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Market SynopsisAluminum is one of the metals found in surplus owing to bauxite reserves available globally. But the increasing consumption rate of Aluminum coupled with availability of substitutes such as plastic can threaten the market. But its characteristics of durability, high strength, corrosion resistance, ductility, and reflectivity make it highly desirable among its end-users.
The Global Aluminum Market is projected to enjoy an impressive 6.71% CAGR through 2018 to 2023 (forecast period). The rising demand from industries such as transportation and construction is expected to drive market growth throughout the forecast period. The market had registered a demand of 85,916.6 kilotons in 2017. The popularity of secondary/recycled aluminum and increasing demand for Aluminum in aerospace and automotive sectors are factors expected to boost market volume till 2023. The market demand is expected to enjoy a 5.56% CAGR during the forecast period thanks to opportunities for Aluminum die cast products in the automotive sector.
The depleting bauxite reserves may hinder the global market growth. In order to curtail this, manufacturers in the U.S., Brazil, and other nations are cutting down on production to stabilize increasing prices. The high import tariffs imposed on China and India may impede the market demand. But open negotiations between the nations can resolve this matter and leave the market unaffected.
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Report Overview
The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the Global Aluminum Market segmented by type, product, application, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
Segment Overview
By Type, the Global Aluminum Market is segmented into primary and secondary. Products in the market comprise flat rolled, castings, extrusions, forgings, pigments & powder, rod & bar, utensils, and others. The flat rolled segment is sub-segmented into foil stock, can body stock, lithosheet, building sheet, common alloy, and others. The rod & bar segment is similarly sub-segmented into aluminum conductors, wires & cables, and others.
Key market applications include machinery & equipment, building & construction, foil & packaging, hardware & accessories, transportation, electrical, consumer goods, solar, utensils, and others.
The segments covered in the aluminum market report are analyzed with respect to five main regions – North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA), with respective country-level market sizing. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market ladder.
Competitive Landscape
Noteworthy industry participants in the Aluminum Market include Aluminum Bahrain (Bahrain), Century Aluminum Company (U.S.), Norsk Hydro ASA (Norway), Emirates Global Aluminum PJSC (UAE), Rio Tinto Alcan Inc. (Canada), Hindalco Industries Limited (India), Rio Tinto Australia (Australia), BHP Billiton Aluminum Australia Pty Ltd. (Australia), Aluminum Corporation of China (China), China Hongqiao Group (China), Alcoa Corporation (U.S.), RUSAL (Russia), Vedanta Ltd. (India), and others. The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.
Research Methodology
At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of primary aluminum and secondary aluminum manufacturers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
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