Aluminum Market is valued around USD 151.99 Billion in 2019 and expected to reach USD 205.72 Billion by 2030 with the CAGR of 2.70% over the forecast period.
Aluminum is versatile, light weight, high conductivity metal with various other properties. Due to its versatile nature along with different properties it has wide application in different industries. It is non-toxic in nature; it is also used in food & beverage as well as pharmaceutical industry as a packaging material to maintain the freshness of packed food for long time. It is widely used in electrical transmission owing to high conductivity nature along with significant strength when alloyed with other metals.
Global Aluminum Market report is segmented on the basis of type, product, and industry vertical and by regional. Based upon type, the aluminum market is fragmented into Primary Aluminum, and Secondary/Recycled Aluminum. On the basis of product, the market is categorized into Castings, Extrusions, Flat Rolled, Forgings, Rod & Bar, Pigments & Powder, Others. Based on industry vertical, the market is categorized into Transport, Building & Construction, Electrical, Hardware & Accessories, Consumer Goods, Foil & Packaging, Machinery & Equipment, Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The aluminum market is mainly driven by the constant expanding applications in different industries along with recyclable nature. There has been significant growth in automotive industry as well as increase electrical transmission supported by excessive use in packing industry are also likely to propel market growth. In addition, technological advancement as well as increased demand of aluminum alloys owing to the versatile nature & properties has made it exceptional preference for various end users. Moreover, ongoing research & development activities along with surging demand from aerospace & automotive industry are likely to contribute the overall market growth. However, fluctuating prices of raw materials and growing market competition may hinder the market growth over the forecast period.
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The developing region such as Asia Pacific is expected to hold the major market size over the forecast period owing to the high adoption of aluminum in different industries along with high reusability. Moreover, rapid industrialization along with wide expansion of applications in the region is also likely to contribute market growth. Te developed regions i.e. North America olds second leading market size followed by Europe owing to presence of developed industries. In addition, presence of technological advancement along with growing research & development activities contributed by surge in the demand of aluminum based alloy is also expected to support the market growth.
The major market players profiled in the aluminum market includes Rio Tinto Alcan Inc., United Company RUSAL Plc., Alcoa Corporation, China Hongqiao Group Ltd., China Power Investment Corp., Xinfa Group Co., Ltd., East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Aluminium Corporation of China Limited among others.
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