May 21, 2020
As per the report titled ‘Aluminum Flat Products Market Size By Product, By End-Use, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2026’, available with Market Study Report LLC, global aluminum flat products market is expected to amass substantial revenues by the year 2026.
Escalating demand from the automotive sector for reducing vehicle weight and improving fuel efficiency, along with robust growth of the construction sector due to rapid urbanization are among the major growth drivers of aluminum flat products market.
Aluminum is the third most abundant element in the world. It is completely recyclable and requires lower energy for recycling of scrap aluminum than manufacturing new aluminum. Features such as durability, conductivity, ductility, malleability, odorless, and corrosion resistance of aluminum are fueling the product demand for manufacturing several products including aircrafts, building exteriors and interiors, household utensils, refrigeration, outer packages, and others.
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With respect to product, aluminum strips segment held 3% market share in 2018 and is expected to see decent growth throughout the forecast duration. Aluminum strip is extensively used in transformers, cables, blinds, composite pipes, heaters, and optical cables. Shifting focus towards substituting copper strips with aluminum strips across several industries, owing to latter’s better conductivity and lower price will boost the segment growth in the coming years.
Speaking of the end-use spectrum, others segment, including printed circuit boards and defense tanks, held over 2% market share in the recent past. Aluminum printed circuit boards comprise of metal-based laminates covered by copper foil circuit layers, that possess exceptional thermal conductivity and electrical insulation. In addition, several characteristics like environmental friendly, high durability, efficient heat dissipation, and low weight are encouraging the use of aluminum printed circuit boards.
Considering the geographical outlook, Latin America accounted for 3.5% share in global aluminum flat products market in last few years and is likely to show appreciative growth over the forecast period.
Meanwhile, aluminum flat products market in MEA is slated to register 3% CAGR through 2026, owing to rapidly expanding industrial sector and increasing number of infrastructure development activities in the region.
Key players in global aluminum flat products market are Aleris Corporation, Hindalco Industries Limited, UACJ Corporation, Norsk Hydro, Maharashtra Metal, Constellium, JW Aluminum, Arconic, National Aluminum Company Limited (NALCO), Alcoa Corporation, ELVALHALCOR Hellenic Copper and Aluminum Industry S.A, Novelis, Rusal, and Logan Aluminum.