Aluminum Market to Grow $167,277 Million by 2022 : Asia-Pacific is expected to lead the market and expected to reach faster

Aluminum is a non-magnetic and ductile metal with 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, market growth is complemented by increased demand for aluminum in various end-user industries such as technology development, rapid development and urbanization of emerging economies, foil and packaging.

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 key 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.

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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.

Transport segment accounted for more than one-fifth of the market, in terms of volume, in 2015. Aluminum products are extensively used in transport industry due to their performance, weight to strength ratio, thermal conductivity, corrosion resistance, safety, and environment benefits. North American automotive manufacturers plan to increase aluminum usage in light trucks and cars by over 40% by 2025. Aluminum engine mounts, tailgate frames, running boards, and roof consoles are corrosion resistant and are more resilient in vehicle crashes due to their flexibility and inherent strength. Studies have confirmed that use of aluminum in motor industry reduces CO2 emissions.

Extrusions segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 2.9%. Aluminum extrusions offer lightweight and durability to patio furniture, sports equipment and others. Flexible and low cost extrusion tooling allows manufacturers to experiment with new applications and designs.

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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.

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).

Asia-Pacific: Regional Analysis

China accounted for the highest market share in the Asia-Pacific aluminum market in 2015 owing to massive urbanization and industrial development. The transport and building & construction industries jointly accounted for more than 50% of the overall aluminum usage in China. New product developments, capacity expansions, and acquisitions are the key strategies used by the Chinese manufacturers to increase their market share. China’s national environmental program to reduce CO2 emissions and increase in industrial energy efficiency led to shutdown of multiple aluminum smelters, which declined the aluminum production in China. Under the new rules, energy consumption for upgraded and new aluminum smelters should be below 13,200 kwh for ingots and 12,750 kwh per ton for liquid form. Product innovation and capacity expansions are the key strategies used by Korean manufacturers to increase their market share.

Key Benefits

• This report provides a quantitative and qualitative analysis of the current market trends and estimations from 2014 to 2022, which assists to identify the prevailing market opportunities in different application segments.
• Market trends of major countries in each region are mapped according to projected market revenue.
• Top investment pockets highlight the opportunity in the most lucrative application segment.
• Focused study of the factors that drive and restrict the growth of aluminum market is provided.
• An in-depth analysis of different regulations within the market is provided.
• Key manufactures of aluminum products are profiled and their recent developments are listed.

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