Aluminum Market Overview:
Aluminum Market is estimated to reach USD 221,132.84 Mn by the end of 2023, expanding at a CAGR of 6.48% during the forecast period.
Aluminum products are used in various industries such as transportation, packaging, construction, and others. 40% of the global aluminum market’s products was used in the transportation industry in 2015. The construction industry is expected to grow due to better lifestyle and increase in disposable incomes of the population of both developed and developing economies.
The packaging industry is also one of the major end-users of the aluminum market and it is expected that this industry will grow significantly. The increasing demand of aluminum is directly proportional to the growing demand for value-added and recycled products. Aluminum industry does not have any bad effect on the environment due to which demand of the aluminum industry has increased. The growing preference of aluminum products for sustainable and innovative technology will also drive the aluminum market globally.
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Aluminum Market Key Players:
Aluminum Market includes are: United Company Rusal, Aluminum Corporation of China Limited, Alcoa Inc., BHP Billiton GroupRio Tinto, Norsk Hydro Asa, Century Aluminum Company, Rio Tinto, China Hongquiao Group Limited, Aluminum Bahrain B.S.C. and Hindalco Indsutries Limited.
Aluminum Market Segmentation:
Aluminum are segmented on basis of type and end-use. Globally, aluminum market is growing due to the logistic and automobile industry. In the developing transport sector, use of aluminum has increased in automobile manufacturers due to its effectiveness, cost effectiveness, sustainability, safety, and durability. The demand for aluminum in the automotive industry is also increasing rapidly due to the development of lightweight and high-quality products. Automotive manufacturers are using non-ferrous casting materials such as alloys of aluminum, zinc and magnesium as these materials are lightweight, resistant to corrosion and have high conductivity. The growing demand for lightweight, faster and fuel-efficient vehicles will result in more use of aluminum in the automotive industry in the coming years.
Aluminum is a lightweight metal, which is produced from bauxite. Bauxite is rich in aluminium oxides, which is melted and electrolysed to produce different types of aluminium alloys. These alloys are further processed to make value added products such as cans, foils, utensils, frames, and structure among others. The market is primarily driven by the increasing adoption of aluminium in the automotive sector with increasing scrutiny on emissions from vehicle and prevalence of lightweight trends in the automotive sector.
Aluminum Market Key Findings:
Aluminum Market is projected to reach USD 221.14 Billion by 2023 at a CAGR of 6.48% during the review period 2018-2023. The Asia-Pacific market is accounted for the largest share and estimated to grow at CAGR of 6.69% to reach USD 141.95 Billion till 2023 due to growing end-use industries in this region.
Aluminum Market Regional Analysis:
Aluminum Market mainly includes automotive and construction industries due to better and modern lifestyle which is followed in Asia Pacific and North America.
China’s aluminum production has grown rapidly. In 2010, China produced 7.7 Million Tons of aluminum, and has an average annual growth rate of 15% with respect to contributing in the growth of the aluminum market in the last ten years till 2015. Although China is the world’s largest producer and consumer of aluminum, it is not a major exporter or importer of aluminum (although it does export value-added products such as extrusions). In 2015, Russia was the world’s largest exporter of aluminum, exporting 3.4 Million Tons, which accounts for 18 % of the total export of aluminum globally. The world’s largest importer in 2015 was Germany, which imported 2.59 Million Tons which is equivalent to 11 % of the world’s total imports.
Aluminum production cost includes in these four things: labour, power support, consumables, alumina feed and others. Australia has the lowest unit cost for alumina feed, but has the highest unit cost for labour. China is accounted have the highest unit cost for power and lowest unit cost for administration and support. Unit costs in Australia, China and India are same with respect to global aluminum market is same. The unit cost in these countries are more when compared to Indonesia and when compared to Malaysia, the unit cost in these countries are low.
Aluminum Market Competitive Analysis:
Aluminum is a consolidated market with 80% market being controlled by the top ten players operating in the market, the competition is moderate among the players. Furthermore, almost all the aluminium manufactures are upstream integrated and owns bauxite mines for raw material sourcing, which is an advantage for existing players in the aluminium metals market. Strategies adopted by the players in the market include product development and expansion among others. For instance, RUSAL expanded its aluminium value added products output by adding a “Properzi” rolling mill into operation at its Kandalaksha Aluminium Smelter facility. The company invested USD 19.8 million in the new equipment capable of producing 50 KT aluminium value added products per annum.
Aluminum Market Table of Content:
1 Report Prologue
2 Scope of the Report
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
Aluminum Market Table of Content to be Continue……,
Complete List of Tables and Figures @ https://www.marketresearchfuture.com/reports/aluminum-market-2031
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