The aluminum market expects revenues of USD 242.44 billion per
Pune, India, December 09, 2021 (GLOBE NEWSWIRE) – According to a report published by Fortune Business Insights ™, the Global aluminum market is poised to take advantage of the growing use of aluminum by automotive designers and engineers to increase fuel economy and reduce emissions. The report further states that the market size was $ 164.23 billion in 2019 and is expected to reach $ 242.44 billion by 2027, with a CAGR of 5.7% during the forecast period.
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The list of companies profiled in the global aluminum market are:
- UC RUSAL (Russia)
- Aluminum Corporation of China Limited (CHALCO) (China)
- Rio Tinto (United Kingdom)
- China Hongqiao (China)
- Alcoa Corporation (United States)
- Emirates Global Aluminum (UAE)
- Norsk Hydro ASA (Norway)
- Hindalco Industries Ltd. (India)
- CHINA ZHONGWANG HOLDINGS LIMITED (China)
- Vedanta Aluminum Limited (India)
- Novelis (United States)
- Other key players
Conductors and constraints-
Reprocessing waste to reduce environmental damage will stimulate growth
The increasing adoption of scrap or secondary metal reprocessing is expected to propel the growth of the aluminum market in the coming years. This process helps reduce environmental damage by requiring only a fraction of the energy. Apart from this, the wastes obtained from machinery, beverage cans, equipment and automobiles are often reused and reprocessed because of their profitability. However, exposure to aluminum can cause multiple side effects, such as insomnia, asthma, rashes, and headaches. This factor can hinder growth.
The electric segment will generate the highest share thanks to the increase in vehicle use
On the basis of end use, the electricity segment held 10.7% aluminum market share in 2019. The transportation segment, on the other hand, obtained the largest market share due to the increasing use of aluminum in vehicles. The metal has superior physical properties and is lightweight.
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Increasing demand from packaging and solar panel industries to drive growth in Europe
Geographically, Asia-Pacific generated $ 103.25 billion in revenue in 2019. Developing countries such as India, Japan and China are the main contributors to this growth. In addition, the continued expansion of the auto and construction industries in the region would promote growth. Europe is expected to experience steady growth, supported by strong demand for aluminum from end-use industries, such as solar panels and packaging. In addition, the increasing implementation of strict laws to reduce emissions would increase growth.
The main players focus on the acquisition strategy to strengthen their positions
The global market is very fragmented with the presence of a large number of manufacturers, namely Rio Tinto, CHALCO, Alcoa Corporation and UC RUSAL. They are constantly investing large sums of money to acquire other businesses or implementing new technologies to strengthen their positions.
Below are two of the latest developments in the industry:
- july 2020: Krasnoyarsk Aluminum Smelter (KrAZ), a public joint stock company of RUSAL, has completed its transition to EcoSoderberg technology. It is worth $ 74 million and included the 1954 cell reduction modification.
- april 2020: Novelis, part of Hindalco Industries successfully acquired Aleris Corporation. This acquisition would allow the first to enter the high-end segment of aeronautics. The transaction was worth $ 2.8 billion.
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- Key ideas
- Key market trends in the global market
- Key developments: Mergers, Acquisitions, Partnerships, etc. .
- Latest technological advances
- Overview of the regulatory scenario
- Porters Five Forces Analysis
- Price trend analysis
- Qualitative analyzes Impact of COVID 19 on the global aluminum market
- Supply chain challenges
- Measures taken by government / companies to overcome this impact
- Potential opportunities due to the COVID-19 epidemic
- Global Aluminum Market Analysis, Outlook and Forecast, 2016-2027
- Main conclusions / summary
- Market size estimates and forecasts
- By end use
- Durable consumer goods
- Machinery and equipment
- By region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- By end use
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