Aluminum Market is Anticipated to Reach $189.8 Billion by 2026

Allied Market Research published a report, titled, "Aluminum Market by End User (Transport, Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, Machinery & Equipment, and Others), Processing Method (Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, and Rod & Bar) and Series (Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7 and Series 8) - Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global aluminum industry garnered $147 billion in 2018, and is estimated to reach $190 billion by 2026, witnessing a CAGR of 3.2% during the forecast period, 2019–2026.

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Drivers, restraints, and opportunities-
Development & technological advancements in transport industry, and rapidly increasing applications across various end user industries fuel the growth of the global aluminum market. On the other hand, fluctuating prices of raw materials and rising competition from substitutes curb the growth to some extent. However, growing demand from emerging economies and increasing use of recycled aluminum products are expected to create lucrative opportunities for the key players in the industry.

Detailed segmentation-
Based on end-user industry, the report segments the market into Transport, Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, Machinery & Equipment, and Others (Solar Panel Nanotechnology and Aluminum Air Batteries). The transport segment accounted for more than one-fifth of the global aluminum market share in 2018 and is expected to rule the roost throughout the estimated period. The same segment would also cite the fastest CAGR of 3.5% till 2026.

Based on processing method, the market is categorized into Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, and Rod & Bar. The Extrusions segment garnered the major share of the global aluminum market in 2018 and is projected to lead the trail by 2026. On the other hand, the flat rolled segment is projected to grow with a CAGR of 4.0% during the study period.

Based on geography, the Asia-Pacific region, followed by Europe and North America, accounted for two-fifths of the global aluminum market revenue in 2018 and is expected to retain its dominance by 2026. The same segment is also projected to grow at the fastest CAGR of 3.4% during the forecast period. The report also analyzes the region across LAMEA.

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Key players in the industry-
• Aluminium Corporation of China Limited (CHALCO)
• Rio Tinto Alcan Inc.
• Xinfa Group Co., Ltd.
• United Company RUSAL Plc.
• Alcoa Corporation
• China Hongqiao Group Ltd.
• East Hope Group Company Limited
• Emirates Global Aluminum PJSC
• China Power Investment Corp. (CPI)
• Norsk Hydro ASA

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