027.
Aluminium Market is dominated by APAC Region.
Aluminum Market Expansion is being fueled by increasing demand from various end-user industries due to its exceptional properties of durability, ductility, and lightweight.
Alcoa Corporation (U.S.), Rio Tinto (Australia), RUSAL (Russia), Norsk Hydro A.S.A. (Norway), Dubai Aluminum Company Limited (U.A.E), Aluminum Bahrain B.S.C. (Bahrain), Century Aluminum Company (U.S.), Vedanta Ltd. (India), China Aluminum Corporation (China), China Hongqiao (China), H.P. (Australia), East Hope Group (China), Emirates Global Aluminum (U.A.E.).

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