Press release
Aluminum Billets Market Forecast 2024-2033 - Size, Share Analysis, Industry Trends And Leading Regions
Aluminum Billets Market
The Business Research Company's Aluminum Billets Global Market Report 2024 identifies rapid adoption of billets in the automotive industry as the major driver for the Aluminum Billets market's growth in the forecast period. The automotive industry refers to the collection of companies, organizations and activities involved in designing, developing, manufacturing, marketing and selling motor vehicles. Aluminum billets are widely used in the automotive industry due to their superior strength-to-weight ratio, durability and versatility.
The aluminum billets market size has grown strongly in recent years. It will grow from $95.93 billion in 2024 to $104.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to demand from automotive industry, demand from aerospace industry, rising construction and infrastructure development, government initiatives .
The aluminum billets market size is expected to see strong growth in the next few years. It will grow to $141.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
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Major competitors in the Aluminum Billets market are Glencore PLC, BHP Group Limited, Rio Tinto PLC, Hindalco Industries Ltd., Norsk Hydro ASA, Vedanta Resources, Novelis Inc., China Hongqiao Group Limited.
A key trend in the Aluminum Billets market includes lack of skilled labor acts. The aluminum industry requires a trained and skilled workforce, and the development of skilled workers takes years. The shortage of skilled workers can also lead to higher labor costs, which can make the production of aluminum billets more expensive. For instance, in July 2022, The American Welding Society, a US-based non-profit organization, estimated a shortage of 400,000 workers by 2024, which includes the aluminum manufacturing and processing industry.
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The Aluminum Billets market is segmented -
• By Type: Aluminum Billets Series 1000, Aluminum Billets Series 3000, Aluminum Billets Series 6000, Other Types
• By Manufacturing Process: Continuous Casting, Direct Chill Casting, Semi-Continuous Casting
• By Size: Small-Diameter Billets, Large-Diameter Billets
• By Purity: High Purity, Standard Purity
• By Application: Automotive, Building And Construction, Transportation, Electrical And Energy, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacificwas the largest region in the Aluminum Billets market.
The Business Research Company's "Global Aluminum Billets Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Aluminum Billets Market Include:
1. Executive Summary
2. Aluminum Billets Market Characteristics
3. Aluminum Billets Market Trends And Strategies
4. Aluminum Billets Market - Macro Economic Scenario
5. Global Aluminum Billets Market Size and Growth
………………………………………………….
32. Global Aluminum Billets Market Competitive Benchmarking
33. Global Aluminum Billets Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Aluminum Billets Market
35. Aluminum Billets Market Future Outlook and Potential Analysis
36. Appendix
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