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Aluminum Market is expected to grow at a CAGR of 5.3% during the forecasted period | Evolve Business Intelligence
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The Aluminum Market is primarily driven by the increasing Demand for Lightweight Materials. Stringent fuel efficiency regulations and the rise of electric vehicles drive the adoption of aluminum as it reduces vehicle weight and improves fuel economy. Aluminum's light weight and high strength-to-weight ratio make it ideal for aircraft components, enhancing performance and fuel efficiency.
Key Players
Some of the major Aluminum Market players holding high market shares include Alcoa Corporation, Century aluminum company, JW Aluminum, Kaiser Aluminum and Novelis Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Norsk Hydro ASA, Rio Tinto and Hindalco Industries Ltd.
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Segmental Analysis
Based on Product Type, the Aluminum Market is segmented into flat-rolled, castings, extrusions, rod & bar and forgings. The flat-rolled segment accounted for the largest market. A warmed aluminum slab is reduced through passes between paired, flat-surfaced steel rolls to achieve the final thickness. Rolled aluminum is one of the most adaptable materials available for major industries, including packaging, transportation, building, and construction, because of its lightweight, high strength, and durability.
Based on Application, the Aluminum Market is segmented into building & construction, automotive & transportation, foil & packaging, power, machinery & equipment (industrial), consumer goods. The automotive & transportation segment accounted the largest market share. Due to its high strength, lightweight, recyclable, corrosion resistance, and thermal and electrical conductivity, aluminum is mostly employed in the automotive sector. It is widely utilized in buses, lorries, and passenger cars.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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