The global aluminum market displays a highly consolidated vendor landscape with a handful of large players holding key share, states Transparency Market Research (TMR) in a new market study. Due to high price sensitivity of aluminum alloys, price wars are seen among existing manufacturers. This, in turn intensifies competition among players in the aluminum market.
Top players in the global aluminum market include Norsk Hydro ASA, Alcoa Corporation, Aluminum Corporation of China Limited, Emirates Global Aluminum PJSC, RUSAL, and Rio Tinto.
According to findings of the TMR report, the global aluminum market is predicted to display a healthy 5.6% CAGR between 2018 and 2026, for the market to be worth US$303.53 bn by 2026. The market stood at a valuation of US$188.24 bn in 2017.
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Desire for Lightweight Automotive Components to enhance Vehicle Efficiency spurs Growth
Exponential growth of the automotive industry is a key factor driving the global aluminum market. With a spurt of technological and mechanical advancements in automotive that requires light-weight body, the future of the aluminum industry is bright. Players in the aluminum market are making efforts to develop lightweight aluminum alloys that fulfill these requirements.
Aluminum alloys in automotive present other advantages too. Mechanically, resistance experienced by vehicles impacts fuel consumption and CO2 emissions. As a rule of thumb, higher resistance results into greater thrust to move the vehicle resulting in increased CO2 emissions. Vehicle performance parameters such as rolling, acceleration resistance, and gradient are highly dependent on vehicle weight. Lightweight design of vehicles that employs lightweight materials such as aluminum can help lower CO2 emissions in automobiles.
Due to such tangible benefits, the use of aluminum in automobiles is likely to surge to a high degree. The use of aluminum body sheets is likely to rise by 110% over the next 10 years.
The growth of the construction sector worldwide has given impetus to the global aluminum market. Aluminum and aluminum alloys are some key materials in the buildings and construction industry. Aluminum and aluminum alloys are extensively used for the foundation of buildings. Aluminum is a material of choice for construction due to its performance properties such as design flexibility, durability, high reflectivity, high strength-to-weight ratio, and low maintenance.
Favorable Physical Properties of Aluminum pushes Demand in Food & Beverages
Expansion of the consumer goods industry is providing impetus to the aluminum market. Aluminum is used in a number of packaging solutions such as beverage cans, aerosol sprays, food containers, tubes, and bottles. In particular, the exponential growth of the food & beverages industry is serving to boost the aluminum market. Aluminum is ideally suited for packaging solutions for food and beverages as it displays high strength, high durability, light weight, high recyclability, and resistance to moisture, gases, and light.
The review presented is based on the findings of a TMR report, titled “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.”
The global aluminum market is segmented as follows;
Aluminum Market, by Product Form
- Flat Products
- Long Products
- Forged Products
- Cast Products
Aluminum Market, by Manufacturing Process
Aluminum Market, by Application
- Aerospace & Defense
- Power Train
- Chassis & Suspension
- Body Components
- Building & Construction
- Electrical & Electronics
- Foils & Packaging
- Beverage Cans
- Bottles & Containers
- Aerosol Cans
- Foil Wraps
- Medical Packaging
- Industrial Machinery
Aluminum Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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