Aluminum Market Overview:
Driven by constant technological upgradation and need for eco-friendly measures, end-users are now looking at aluminum as the choicest alternative. Its wide range of features such as good corrosion and oxidation resistance, high electrical and thermal conductivity, low density, high reflectivity, and reasonably high strength have made it popular among many verticals. The prospect, hereon, has only been battered by its effective resistance to different temperatures and moisture standards. An added benefit such as a face-centered cubic structure (FCC) of pure aluminum and its alloys increases its strength and ductility. These features have made it easier for aluminum to gain a strong foothold in diverse sectors owing to which a 6.71% CAGR can be considered achievable for the global aluminum market during the forecast period (2018-2025). Market Research Future (MRFR) in their all-inclusive report covers other drivers as well such as China’s booming aluminum market and burgeoning automotive sector.
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China, with an astounding 60% market supremacy, is significantly contributing to the market’s growth both as producer and consumer of aluminum. Its sectors such as transportation, construction, packaging, and electrical are major consumers. Government’s contribution is also noteworthy. The railway network it wants to initiate to connect cities and ensure faster, and safer product delivery and deployment is triggering further growth of the aluminum market.
Automotive and aerospace industries are now focusing mostly on reducing carbon footprints. This can be achieved with a substantial lowering of the weight of the end model. Aluminum provides just that, and what’s more, it's cost-effective. It’s gaining precedence among market giants such as BMW, Audi, Mercedes, and Land Rover.
However, the entire process related to bauxite mining, the ore from which aluminum is acquired, causes pollution. Countries are putting in their best endeavor to minimize this effect by introducing secondary aluminum which could hold back the normal market growth.
Aluminum Industry Opportunity:
Die casting has become an integral part of the automotive industry. Automotive components, when made from aluminum, can withstand corrosion and high temperature. Its cost-effective models have further enhanced its easy foray into this industry.
India, on the other hand, can prove to be a market with huge market prospect. Hindalco Industries Limited, Vedanta Limited, NALCO, Kennametal India Limited, and Gujarat Foils Limited are companies with a focus on producing durable, sustainable and innovative products to support evolving market demand.
Aluminum Market Key Findings:
Aluminum Market is projected to reach USD 221.14 Bn by 2025 at a CAGR of 6.48% during the review period 2018-2025. The Asia-Pacific market is accounted for the largest share and estimated to grow at CAGR of 6.69% to reach USD 141.95 Bn till 2025 due to growing end-use industries in this region.
Aluminum Market Key Players:
The key players profiled by MRFR that are operating in the global aluminum market are Aluminum Bahrain (Bahrain), Century Aluminum Company (the U.S.), Norsk Hydro ASA (Norway), Emirates Global Aluminum PJSC (UAE), Rio Tinto Australia (Australia), Rio Tinto Alcan Inc. (Canada), Hindalco Industries Limited (India), BHP Billiton Aluminum Australia Pty Ltd. (Australia), Aluminum Corporation of China (China), China Hongqiao Group (China), Alcoa Corporation (the U.S.), RUSAL (Russia), Vedanta Ltd. (India), and others.
Aluminum Market Regional Analysis:
Geographically, the global aluminum market has been segmented into five major regions such as North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East and Africa. Among these, the aluminum market in the APAC region accounts for the major share of the global aluminum market and reach the market valuation of USD 148,966.2 Mn by the end of 2025. This region is also anticipated to project fastest growth at a CAGR of 7.05% during the forecast period. The aluminum market in the Europe region is forecasted to expand at a CAGR of 5.99% during the forecast period.
Aluminum Market Table Of Contents to be Continue…….,
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