Aluminum Market value set to reach $167,277 Million by 2022

According to a new report published by Allied Market Research, titled, Aluminum Market by End User and Processing Method: Global Opportunity Analysis and Industry Forecast, 2014-2022 the global aluminum market was valued at $133,564 million in 2015, and is projected to reach $167,277 million by 2022, growing at a CAGR of 3.3% from 2016 to 2022. The transport segment dominated the market in 2015, with more than one-fourth share, in terms of revenue.

Aluminum is a non-magnetic and ductile metal with a dull luster due to its thin aluminum oxide coating. Low metal density, corrosion resistance and thermal conductivity are some characteristics that are ideal for many different industries. Growth in the transportation industry is a key driver of growth in the global aluminum market. In addition, the growing demand for aluminum in various end-user industries such as technological advances in emerging economies, rapid development and urbanization, foil and packaging complements market growth.

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Modern manufacturers are improving the design of aluminum cans to make them more hygienic. The overall increase in production capacity and highly vertical integration by core leaders is observed in the industry. Manufacturers integrate the value chain to control the supply chain and provide end-users with low-cost aluminum products. The US Food and Drug Administration (FDA), the American Society for Testing and Materials (ASTM), the International Organization for Standardization (ISO) and the Environmental Protection Agency (EPA) are some of the regulators in the aluminum market.
The transportation sector accounted for more than a fifth of the market volume by volume in 2015. Aluminum products are widely used in the transportation industry due to their performance, strength to weight ratio, thermal conductivity, corrosion resistance, safety and environmental benefits.

North American carmakers plan to increase aluminum use in light trucks and cars by more than 40 percent by 2025. Aluminum engine mounts, tailgate frames, running boards and roof consoles are highly corrosion resistant and are more resilient to vehicle collisions due to their flexibility and uniqueness. power. Studies have shown that using aluminum in the automotive industry reduces CO2 emissions.

Extrusions account for the largest share of sales and are expected to grow at an average annual rate of 2.9%. Aluminum extrusions provide lightness and durability in patio furniture, sports equipment and more. Flexible and inexpensive extrusion tooling allows manufacturers to experiment with new applications and designs.

Key Findings of the Aluminum Market:

  • Asia-Pacific is expected to lead the market during the forecast period, followed by Europe.
  • Flat rolled market volume is projected to grow with a CAGR of 4.0% during the forecast period.
  • The transport segment is expected to show highest growth, registering a CAGR of 3.6%.
  • Turkey accounted for 1.6% share in the LAMEA aluminum market in 2015.
  • Mexico is projected to grow at a fastest rate in the North America aluminum market, registering a CAGR of 4.0%.
  • Germany accounts for 8.4% share in the European aluminum market in 2015.

Asia-Pacific and Europe collectively contributed more than half of the share to the global aluminum market revenue in 2015. In the same year, Asia-Pacific dominated the market owing to massive urbanization, growth in income of people in urban areas, and rapid industrial development.

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The prominent market players are Alcoa Corporation (U.S.), Aluminium Corporation of China Limited (CHALCO) (China), China Hongqiao Group Ltd. (China), China Power Investment Corp. (CPI) (China), East Hope Group Company Limited (China), Emirates Global Aluminium PJSC (UAE), Norsk Hydro ASA (Norway), Rio Tinto Alcan Inc. (Canada), United Company RUSAL Plc. (Russia), and Xinfa Group Co., Ltd. (China).

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