Aluminum Market is forecast to reach USD 151.98 billion by 2027

Posted by omkar on October 10th, 2019

The Global Aluminum Market held USD 151.98 billion in 2019 and is predicted to grow with a CAGR of 3.0% from 2020-2027.

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Aluminum is an abundant metal that has strong affinity for oxygen. It has features such as low metal density, resistance to corrosion, high conductivity, nontoxic, and light weight. Due to these advantages of aluminum it is widely used in foil & packaging and pharmaceutical applications so as to preserve food for longer time. Also the electrical conductivity provided by aluminum has encouraged it’s used in electrical transmission applications.

The demand of aluminum in the automobile industry has increased owing to the light weight advantage and fuel efficiency has driven the growth of aluminum market. In addition, the reusability of aluminum has increased the use of recycled aluminum products that has fuel the growth of the market.

The aluminum market size is expected to show a substantial growth rate during the forecast period of 2018 to 2030. The technological advancements, high degree of vertical integration, increasing use of aluminum in across various applications are major drivers to increase the growth of the aluminum market. Furthermore, the demand in aerospace and automotive industries has further supplemented the market growth. However, inconsistent raw materials prices and growing competition from substitute is obstructing the growth of the aluminum market. The increasing demand from emerging countries and growing use of recycled aluminum products will create new opportunities for the market growth in future.

The aluminum market is segmented on the basis of type, product, vertical industry, and geography. On the basis of type, the market is segmented into primary aluminum and secondary/recycled aluminum. On the basis of product, the market covers castings, extrusions, flat rolled, forgings, rod & bar, pigments & powder, and others. On the basis of vertical industry, the market is classified into transport, building & construction, electrical, hardware & accessories, consumer goods, foil & packaging, machinery & equipment, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and ROW.

Asia-Pacific denotes a higher adoption of the aluminum and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including rapid urbanization, industrial development, higher usage in transport and building & construction industries, and evolution of the automobiles industry. This will further supplement the global aluminum market share.

North America region holds second highest market size owing development of high strength aluminum alloys, demand of automobile industry, increase in use of recycled aluminum products, and technological advancements.

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Comprehensive competitive analysis and profiles of the major market players such as 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, and among others are provided in the aluminum market report.