ID: MRFR/CnM/1499-CR | February 2021 | Region: Global | 299 pages
The aluminum market demand forecast is anticipated to show a 6.5% CAGR growth throughout the forecast period and touch a revenue estimate of USD 235.8 Billion by 2025.
Aluminum is among one of the most amply available metals in the earth's crust and is commonly mined from bauxite. Aluminum is consumed across a wider range of applications throughout miscellaneous industry verticals such as automotive, electrical & electronics, aerospace, and building & construction. The qualities of high strength, durability, corrosion resistance, low metal density, and ductility have advocated the cause for its extensive use as seen today.
With the COVID-19 outbreak has swooping across the world, businesses of all types are starting to show signs of distress. The aluminum industry outlook is no exception; aluminum in some medical devices currently sees very high demand and relies on advanced P.C.B.s to function. The most notable among these devices are the ventilators, which are being operated to back essential life functions in susceptible COVID-19 patients with respiring. Thus, the rapid production of ventilators is estimated to contribute to the expansion of the world aluminum market, albeit in a grim manner. The less essential electronic devices that might use aluminum-based core mechanisms are estimated to see a little downturn in demand, such as the latest smartphone devices are powered by P.C.B.s, and there is an indication of a slowdown in production of these devices as a result of the contagion.
Increasing Demand For Aluminum In China
Chinese national sectors such as transportation, construction, packaging, and electrical are major consumers adding an astounding 60%of the demand towards the national market's supremacy, both as producer and user of aluminum. The government's influence in terms of facilitating the availability is predicted to play a major role.
Increasing Use Of High-Strength Aluminum In The Aerospace
Due to its qualities such as corrosion resistance, high strength, flexibility, lightweight, good thermal & electrical conductivity, and barrier properties are playing a dominant role in the aluminum market's demand from the aerospace sector which is likely to display an increase for the duration of the forecast.
Adverse Effects Of Bauxite Mining
The entire method of bauxite mining in which the ore from which aluminum is obtained, triggers high levels of pollution. Although, the countries are trying to minimalize this effect by presenting secondary aluminum which could hold back the standard aluminum market outlook.
Use Of Aluminum Die Cast Products In The Automotive Industry
The rise in automotive components, that are made from aluminum, can endure corrosion and high heat and are cost-effective models enhancing its foray into this industry. The surging automobile production levels and sales are anticipated to amplify, which, in turn, is projected to propel the advance of the global aluminum market value in the forecast period.
By type, the primary segment reported a higher market stake of 61.8% in 2018, though the secondary segment is anticipated to register an advanced CAGR in the forecast period.
The extrusion was the principal segment in 2018, while the flat-rolled segment is anticipated to catalog the maximum CAGR throughout the forecast period.
The building & construction segment accounted for about 30% share in the aluminum market in 2018 and is expected to register the highest CAGR of 6.7% during the forecast period. The segment's high growth is primarily attributed to increasing residential construction activity across the U.S., China, India, Indonesia, and several European countries. Moreover, the increasing investment in developing countries such as India, China, Indonesia, Philippines, and South Africa for infrastructural development and rapid industrialization are motivating this segment. The transportation segment is expected to witness healthy growth during the forecast period driven by increasing automotive production driven by rapid urbanization and increasing per capita disposable income.
China to solidify APAC' spot in the global market
The Asia Pacific dominated the global aluminum market in 2018 and is expected to maintain its market dominance through the forecast period. China is anticipated to have reported about 57% of the Asia Pacific aluminum need in 2018 and anticipated to record the uppermost CAGR of 7% in the forecast period. This development is credited to infrastructural expansion, swift industrialization, noteworthy construction investments, and the intensifying automotive industry that is appreciably driving the aluminum demand throughout the forecast period. India is expected to be another lucrative market for aluminum, owing to increasing automotive production and growing investments in the construction sector.
Europe To Capitalize On Automotive Demand
Europe is anticipated to be the second principal market. The region's aluminum market trends are estimated to see steady evolution throughout the forecast period, chiefly driven by recuperating economic progress and mounting demand for lightweight material from the automotive industry.
M.E.A. Region To Show Solid Progress
The Middle Eastern & African regions are expected to expand at a 6.5% CAGR through the forecast period due to the budding construction industry and speedy industrial growth. Although, the existence of countless oil & gas reserves in nations such as Saudi Arabia, the U.A.E., and Israel is anticipated to heighten the requirement for aluminum in the region.
Latin American Region To Show Exceptional Growth
The aluminum market in Latin America is anticipated to observe reasonable advances motivated by shared investment in Brazil and Mexico's aerospace and automotive industry.
The renowned companies operating in the aluminum market are
Dec 2020 The current advances on the exterior inactivity of COVID, the Centre for Biomedical Technologies at Queensland University of Technology (CBT-QUT) has positively wet-etched a nanostructure with a breadth of 21-25 nm onto an aluminum 6063 alloy plane. This verified the idleness of COVID-19 in six hours on tough antiviral nanostructured surfaces. Cicada's Antimicrobial Nanotechnology Solution for COVID-Free Surfaces has given outstanding promise in sustaining public places safe from COVID-19 and is an excellent foundation for research should another pandemic happen in the future.
Dec 2020 Hindalco Industries Ltd. has invigorated a USD 947 million plan to make more value-added aluminum products as the Indian market recuperates from the coronavirus contagion. The firm will kick off its continuing downstream investment strategy by establishing up a 34,000-ton aluminum extrusion scheme in Silvassa's western Indian city, with manufacture expected to start in two years.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alcoa Corporation (U.S.), Rio Tinto (Australia),RUSAL (Russia),Norsk Hydro A.S.A. (Norway),Dubai Aluminum Company Limited (U.A.E),Aluminum Bahrain B.S.C. (Bahrain),Century Aluminum Company (U.S.),Vedanta Ltd. (India),China Aluminum Corporation (China),China Hongqiao (China),H.P. (Australia),East Hope Group (China),Emirates Global Aluminum (U.A.E.)|
|Key Market Opportunities||Use Of Aluminum Die Cast Products In The Automotive Industry|
|Key Market Drivers||Increasing Demand For Aluminum In China|
Frequently Asked Questions (FAQ) :
The aluminum market is predicted to grow at a 6.5% CAGR between 2017-2025.
The global aluminum market is predicted to touch USD 235.8 billion by 2025.
Asia Pacific is predicted to dominate the aluminim market.
Key competitors in the aluminum market include Emirates Global Aluminum (UAE), East Hope Group (China), BHP (Australia), China Hongqiao (China), China Aluminum Corporation (China), Vedanta Ltd. (India), Century Aluminum Company (US), Aluminum Bahrain B.S.C. (Bahrain), Dubai Aluminum Company Limited (U.A.E), Norsk Hydro ASA (Norway), RUSAL (Russia), Rio Tinto (Australia), and Alcoa Corporation (US).
Availability of alternatives and fluctuating raw material costs may restrict market growth.