December 03, 2020
According to the research report titled ‘Global Aluminum Rolled Products Market Size study, by Grade (1xxx Series, 3xxx Series, 5xxx Series, 6xxx Series), by End-Use Industry (Automotive & Transportation, Automotive Aerospace, Train, Ship building, Building & Infrastructure, Building Facades, Doors & Windows, Packaging, Consumer Durables, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global aluminum rolled products market was appraised at USD 42.4 billion in the year 2019 and is likely to showcase a y-o-y growth rate of 6.7% during 2020-2027.
Rapid expansion of automobile & transportation sectors coupled with increasing infrastructural development are some of the major factors driving the growth of global aluminum rolled products market.
For those unfamiliar, aluminum is a transparent, machinable, non-toxic, lightweight and highly conductive metal. It is widely adopted in various items such as beer kegs, aircraft parts, kitchen utensils, window frames, bottles, and foils.
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The material is corrosive resistant and has a low density. Moreover, aluminum also provides with high thermal conductivity and is relatively easy to mold, shape or plant. Other properties of aluminum such as non-magnetic and non-sparking nature have impelled its adoption rates across various end-user verticals, which in turn is augmenting worldwide aluminum rolled products market remuneration.
Technological advancements coupled with growing demand for aluminum products from emerging economies are lucrative growth opportunities for industry participants. In fact, Novelis Inc. had reportedly acquired a leading supplier of rolled aluminum products Aleris Corporation.
Thus, focus among major companies towards innovative product launches and strategic business collaborations are adding traction to the overall market size. However, factors such as high capital investments and rising prevalence of COVID-19 may hamper the growth of global aluminum products market.
From the regional point of view, North America aluminum rolled products industry is expected to register substantial growth during the forecast period. Rising R&D activities in order to develop cost efficient and innovative aluminum products are favoring the regional market scenario.
Asia-Pacific, on the other hand, is predicted to emerge as a key revenue generator for global aluminum products industry in the upcoming years owing to high concentration of prominent companies, availability of low cost raw materials and labor as well as booming construction vertical.
Hai Phong Aluminum Enamel Factory, Shandong Xinfa Huaxin Aluminum Co. Ltd., China Hongqiao Group Limited, Aluminum Corporation of China Limited, Granges AB, Norsk Hydro ASA, UACJ Corporation, Constellium SE, Arconic Rolled Products Corporation, and Novelis Inc. are the key competitors in global aluminum rolled products market.