Aluminium Metal Market Set To Grow At A CAGR Of 6.00% in the Forecast Period

Pune, India, February 14, 2018 /MRFR Press Release/- Market research future published a Half cooked research report on Global Aluminium Market.

Market – Overview

Aluminium Metals Market Size was valued at USD 150 Billion in 2022. The Aluminium Metals market industry is projected to grow from USD 175 Billion in 2023 to USD 250 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030).

Due to the widespread availability and abundance of the metal, have led to the presence of this metal in diverse applications. Applications of aluminium have also significantly contributed to the increase of the metal extraction. The characteristics of the metal such as light weightedness, flexiblity and malleability have led to the incorporation of the product in diverse industry.

Industry Segments

The industry for aluminum is divided into the following categories for better perspective of the market and its development.

By Application:  Construction, Machinery & Equipment, Consumer Goods, Foil & Packaging, Automotive & Transportation, Electrical and Others

By Regions: Asia-Pacific, North America, Latin America, Europe and Middle East & Africa

By Types:  Recycled Aluminium and Primary Aluminium

Detailed

Regional Analysis

The Asia-Pacific region controls the aluminium metals industry both in terms of value and volume and will be expected to grow considerably at a CAGR per cent of 6.00 approximately. China is the chief income producing country due to growing consumption of aluminium metals across diverse industries and great export levels of aluminium. Europe is the second biggest market share in the international aluminium metals market.

Global Competitive Analysis

The sector’s substantial transformation due to the rapid growth pace has led to experimentation with many plus points. The competitors in the industry are trying to increase their market share to a considerable size by the effectual employment of their major resources to start growth transformations which can be long lasting.  This approach has allowed for trends which are linked to development and are notably volume driven. This has led to a boost in diverse ranges and product forms. The industry’s long term growth can be utilized upon by constant ongoing process improvements and sustaining financial fluidity to spend in the best strategies when they are available.

The important players in the market are Aluminium Corporation of China Ltd., Emirates Global Aluminium PJSC, RUSAL, Rio Tinto Alcan Inc., Alcoa, Inc., China Hongqiao Group Limited and Norsk Hydro ASA.

Industry Updates:

Jan 2018 Axion Recycling, which is a resource recovery expert will be entering into a business association with Jaguar Land Rover in its ongoing venture to grow the recycled aluminium content in fresh cars. The project named the REALITY project was established in 2017 and will continue for three years. Another initiative, The REALCAR scheme retrieved over 75,000 tonnes of aluminium from vehicles at their end-of-life stage in period from 2016 to 2017 which were used again in new vehicles.

Jan 2018 Novelis which is an American subsidiary of the Aditya Birla flagship Hindalco that they will spend around $300 million in an aluminium sheet manufacturing facility for automotive in Kentucky owing to its plans to increase the production for automotive needs to meet the accumulative demand. The project which is anticipated to get commissioned by 2020 will have a volume of 200,000 metric tons and will comprise of heat treatment and pre-treatment lines that prepare aluminum for vehicle parts. Jan 2018 Yunnan Chihong Zinc, Yunnan Aluminium and Germanium recently announced that their holding entity, the State-owned Assets Supervision and Administration Commission (SASAC) of the Yunnan branch, was preparing to excercise its governing stake in these entities to unite with Chinalco.

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