Aluminum Market Targets to Reach $167,277 Million by 2022
Aluminum is an electronegative metal, which possesses strong affinity for oxygen. It is the sixth most ductile and second most malleable metal present on earth. It is exceptionally light having 2.7g/ccm density, is impervious to dust, possesses high degree of conductivity, and exhibits significant strength when alloyed.
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It is widely used in food & packaging and pharmaceutical industries, as it is nontoxic in nature, preserves food for prolonged times, inhibits growth of microorganisms. Aluminum is good electrical conductor and thus is used frequently in electrical transmission lines. In addition, it is used as primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of Aluminum, which makes it a favorable choice for various industrial applications.
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.
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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