Aluminum Market is forecast to reach USD 244.33 Billion by 2027| Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, etc.

The global Aluminum market is forecast to reach USD 244.33 Billion by 2027, according to a new report by Reports and Data. Aluminum is a low-density, silver-colored metal. The metal finds application in a huge variety of commercial sectors. It can be strengthened by the addition of appropriate alloying elements such as Copper, Magnesium, Manganese, and Silicon, among others. It is commonly used in both cast forms and wrought. The low density of the metal results in its extensive use in the aerospace sector, and in other transportation fields. It is also resistant to corrosion, which leads to its use in food and chemical handling and architectural purposes.

This is the latest report, covering the current COVID-19 scenario. The Coronavirus pandemic has greatly affected every industry worldwide. It has brought along various changes in market conditions. The rapidly changing market scenario and the initial and future assessment of the impact are covered in the research report. The report discusses all the major aspects of the market with expert opinions on the current status along with a historical analysis.

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Key participants include Aluminium Corporation Of China Limited, China Power Investment Corporation, Emirates Global Aluminium PJSC, Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, Dubai Aluminum Company Limited, and Century Aluminum Company, among others.

Asia Pacific led the market of Aluminum. Rapid urbanization, rise in income of people living in urban areas, and rapid industrial development are driving the growth in the market. The continuous advancement in the transport industry and ongoing research and development activities are leading to more effective and cheaper Aluminum, which is fueling the market demand. However, continuous competition from substitutes and fluctuations in the raw material prices are limiting the growth of the market. Growth in the demand from developing nations such as India and China and increased use of recycled products are providing ample growth opportunities for the market.

For the purpose of this report, Reports and Data have segmented into the global Aluminum market on the basis of type, processing method, industry verticals, and region:

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America

Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Primary Aluminum
• Secondary Aluminum

Processing Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Flat Rolled
• Extrusions
• Forgings
• Castings
• Rod and Bar
• Pigments and Powder

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Industry Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
• Transport
• Electrical and Engineering
• Building and Construction
• Consumer Goods
• Foil and Packaging
• Machinery and Equipment

Further key findings from the report suggest

• All types of vehicles, from spaceships to bikes, are made from Aluminum. This metal allows drivers to move at breakneck speed. The metal makes up 75-80% of the modern aircraft. The aluminum alloys are used in several products, such as the body of space shuttle vehicles, telescopic antenna of the Hubble space telescope, parts of launch vehicles and orbital stations, hydrogen tanks used in rockets, fastening units for solar panels, and tips of rockets.

• Primary Aluminum is tapped from electrolytic cells during the electrolytic reduction of metallurgical alumina. It thus excludes recycled Aluminum and alloying additives. The production of the market product is defined as the quantity of primary Aluminum in a defined period. It is the quantity of liquid or molten metal tapped from the pots, and that is weighed before transfer to a holding furnace before further processing.

• Extrusion is a technique that is used to transform aluminum alloy into objects with a definitive cross-sectional profile for a wide range of applications. The product's malleability permits it to be easily cast and machined, and yet it is one third the stiffness and density of steel. Hence, the resulting products offer strength and stability, particularly when alloyed with other metals.

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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