May 26, 2020
According to the research report 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 expected to grow significantly during 2019-2026.
Growing demand for aluminum alloys in applications such as electrical & electronics, transport and construction among others, is a major factor driving the global aluminum market growth. Aluminum is a versatile material which is used in various products extending from hardware to soda cans.
As per the product type, the others segment, which comprises of powder and pigments, held 3% revenue share in 2018 and is expected to register commendable growth in the subsequent years. Widespread use of aluminum powder in cosmetics as well as usage of metallic silver pigment in paints is stimulating the segmental growth. Meanwhile, long products segment is poised to expand with a CAGR of 6.7% between 2019 and 2026.
In terms of processing method, drawn segment is predicted to record a y-o-y growth rate of 6.3% during 2019-2026. The growth is attributed to increasing application of the material while making cans, pots and other circular objects. Drawn aluminum tubes are employed in transferring gases or liquid under high pressure.
Alternatively, casting process accounted for 24% market share in 2018 and is slated to acquire noticeable returns in the forthcoming years. Casting is a versatile, cost-effective and simple method of molding aluminum into various products. Rising adoption of aluminum cast products in automotive industry is fueling the growth of the segment.
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Global aluminum market share from consumer durables application segment is estimated to register a robust CAGR during the study period, primarily due to extensive usage of aluminum in manufacturing of dryers, refrigerators and washing machines among others.
On the other hand, equipment & machinery application held 9% market share in 2018 and is reckoned to witness lucrative growth in the ensuing years. Aluminum is a low density and lightweight material which also offers exceptional electrical and thermal conductivity as well as high corrosion resistance, making favorable choice of industrial machinery.
Considering the geographical landscape, Latin America aluminum market is expected to grow with a CAGR of 6.5% through 2026. Increasing construction activities and rapid urbanization are favoring the market outlook in LATAM.
Parallelly, Europe held 14.5% revenue share in worldwide aluminum market in 2018 and is anticipated to showcase similar growth trends in the forthcoming years.
Novelis, Hindalco, Aleris Rolled Products, Logan Aluminum, JW Aluminum, Century Aluminum Co., Arconic, Hangzhou Jinjiang Group, Vedanta Ltd., Alcoa Corp., SPIC, Emirates Global Aluminum, Hongqiao Group, South32, Shandong Xinfa Aluminum Group, Norsk Hydro, Rusal, Rio Tinto, AWAC (Alcoa & Alumina Ltd.) and CHALCO (Aluminum Corporation of China Ltd.) are the major contenders in global aluminum market.