Aluminum is an electronegative metal that possesses strong affinity for oxygen. It is largely produced from bauxite. It exhibits superior physical properties for instance ductility, malleability, durability, and machinability. It possesses high degree of conductivity, extremely light having 2.7 g/ccm density, impervious to dust, and exhibits significant strength when alloyed. It is generally used in pharmaceutical and food & packaging industries, as it is nontoxic in nature, inhibits growth of microorganisms and preserves food for prolonged times. It is good electrical conductor thus used frequently in electrical transmission lines. Additionally, it is used as a key propellant for solid rocket booster motor in space shuttle owing to its high volumetric energy density.
The key characteristics are included high strength, lightweight, flexibility, corrosion resistance, good thermal & electrical conductivity and barrier properties.
According to study, “Global Aluminium Metals Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global aluminum metals 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., Xinfa Group Co., Ltd., Ball Corporation, Aluminium Bahrain B.S.C, BHP Billiton Limited, Crown Holdings Incorporated, Century Aluminium Company, Constellium N.V., Hindalco Industries Ltd., Glencore International AG, Jindal Iron & Steel Company Limited , Kaiser Aluminum Corporation, JW Aluminum Company, National Aluminum Company Limited, Rexam plc., Orkla ASA, Shandong Nanshan Aluminum Co., Ltd., State Power Investment Corporation, South32 Limited, Talco Aluminum Company, Vedanta Resources Plc., Vale SA.
Based on type, aluminum metals market is segmented into industrial pure aluminum, high pure aluminum and industrial high purity aluminum. Based on product type, market is segmented into extrusions, flat rolled, forgings, castings, pigments & powder, and rod & bar. Flat rolled segment includes foil stock, common alloy, Can body stock, building sheet, lithosheet and others. Rod & bar segment includes wires & cables, aluminum conductors and others. 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-use industry, market is segmented into transport, electrical engineering, building & construction, consumer goods, machinery & equipment, foil & packaging, and others (aluminum air batteries and solar panel nanotechnology). The transport segment holds major share in market because of the growth of the automotive, marine, aerospace, transportation, and rail industries.
The aluminum metals market is driven by growth in transport industry, followed by increase in applications across various end user industries, rise in income of people living in urban areas, increase in research & development (R&D) activities to develop more effective or innovative & cheaper aluminum products and growth in technological advancements. However, increase in competition from substitutes and fluctuating prices of raw materials may impact the market. Moreover, rise in demand from emerging economies is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the aluminum metals market owing to significant investments in construction & infrastructural development, growth in automotive industry and rapid industrialization in the region. Whereas, the European and North-American regions are estimated to witness higher growth rate due to rise in economic growth and growth in demand for lightweight material from the automotive industry over the forecast period.
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Ankur Gupta, Head Marketing & Communications