Aluminium, which is lighter than steel, is the most abundantly available metal in the earth’s crust. Every year nearly 41 million tons of aluminium is utilized in various applications such as in beer cans, electrical cables, auto bodies, and in aircraft skins. According to IndustryARC, the global market demand for aluminium was noted to be 79 million tons, in 2018. It is set to grow at a CAGR of 4.2% during the forecast period 2019-2025, owing to continuous demand from transportation, construction and packaging industries.
The market report by IndustryARC titled, “Aluminum Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019-2025”, provides an in-depth assessment of the market size, market drivers, trends, opportunities, competitive landscape, strategic analysis and geographical analysis of the global Aluminium Market. This information will prove useful to new investors looking to enter this market.
Aluminum Market: Leading Segments
In 2018, China was the largest aluminium producer in the world, and produce nearly half of the world’s aluminium. According to Roy Harvey, CEO, Alcoa Corporation “China’s enormous subsidization for its aluminum manufacturers are increasing the Asian metal production and also driving the surplus plant capacities.” Relentless demand for aluminum from the aerospace, automotive and building industries of China are leading aluminium market growth in the APAC region. As a result, APAC held a domineering share of 66% in the global aluminium market in 2018.
Aluminum is the most preferred material for use in autos and commercial vehicles, as it provides the safest, fastest, and most eco-friendly, and cost-effective approach to upsurge performance and fuel economy of the vehicles. Additionally, it also reduces emissions while maintaining durability of vehicles. The Aluminium Association's Aluminum Transportation Group (ATG) states that utilization of aluminum saved 108 million more barrels of crude oil in energy, as compared to a fleet of traditional steel vehicles. Ongoing research by OEMs to develop new aluminum alloys, with improved strength and ductility, has been encouraging automakers to shift from steel towards aluminium. Consequently, automotive aluminum has been recognized as the fastest growing application for the global aluminum market, projected to grow at a CAGR of 4.3% over the forecast period.
Aluminum Market: Disruptive Trends
Non-toxic packaging material, namely aluminium, is commonly used for packaging of food and beverage products. Approximately 20% of the produced aluminium is used as a packaging material.
Around 70% of commercial aircrafts are incorporated with aluminum alloys, due to the metal’s properties of corrosion resistance and high temperature tolerance.
On a yearly basis, 15% of aluminium produced is utilized for construction applications, due to the metal’s durability and corrosion resistance properties. It is mainly used in windows and door frames, siding, structural framing, roofing, shutters, gutters, and in garage doors as well.
Aluminum Market: Major Players
Alcoa, Chalco, Alcan, China Hongqiao, Rusal,Shandong Xinfa Aluminum Group Co. Ltd, East Hope Group, Rio Tinto, Norsk Hydro, BHP Billiton are some of the foremost players in the aluminium market .
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A. Aluminium Chloride Market Analysis
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C. Aluminum Casting Market
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