What will boost Aluminum Market in coming years? Key players Chalco, AWAC, Rio Tinto, Rusal, Alcoa Corporation, Novelis
During the period of 2019-2026, the Aluminum Market is anticipated to expand with a CAGR of 6.5%. The global aluminum market is poised for robust growth on account of widespread applications across several industry verticals.
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In addition to the aerospace & defense sector, aluminum is extensively used in the food industry for packaging consumable items. Aluminum foils have emerged as a preferred packaging option to avert the loss of valuable aromas in food items. The product's superior properties like strength and formability make it a vital part in several packaging and container products.
Based on product, the aluminum market is classified into forged products, flat products, extruded products, cast products, and long products. Out of these, the forged product segment is expected to record significant growth by the year 2026.
Growth Drivers are
o North America : Growing construction and automotive industry growth
o Europe : Rising consumer preference for aluminum packaging
o Asia Pacific : Significant industrialization & construction activities
These products are extensively used across aerospace & defense, marine, transportation, and commercial & military aviation owing to its ability to endure through intense physical conditions. Forged aluminum also offers fatigue resistance, exceptional toughness, stress & corrosion resistance, and cryogenic properties. These features may help drive forged aluminum market size over the forecast period.
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Aluminum market is gaining traction across transportation application as well. Burgeoning trends for manufacturing commercial vehicles may fuel the demand for aluminum. Meanwhile, profound application in consumer durables such as sports equipment, tablet, PCs, furniture, and flat TVs may improve its market outlook.
On the regional front, China is anticipated to offer lucrative growth opportunities for companies operating in the aluminum market. China recorded the highest market share owing to substantial industrial development and urbanization. Rapid growth in the Chinese economy has led to the development of several new aluminum smelting facilities.
By Processing Method
o Electrical & Electronics
o Equipment & Machinery
o Consumer durables
o Foil Stock
Key players are - Chalco, AWAC, Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminium Group, South 32, Hongqiao Group, Emirates Global Aluminum, SPIC, Alcoa Corporation, Vedanta Limited, Hangzhou Jinijang Group, Arconic, Century Aluminium, JW Aluminium, Logan Aluminium, Aleris Rolled Products, Hindalco, Novelis.
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