Aluminum Market Synopsis:
Market Research Future (MRFR) has published a detailed report stating that the Global Aluminum Market is marked to expand at a substantial CAGR of 6.71% during the forecast period of 2018-2023. The features of aluminum such as corrosion and oxidation resistance have increased the application of aluminum in various end-use industries such as building and construction, automotive, electrical and others. Rapid expansion of these industries is leading to an increased demand for aluminum, which in turn is propelling the growth of the global aluminum market. However, adverse environmental effects caused by excessive mining activities are restraining the growth of the global aluminum market during the assessment period.
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Aluminum Market Competitive Analysis:
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. The players in the global aluminum market are focusing on business expansion by implementing various innovative strategies such as increased research and development activities, collaborations, mergers and acquisitions and others to sustain the competition in the global aluminum market. For instance, in December 2018, Kobelco Aluminum Products & Extrusions Inc. has announced its plan of expanding the plant on Kobe Way. This expansion plan is worth USD 42 Mn.
Aluminum Market Segmentation:
The aluminum market report has been segmented on the basis of type, product and application. Based on type, the aluminum market has been segmented into primary and secondary. The primary segment commanded for the maximum share of 61.79% with the market valuation of USD 93,458 Mn during 2017 and is anticipated to reach the valuation of USD 135,867.3 Mn in the global aluminum market during the assessment period.
Based on products, the global aluminum industry trends has been segmented into flat rolled, castings, extrusions, forgings, pigments & powder, rod & bar, utensils, and others. The flat rolled segment has been sub-segmented into foil stock, can body stock, lithosheet, building sheet, common alloy, and others. The rod & bar segment has been sub-segmented into aluminum conductors, wires & cables, and others. Among these, the extrusions segment commanded for the major share of the global aluminum market with the valuation of USD 40,856 Mn in the year 2017 and reach the valuation of USD 60,605.3 Mn at a CAGR of 7.20% by the end of the forecast period during the forecast period
Based on application, the global aluminum market size has been segmented into machinery & equipment, building & construction, foil & packaging, hardware & accessories, transportation, electrical, consumer goods, solar, utensils, and others. The transportation segment commanded for the maximum share of the global aluminum market and is anticipated to reach the valuation of USD 72,354 Mn by the end of the forecast period.
Aluminum Market Regional Analysis:
Geographically, the global COVId-19 analysis on 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 2023. 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. Increased utilization of aluminum to reduce the weight of automobiles that are being manufactured in the rapidly expanding automotive sector is majorly contributing to the growth of the aluminum market in the Europe region. The aluminum market in the North America region is marked to expand at a CAGR of 5.88% during the assessment period. The market growth is attributed to the growing secondary usage of aluminum in various end-use industries in this region.
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