Aluminum Market (Product Form - Flat Products, Long Products, Forged Products, Cast Products; Manufacturing Process - Rolling, Extrusion, Forging, Casting; Application - Aerospace and Defense, Automotive, Building and Construction, Electrical and Electronics, Foils and Packaging, Industrial Machinery) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2018 - 2026
Press Release :
Aluminum Market - Snapshot
Aluminum is one of the abundant metals found in the earth’s crust. In terms of weight, it accounts for nearly 8% of the earth’s crust. Wide availability and numerous properties of aluminum make it a widely used metal across the world. Aluminum is used in various applications such as packaging, household products, electronics, and transportation. It possesses several properties such as high conductivity, ease of recycling, and corrosion resistance; however, aluminum carries drawbacks such as moderate tensile strength and moderate machinability. This limits its direct usage in various end-user industries.
Implementation of stringent greenhouse gases (GHG) and carbon emission norms, rise in focus on usage of hard but lightweight aluminum alloys for manufacture of vehicle durable components, and low toxic emission are some of the factors driving the demand for aluminum. Aluminum is an ideal substitute for materials such as steel and iron, primarily due to its lower self-weight and high strength properties. Prices of aluminum fluctuate primarily due to its application in several end-user industries.
Factors affecting end-user industries indirectly hamper the demand for aluminum, leading to fluctuations in its prices. However, growth in the usage of aluminum alloys in several industries is ascribed to the different properties instilled in pure aluminum by alloying elements. Alloying elements such as copper, silicon, zinc, and magnesium improve properties of aluminum such as high temperature sustainability, high tensile strength, and high fatigue strength. This is anticipated to drive the aluminum market during the forecast period.
The global aluminum market has been segmented based on product form, manufacturing process, and application. Different product forms considered under the scope of the study include flat products, long products, forged products, cast products, and others. Based on manufacturing process, the market has been divided into rolling, extrusion, forging, casting, and others.
In terms of application, the aluminum market has been segregated into aerospace & defense, automotive, building & construction, electrical & electronics, foils & packaging, industrial machinery, and others. The automotive segment has been further classified into power train, chassis & suspension, and body components, while the building & construction segment has been split into internal, external, and structural. The foils & packaging segment has been segregated into beverage cans, bottles & containers, aerosol cans, foil wraps, medical packaging, and others.
Automobile is considered one of the important industries driving the global economy. It is experiencing a gradual recovery from economic crisis in developed regions. However, demand for automobiles has been rising significantly in Asia Pacific. This increase in demand for automobiles has boosted fuel consumption, thereby propelling the demand for crude petroleum. Additionally, increase in fuel prices across the globe is expected to drive the need for lightweight vehicles. Decrease in weight of vehicles results in better economy of fuel usage. Currently, automobile manufacturers are focusing on lowering the overall weight of vehicles. Aluminum alloys are predominantly used as better substitutes for steel frames of the vehicle body. They help reduce the body weight of the vehicle substantially without compromising on strength and other aspects such as the weight carrying capacity. Aluminum alloys are considerably lighter than conventional steel; this significantly lowers the body weight of automobiles. In turn, this assures better fuel economy, less pollution, and higher efficiency. This is anticipated to increase the demand for aluminum during the forecast period.
Rise in urbanization and industrialization across the globe is boosting the demand for aluminum. The global construction industry is gaining momentum after a moderate contraction in developed regions. Aluminum and aluminum alloys are key materials used in the building & construction industry. Substantial growth in the construction industry is anticipated to augment the need for better materials with high durability & strength, and low-self weight. This, in turn, is estimated to fuel the demand for aluminum and its alloys in the construction industry.
Based on geography, the global aluminum market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific was the leading region of the aluminum market in 2017. Consumption of aluminum is concentrated predominantly in electronics production hubs such as China, Japan, South Korea, and Taiwan; and in the construction industry in developing economies in the region. However, the automotive industry is likely to offer higher growth potential for the aluminum market in Asia Pacific. Led by the U.S., demand for aluminum in North America is projected to rise during the forecast period, particularly in industries such as automotive and aerospace & defense.
Key players operating in the aluminum market are expected to benefit from the formation of strategic alliances with global players. Prominent players functioning in the aluminum market include Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), Norsk Hydro ASA, RUSAL, Emirates Global Aluminium PJSC, and RioTinto.
