Aluminum Market by End User
The global aluminum market was valued at $147.2 billion in 2018, and is projected to reach $189.8 billion by 2026, growing at a CAGR of 3.2% from 2019 to 2026.
Aluminum is a lightweight, nonmagnetic, soft, and ductile metal present in the boron group. It is the third most abundant element found in the earths crust. It is usually extracted from minerals such as cryolite and bauxite. It forms a reflective coating when evaporated in vacuum, which is utilized for manufacturing of telescope mirrors, packaging products, and toys. It is used in the production of a variety of products such as foils, window frames, kitchen utensils, airplane parts, beer kegs, and others.
Growth in transport industry and technological advancements in aluminum manufacturing technologies and processing equipment are the major factors that drive the growth of the aluminum market. Rapid increase in applications in various end-user industries such as construction and packaging further fuel the market growth. Asia-Pacific is expected to register substantial growth owing to increasing income of people in urban areas, rapid industrial development, and massive urbanization in emerging economies such as China & India. Increase in use of substitutes such as carbon fiber and fluctuation in prices of raw materials are some of the factors restraining the market growth. However, rise in demand for recycled aluminum products is expected to provide potential growth opportunities for the industry.
The market is segmented into grades, end user, processing method, and region. Based on grades, it is categorized into series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8. Based on end user, it is classified into transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others (solar panel nanotechnology and aluminum air batteries). The processing method segment is divided into flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar. Based on region, the market is analyzed across North America, Europe, and LAMEA.
Key players operating in the global aluminum market are Alcoa Corporation, Aluminium Corporation of China Limited (CHALCO), Aluminum Bahrain B.S.C., China Hongqiao Group Ltd., East Hope Group Company Limited, Emirates Global Aluminium PJSC, Norsk Hydro ASA, Rio Tinto Alcan Inc., United Company RUSAL Plc. and Xinfa Group Co., Ltd.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Grades
Series 1 to 8
By Region
o North America
o Europe
o Asia-Pacific
o LAMEA
KEY MARKET PLAYERS
The other players operating in the value chain of the global aluminum market are Ball Corporation, BHP Billiton Limited, Century Aluminium Company, Crown Holdings Incorporated, Constellium N.V., Glencore International AG, Hindalco Industries Ltd., Jindal Iron & Steel Company Limited , JW Aluminum Company, Kaiser Aluminum Corporation, National Aluminum Company Limited, Orkla ASA, Rexam plc, Shandong Nanshan Aluminum Co., Ltd., South32 Limited, State Power Investment Corporation, Talco Aluminum Company, Vale SA, and Vedanta Resources Plc.
