Acumen Research and Consulting estimates that global Aluminum market is expected to reach the market value of around US$ 190 Bn by 2027 and is anticipated to grow at a CAGR of around 3% in terms of revenue during the forecast period 2020 – 2027.
Aluminum features high conductivity, ductility and moulding characteristics. The use of metals in many finishing industries was strongly encouraged, thus increasing the global aluminum industry. Further, because of its light weight and resistance to corrosion, aluminum is commonly used in the building industry. It's also used as a strong electrical conductivity in electrical transmission lines. As a result, metal production has increased and the market for aluminum is thus boosted. In the automotive and food industry, aluminum has different applications. The growth of the global market in aluminum has therefore contributed greatly to the expansion of these industries. In addition, technological developments and the urbanization of the aluminum market have led to expansion.
The report provides analysis of global Aluminum market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Developments in the transport industry, technological advances in aluminum manufacturing technology and in processing equipment and growing aluminum use in various industries, such as the building and construction industry drive the global aluminum market growth. In terms of growth, mounting people's incomes and rapid industrialization & urbanization increase the demand for aluminum and in turn contribute to the market growth. Moreover, steady development in transport and R&D activities to produce new, more efficient and cheaper aluminum goods drive demand growth. Increased competition from replacements and fluctuations in raw materials prices like alumina are factors that limit the growth of the aluminum market. Demand growth from developing economies like China and India and the rise of the recycled use of aluminum goods worldwide provide lucrative business expansion opportunities. Reducing energy demand is one of aluminum industry's biggest challenges.
Asia Pacific region is anticipated to dominate the market led by China. Leading to rapid urbanization and industrial growth, China accounted for the largest aluminum demand share on the Asia Pacific aluminum industry in 2019. The main tactics used by Chinese producers to grow their market share include new product launches, capacity expansion and acquisitions. The Chinese National Environmental Plan for CO2 Reduction and Industrial Energy Effectiveness Expanded the development of several aluminum smelters in China. The latest regulations allow an energy consumption of less than 13,200 kWh in ingots and 12,750 kWh in liquid for upgraded and existing aluminum smelters. The major approaches used by Korean producers for growing the share in the aluminum industry are product advancement and capability expansion.
North America retained a substantial share in the aluminum industry. The involvement of existing end-user industries, including transport and manufacturing are key drivers of the market. In addition, during the span of projection, the USA is projected to remain dominant as the major players in the expansion of aluminum supply are rising investment to meet increased demand.
The market research study on “Aluminum Market (Aluminum Market By Processing: Forgings, Castings, Flat Rolled, Pigments & Powder, Extrusions, Rod & Bar; Aluminum Market By Series: Series 8, Series 7, Series 6, Series 5, Series 4, Series 3, Series 2, Series 1; Aluminum Market By End Use: Building & Construction, Transport, Consumer Goods, Machinery & Equipment, Electrical Engineering, Foil & Packaging, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Aluminum market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Aluminum market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Aluminum market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Aluminum market is segmented as below:
Aluminum Market By Processing
Pigments & Powder
Rod & Bar
Aluminum Market By Series
Aluminum Market By End Use
Building & Construction
Machinery & Equipment
Foil & Packaging
Aluminum Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Emirates Global Aluminum PJSC, Alcola Corporation, Aluminum Corporation, RioTinto, RUSAL, Kaiser Aluminum Corporation of China Limited, and Others.
Aluminum features high conductivity, ductility and moulding characteristics.
The involvement of existing end-user industries, including transport and manufacturing are key drivers of the market.
The aluminum market value is anticipated to be worth around US$ 190 Bn in 2027.
The aluminum market is anticipated to grow around 3% CAGR amid the forecast period 2020-2027.
The Aluminum market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Some of the players considered in the report scope are Emirates Global Aluminum PJSC, Alcola Corporation, Aluminum Corporation, RioTinto, RUSAL, Kaiser Aluminum Corporation of China Limited, and Others.
China accounted for the largest aluminum demand share on the Asia Pacific aluminum industry in 2019