Aluminum Market 2022 Update by key industry players: Alcoa Corp., Aluminum Corp. of China Ltd., China Hongqiao Group Ltd., Emirates Global Aluminum PJSC, National Aluminum Co. Ltd., Kaiser Aluminum Corp., Norks Hydro ASA
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Building and Construction Dominate the Aluminum Market
Building and construction accounted x% market share and it is expected to grow with a CAGR x% from 2022-2028. Building and Construction is expected to grow drastically due to its inherent advantages of lightness and corrosion resistance. Aluminum is utilized in a variety of applications, including exterior facades, roofs, and walls, windows and doors, stairwells, railings, and shelves, among others. The automotive industry is also expected to grow at a significant CAGR over the forecast years owing to the use of aluminum in various parts of vehicles due to its lightweight and high durability.
Asia Pacific leads Aluminum Market
In the Asia Pacific, the Aluminum market holds the market share x% in 2021 and the market expected to grow at significant CAGR during the forecast period. China, Japan, and India are the major contributors to the growth of the Asia Pacific market. The growing demand for the automobile industry, and construction industry increases the demand for the region. Moreover, implementation of plastic ban results to increase in demand for Aluminum from end-users such as food and pharmaceutical packaging are anticipated to the growth of the North American market.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
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Aluminum Market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. In November 2020, Meiyume launched new Infinite aluminium packaging range of cosmetic bottles & jars to minimize the use of plastic packaging. These products are available with capacities, for bottles from 100 to 250mL, and jar capacities from 60 to 80mL
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