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North America Aluminum Market on target to reach $ 17,995.6 million by 2023: Transportation sector Expected to dominated with a highest market share

03-20-2019 09:27 AM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Aluminum Market

Aluminum Market

According to a report released by Allied Market Research, North American Aluminum Market, Processing Method and End-Use Industry: 2015 - 2023, Opportunity Analysis and Industry Forecasts, the North American aluminum market is valued at $ 1,276 million in 2015, is expected to reach $ 17,995.6 million in 2023, an annual average growth of 5.1%. The transportation sector dominated the market in 2015 with a market share of about one third of sales.

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, emerging economies' technological advances and rapid development and increasing demand for aluminum in various end-user industries such as urbanization, foil and packaging complement market growth.

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 aluminum products at a low cost to the end product industry.

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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. Changes in raw material prices, strict government regulations on energy use, and an increase in substitutes such as carbon fiber, hinder the growth of the aluminum market. However, the growing demand for recycled aluminum products and the increased use of aluminum in emerging economies provide a favorable opportunity for market expansion.

Prominent market players include
• Alcoa
• Norsk Hydro
• Rio Tinto Alcan
• Arconic
• Century Aluminum
• Novelis
• Access Industries
• United Company RUSAL
• Kaisar Aluminum and JW Aluminum

The other player includes United Aluminum, GYFORDPRODUCTIONS, LLC, ALUMINERIE ALOUETTE INC., Extrudex Aluminum, and Almag Aluminum.

In 2015, the transportation sector accounted for one-third of the market in volume. 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 by more than 40 percent in light trucks and cars by 2025. Aluminum engine mounts, tailgate frames, running boards and roof consoles are highly corrosion resistant and flexible, making them more resilient to vehicle crashes. Studies have shown that using aluminum in the automotive industry reduces CO2 emissions.

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The Extrusions segment accounts for the largest share of revenue and is expected to grow at a CAGR of 4.8%. Aluminum extrusions provide lightweight and durability for patio furniture, sports equipment and other products. Flexible and inexpensive extrusion tooling allows manufacturers to experiment with new applications and designs.

KEY FINDINGS OF THE STUDY
• Based on processing method, the flat rolled segment accounted for 29.4% regional share, in terms of value
• Based on end-use industry, the transportation segment dominated the North America market with 31.9% regional market share in 2015 in terms of value
• By country, U.S. is predicted to be the dominant over the forecast period, in terms of both volume and revenue

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About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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