Aluminum Market - Overview
The global aluminum market has been segmented based on product form, manufacturing process, and application. Based on product form, long products dominated the market with more than 40% share in 2017. In terms of manufacturing process, the extrusion segment held prominent share of the market in 2017. However, the casting segment is anticipated to expand at a higher CAGR compared to other manufacturing processes during the forecast period. Based on application, aluminum is widely used in segments such as building & construction, automotive, and electrical & electronics. However, global demand for aluminum varies across different regions according to different applications.
Aluminum and aluminum alloys are extensively employed in end-user industries such as automotive, aerospace, construction, packaging, and electrical & electronics. Increase in consumption of aluminum in the transportation sector can be ascribed to the rise in demand for fuel-efficient and lightweight vehicles in the automobile sector and increase in demand for lightweight and high-strength materials in the aerospace sector. Similarly, expansion in the construction sector is driving the demand for aluminum for usage in structural components such as window frames, roofing wall cladding, and concrete beams.
Implementation of stringent greenhouse gases (GHG) & carbon emission norms, rise in focus on usage of hard but lightweight aluminum alloys for manufacturing vehicle durable components, and low toxic emission are factors driving the demand for aluminum. Transportation is one of the major industries driving the global economy. Rapid industrialization and increase in need for superior means of commuting have propelled the industry over the last decade. Furthermore, growth in trade between developed and developing economies has boosted the transportation industry (including automotive and aviation). Rise in demand for aluminum in these industries is a major factor driving the aluminum market.
Aluminum is an important substitute for various materials such as steel and iron, primarily due to its lower self-weight and high strength properties. Prices of aluminum fluctuate primarily due to its application in several end-user industries and demand for different grades based on the end-use specifications. Factors affecting end-user industries indirectly hamper the demand for aluminum as well, particularly leading to fluctuations in its prices. However, growth in the usage of aluminum alloys in several industries is ascribed to the different properties instilled in pure aluminum by alloying elements.
Key players in the aluminum market are expected to benefit from the formation of strategic alliances with global players. Prominent players operating in the aluminum market include Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), Norsk Hydro ASA, RUSAL, Emirates Global Aluminium PJSC, and RioTinto.
The report analyzes and forecasts the market for aluminum at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global aluminum market. It also covers the impact of these drivers and restraints on demand for aluminum during the forecast period. The report also highlights opportunities in the aluminum market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global aluminum market. The Porter’s Five Forces model for the aluminum market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global aluminum market by segmenting it in terms of product form, manufacturing process, application, and region. These segments have been analyzed based on the present and future trends. Regional segmentation includes the current and forecast demand for aluminum in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual segments in all the regions.
The study includes profiles of major companies operating in the global aluminum market. Key players profiled in the global aluminum market include Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), Norsk Hydro ASA, UC Rusal, and China Hongqiao Group Limited. Market players have been profiled in terms of attributes such as company overview, business strategies, recent developments, financial details, product portfolio, plant/facility details, etc.
The report provides the actual market size for 2017, estimated market size of aluminum for 2018, and forecast for the next eight years. The global size of the aluminum market has been provided in terms of volume and revenue. Market numbers have been estimated based on product form, manufacturing process, application, and region. Market size and forecast for each segment have been provided in terms of global and regional markets.
- The report provides extensive analysis of market trends and shares from 2017 to 2026 at the global as well as regional level, in terms of product form, manufacturing process, and application segments
- It also provides detailed country level analysis and forecast for key countries (the U.S., Canada, Germany, France, the U.K., Spain, Italy, Russia & CIS, China, Japan, India, ASEAN, Brazil, Mexico, GCC, and South Africa) and the rest of the area in each region with respect to different segments
- Detailed Porter’s Five Forces Analysis and Value Chain Analysis have been provided, which include integration between market players
- The report further analyzes various market drivers, inhibitors, current & future market trends, and emerging applications
- The report comprises detailed pricing analysis with respect to application and region. It also includes global and regional level aluminum production output scenario.
- Competition landscape covers key companies’ profiling, market share analysis, and competition matrix for key players
by Product Form
by Manufacturing Proces