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Aluminum Market Analysis and the Impact of COVID-19 Key Vendors, Growth Rate and Forecast To 2026
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Technological developments in the transport industry and rise in use of top-graded applications across various end user industries drive the growth of the global aluminum market. On the other hand, wavering prices of raw materials and rising competition from substitutes impede the growth to certain extent. Nevertheless, surge in demand from emerging economies and growing use of recycled aluminum products are anticipated to pave the way for multiple opportunities in the near future.
The transport segment to dominate by 2026-
By end-user industry, the transport segment contributed to more than one-fifth of the total market revenue in 2018 and is projected to retain its dominance by the end of 2026.The same segment is also expected to manifest the fastest CAGR of 3.5% from 2019 to 2026. The other segments analyzed in the report include Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, and Machinery & Equipment.
The extrusions segment to lead the trail till 2026-
By processing method, the Extrusions segment generated the highest share of the global market in 2018, and is anticipated to maintain the lion’s share during the estimated period. Simultaneously, the flat rolled segment would register the fastest CAGR of 4.0% by 2026. The other segments assessed through the report include Castings, Forgings, Pigments & Powder, and Rod & Bar.
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Asia-Pacific to remain lucrative during the forecast period-
By geography, the region across Asia-Pacific garnered two-fifths of the total market share in 2018 and is predicted to rule the roost throughout the period. The same province would also portray the fastest CAGR of 3.4% from 2019 to 2026. The other regions analyzed through the report include North America, Europe, and LAMEA.
Key players in the industry-
The key market players analyzed in the global aluminum market report include Aluminium Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., China Power Investment Corp. (CPI), Xinfa Group Co., Ltd., United Company RUSAL Plc.,Norsk Hydro ASA, East Hope Group Company Limited, Alcoa Corporation, Emirates Global Aluminum PJSC, and Rio Tinto Alcan Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flairs in the industry.
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