Aluminum Market (Type - Pure Aluminum and Aluminum Alloy; Product - Plates, Ingots, Sheets & Foils, and Cables & Wires; End-user - Transportation, Construction, Electrical, and Foils and Packaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
Aluminum is characterized with properties such as high conductivity, ductility, and malleability. These properties have highly promoted the use of the metal in a number of end use industries, thus driving the global aluminum market. Aluminum is extensively used in the construction industry owing to its light weight and corrosion resistance. In addition to this, it is also used in electrical transmission lines as it acts as a good electrical conductor. This has resulted in an increased production of the metal, thereby propelling the aluminum market. Aluminum finds several applications in the transport and food industry. Consequently, an expansion of these industries has highly contributed to growth of global aluminum market. Moreover, technological advancements and urbanization have also led to an expansion in the aluminum market.
As per expert analysts, the global aluminum market is projected to grow at a CAGR of 6.4% between 2017 and 2025. Growing at this rate, the market will be valued at US$249.29 bn by the end of 2025 from US$143.87 bn in 2016. Ongoing technological advancements and growing awareness about the benefits of aluminum have increased the consumer base of the global aluminum market. The market is majorly bifurcated on the basis of types, products, end users, and geography.
Extensive Use of Aluminum Alloys in the Construction Industry Accounts for its Dominance
On the basis of type, the global aluminum market is segmented into pure aluminum and aluminum alloys. Aluminum alloys hold the highest revenue share in the market as they are extensively used in the construction industry. Moreover, aluminum exhibits high corrosion resistance and high strength when alloyed.
In terms of products, the global aluminum market is divided into plates, sheets & foils, ingots, cables and wires, and others. Out of these products, ingots accounts for the highest revenue share in the market. Ingots are increasingly used in the automobile industry and have several electrical applications. In addition to this, they can be re-melted and processed into a number of products. These factors have highly contributed to the growth of this segment.
On the basis of end users, the global aluminum market is segmented into transportation, electrical, construction, foils & packaging, and others. The transportation segment dominates the global aluminum market in terms of revenue. Aluminum helps in increasing the fuel efficiency of vehicles. This has led to an increasing adoption of the metal in the transportation industry.
Asia Pacific to Dominate the Market Thanks to Rapid Urbanization
Geographically, the global aluminum market is bifurcated into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. In 2016, Asia Pacific accounted for 60% of share in the global aluminum market. The region is further expected to lead during the forecast period. This growth can be attributed to a flourishing construction industry in this region. Moreover, rapid urbanization in developing economies such as India and China have propelled the market’s growth in Asia Pacific. China holds the highest revenue share in the aluminum market in this region. The market in Europe is driven mainly by Germany owing to A booming automobile industry in this region. Rapid industrialization has also contributed to the market’s growth in Europe.
Prominent players in the global aluminum market include Alcola Corporation, Emirates Global Aluminum PJSC, Aluminum Corporation, RioTinto, Kaiser Aluminum Corporation of China Limited, and RUSAL.
Global Aluminum Market: Overview
This report analyzes and forecasts the market for aluminum at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Kilo Tons) from 2017 to 2025. 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. Porter’s Five Forces model for the aluminum market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users 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 type, product, end-user industry, and region. These segments have been analyzed based on 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 demand for individual end-user segments in all the regions.
Global Aluminum Market: Scope of Study
The report provides the estimated market size of aluminum for 2016 and forecast for the next nine years. The global market size of aluminum has been provided in terms of revenue and volume. Market numbers have been estimated based on key type, product, end-user industry, and regional segments of aluminum market. Market size and forecast for each major types and product have been provided in terms of global and regional/country markets.
Global Aluminum Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, Aluminum Association standard, European Aluminium Association, The Aluminum Association, Factiva, etc.
Global Aluminum Market: Market Dynamics
The market for aluminum is primarily driven by stringent greenhouse gas (GHG) & carbon emission norms, growing focus on usage of hard but lightweight aluminum alloys for manufacturing vehicle durable components, emission reduction with the use of aluminum, low toxic emission and high operating speed of automobiles, etc.
Global Aluminum Market: Competitive Landscape
The study includes profiles of major companies operating in the global aluminum market. Key players in the aluminum market include Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), Norsk Hydro ASA, RUSAL, Emirates Global Aluminium PJSC, RioTinto, and others. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
The aluminum market has been segmented as follows: