ID: MRFR/CnM/6739-CR | August 2019 | Region: Global | 188 Pages
Aluminum Flat-Rolled Products Market is projected to be worth USD 68,972.00 million by 2030, registering a CAGR of 7.26% during the forecast period (2021 - 2030).
$68,972.00 million
7.26%
Asia-Pacific
2021-2030
Global Aluminum Flat-Rolled Products Market is projected to register a healthy CAGR of 7.26% to reach USD 68,972.00 million by the end of 2030.
Aluminum rolling is one of the prime methods of converting cast aluminum slab from the smelters and wrought re-melts into a usable industrial form such as plates, sheets, strip, or foil. The flat-rolled products are produced by reducing a preheated aluminum slab via successive passes between paired, flat-surfaced steel rolls to attain the desired final thickness. The lightweight, high strength, and durability of the aluminum make rolled aluminum as one of the most versatile materials available for major industries such as packaging, transportation, and building and construction. Hot rolling and cold rolling are the methods used in the manufacturing of flat-rolled aluminum products.
The automotive and aerospace industries are amongst the major consumers of aluminum rolled products, wherein the demand for aluminum flat-rolled products is increasing owing to the high strength-to-weight ratio, high tolerance to extreme temperatures, and energy efficiency offered by aluminum. Moreover, its ability to be recycled repeatedly, makes it a good choice as manufacturers pursue sustainability initiatives, thus favoring the product demand. Packaging industry is the other lucrative market for aluminum flat-rolled products, the coil sheet and can stock products are widely used for manufacturing packaging foils and beverage cans respectively.
The prominent growth driver for the global aluminum flat-rolled products market is the increasing demand for these products in the packaging and automotive industries. The increasing consumption of aluminum flat-rolled products in the packaging sector owing to the growing use of flexible foil-based packaging in the food & beverage industry is the prominent factor expected to drive the global market growth. In addition, the demand for aluminum foils in medical packaging is gaining momentum and is expected to contribute to the growth of the global market in the coming years. Likewise, the increasing demand for aluminum flat-rolled products in the automotive industry to manufacture lightweight fuel-efficient automobiles is also expected to boost the growth of the global market.
The building & construction industry is projected to be a lucrative market for aluminum flat-rolled product manufacturers. Aluminum flat-rolled products are widely used in the construction of commercial buildings, as they allow to build complex shapes on long continuous pieces, and they can be exploited for numerous different construction materials. These products comprise a combination of different mechanical properties that ensure the ability of the facade to resist pressure imparted due to the wind, the weight of other components, and the capacity to accommodate possible structural movements.
The growth of these industries across the globe, especially in the Asia-Pacific and the Middle East & Africa, is likely to favor the market growth in the years to follow.
Global Aluminum Flat-Rolled Products Market Revenue, by End-Use Industry, 2018 (USD Million)
Sources: MRFR Analysis
Based on product type, the global aluminum flat-rolled products market has been segmented into foil stock, standard GEQ, sheets, can stock, plates, circles, fin stock, and others. Among these, the foil stock segment was the largest product type segment, owing to the high demand for aluminum foils in the packaging applications. The segment was valued at over USD 13,700 million in 2018 and is projected to register a CAGR of around 8% during the forecast period.
By end-use industry, the global aluminum flat-rolled products market has been divided into packaging, automotive & transportation, industrial, building & construction, consumer goods, electrical & electronics, and others. The packaging industry is the largest consumer of these products and is projected to be valued at over USD 25,000 million by the end of 2024. The automotive & transportation segment is projected to register the highest CAGR of over 8% during the forecast period.
Global Aluminum Flat-Rolled Products Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
The key regional markets studied during the analysis of the global aluminum flat-rolled products are North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The market in Asia-Pacific accounted for around one half of the global market share in 2018, on account of the prospering packaging industry in the region. Increasing spending of individuals and changing lifestyle is driving the market of the packing industry in the region, which is expected to boost the demand for aluminum rolled products in the coming years. Moreover, the expanding building & construction industry in the economies of China, India, and South-East Asia countries such as Indonesia, Malaysia, and Thailand is further expected to propel the regional market growth.
North America is the second-largest market for aluminum flat-rolled products and is expected to register healthy growth during the review period owing to the increasing demand for aluminum in the automotive industry. The stringent environmental regulations pertaining to the carbon emissions from automobiles are driving the demand for lightweight materials in the automotive industry and hence for the aluminum rolled products in the regional market in the years to follow.
The Middle East & African market is projected to register a CAGR of over 7% during the assessment period, which is mainly attributed to the expanding construction industry in the region.
The prominent players in the global aluminum flat-rolled products market are Hindalco Industries Limited (India), Alcoa Corporation (US), Constellium (The Netherlands), Norsk Hydro ASA (Norway), Aluminum Corporation of China (Chalco) (China), Arconic (US), NALCO (India), UACJ Corporation (Japan), Elvalhalcor Hellenic Copper and Aluminum Industry S.A. (Greece), and JW Aluminum (US), among others.
Some of the key strategies followed by the players operating in the global aluminum flat-rolled products market are expansion, acquisitions, investments, joint venture, agreements, and collaborations.
Global Aluminum Flat-Rolled Products Market, by Product Type
Global Aluminum Flat-Rolled Products Market, By End-Use Industry
Global Aluminum Flat-Rolled Products Market, By Region
Available Additional Customizations
Intended Audience
Report Attribute/Metric | Details |
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Market Size |
|
CAGR | 7.26%(2019–2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019Â &Â 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product Type, End-Use Industry and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Hindalco Industries Limited (India), Alcoa Corporation (US), Constellium (The Netherlands), Norsk Hydro ASA (Norway), Aluminum Corporation of China (Chalco) (China), Arconic (US), NALCO (India), UACJ Corporation (Japan), Elvalhalcor Hellenic Copper and Aluminum Industry S.A. (Greece), and JW Aluminum (US), among others. |
Key Market Opportunities | Packaging industry is the other lucrative market |
Key Market Drivers | The demand for aluminum flat-rolled products is increasing owing to the high strength-to-weight ratio |
The ability to easily recycle repeatedly is estimated to power the market in the forecast period.
A CAGR of 7.26% is likely to endorse extensive scale development in the market.
An income range of USD 80,589.5 is foreseen to promote the market.
The regional market of the APAC is estimated to steer the global market.
Aluminum Corporation of China (Chalco) (China), Arconic (US), Norsk Hydro ASA (Norway), NALCO (India), UACJ Corporation (Japan) are expected to fuel the global market.