November 25, 2020
According to a recent study titled ‘Aluminum Market Size By Product , By Processing Method, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026’, available with Market Study Report LLC, global aluminum market is projected to record an appreciable growth rate during 2019-2026.
As per the findings of the report, extensive product demand from various end-use industries such as transportation, construction, and electronics among others drives global aluminum market growth. Owing to the versatility of aluminum, its applicability in manufacturing of a variety of products ranging from soda cans to hardware will continue to drive the product demand for years to come.
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Based on the product terrain, global aluminum market is fragmented into extruded products, flat products, long products, forged products, cast products, and others. Among these, others segment comprising of powder and pigments, captured 3% revenue share in 2018 and is slated to gain considerable traction over the forecast period. Extensive utilization of aluminum powder in cosmetics and as a metallic silver pigment in paints drives the segment growth.
In terms of processing method, aluminum industry is segmented into extruding, rolling, casting, drawn, and forging. Of these, drawn aluminum segment is projected to record 6.3% CAGR through 2026, attributable to high usage of the material in production of cans, pots, and other circular objects. Moreover, use off drawn aluminum tubes in transportation of liquids/gases under high pressure boosts the segmental share.
Whereas, casting segment captured 24% market share during 2018 and is expected to witness modest gains in the upcoming years. The simplicity, cost-effectiveness, and versatility of this method for molding aluminum into a wide range of products favors the use of this process, especially is the automotive sector.
Speaking of the application spectrum, global aluminum industry is categorized into construction, transport, electrical & electronics, equipment & machinery, packaging, foil stock, consumer durables, and others. Of these, consumer durables segment is expected to witness an increased demand in the owing to widespread application of aluminum in manufacturing of refrigerators, machines, and dryers among others.
Equipment & machinery segment secured 9% market share in 2018 and is touted to grow substantially during the analysis period. Favorable properties of aluminum such as low density, lightweight, corrosion resistance, and thermal & electrical conductivity makes it top choice for the manufacturing of various industrial machineries. Further, lower cost in comparison to other metals positively impacts the overall industry outlook.
On the regional front, Latin America aluminum market is slated to register a y-o-y growth rate of 6.5% over the projected timeline. The escalating demand for aluminum in the region can be credited to rapid urbanization and subsequent increase in number of construction projects.
Key players impacting worldwide aluminum market dynamics are Emirates Global Aluminium, China Hongqiao Group Ltd., South32, Shandong Xinfa Aluminium Group, Norsk Hydro ASA, United Company RUSAL, Rio Tinto Group, AWAC (Alcoa and Alumina Ltd.), and Aluminum Corporation of China Ltd. among others.