Aluminum is one of the key metal with the properties of being a lightweight, nonmagnetic, soft, and ductile metal. It is widely used in applications associated to food & packaging and pharmaceutical industries. It is a nontoxic metal, preserving food for the longer duration, inhibiting microorganism’s growth. Aluminum is also a good conductor of electricity and also used widely in electrical transmission lines. Moreover, it is also used as a propellant for the solid rocket booster motor in a space shuttle owing to high volumetric energy density. The corrosion resistance, reflectivity, and recyclability are some of the other characteristics of Aluminum, making it a favorable choice for various industrial applications.
According to study, “Aluminum Market by End User (Transport, Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, Machinery & Equipment, and Others), Processing Method (Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, and Rod & Bar) and Series (Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7 and Series 8) – Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global aluminum market are Alcoa Corporation, China Hongqiao Group Ltd., Aluminium Corporation of China Limited (CHALCO), China Power Investment Corp. (CPI), Emirates Global Aluminum PJSC, East Hope Group Company Limited, Norsk Hydro ASA, United Company RUSAL Plc. Rio Tinto Alcan Inc., and Xinfa Group Co., Ltd.
Based on product type, aluminum market is segmented into primary aluminum and secondary aluminum. Based on processing method, market is segmented into extrusions, castings, flat rolled, pigments & powder, forgings and rod & bar. Based on series type, market is segmented into series 1, series 2, series 3, series 4, series 5, series 6, series 7 and series 8. In addition, based on end-user, market is segmented into transportation, machinery & equipment, electrical engineering, building & construction, consumer goods, foil & packaging, and others. The transportation segment dominated the market owing to growth in automotive production driven by rapid urbanization coupled with increase in per capita disposable income. The building & construction segment is anticipated to exhibit substantial growth rate due to increase in residential construction activity across the US, India, Indonesia, China, and several countries in Europe during the forecast period.
The aluminum market is driven by growth in technological advancements, followed by increase in increasing applications across various end user industries and growth in transportation industry. However, increase in competition from substitutes and fluctuating prices of raw materials may impact the market. Moreover, increase in use of recycled aluminum products and rise in demand from emerging economies are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share in aluminum market owing to significant investments in construction & infrastructural development and growth in automotive industry in the region. Whereas, the European and North-American regions are estimated to witness higher growth rate due to increase in shifting trend in the food & beverage industry towards packaged food over the forecast period. The global aluminum market was valued at US $147.2 billion in 2018, and is likely to reach US $189.8 billion by 2026, growing at a CAGR of 3.2% from 2019-2026.
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Ankur Gupta, Head Marketing & Communications