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Aluminum System Market Top Trends, Surging Demand, Detailed Analysis, Overview And Forecast To 2033
Aluminum System Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the aluminum system industry. This report on aluminum system market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The aluminum systems market size has grown strongly in recent years. It will grow from $154.48 billion in 2023 to $163.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to lightweight and high strength-to-weight ratio of aluminum, increased in use in construction and building industry, sustainability and recyclability of aluminum materials, corrosion resistance and durability of aluminum products, growth in demand in automotive and transportation sectors.
The aluminum systems market size is expected to see strong growth in the next few years. It will grow to $212.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to adoption of aluminum in green building and leed certification projects, urbanization and growth of megacities driving construction activities, demand for aluminum in packaging and consumer goods industry, increasing applications in electronics and electrical components, automotive industry shift towards electric vehicles (EVs) and lightweighting. Major trends in the forecast period include advancements in aluminum alloys and coating technologies, energy-efficient windows and doors, smart and sustainable infrastructure, aluminum in transportation electrification, circular economy and recycling initiatives.
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Key Market Players:
Rusal, Alcoa Corporation, Aluminum Corporation of China Limited, Rio Tinto Group, BHP Group Limited, Ryerson Inc., Bonnell Aluminum, Joseph Fazzio Inc. are prominent players in the aluminum system industry.
Market Drivers:
According to the Aluminum System Market Report 2024 by The Business Research Company, The growth in the automobile industry is driving the aluminum systems market. The design, development, production, marketing, and sale of automobiles are the various activities that constitute the automotive industry. Manufacturers of automobiles are motivated to produce a variety of styles and lines of vehicles due to consumers' shifting interests and preferences. Aluminum is one of the integral parts of automobile industry and aluminum systems are used to manufacture car structures and body, electrical wiring, wheels, lighting, paint, gearbox, air conditioner condenser and pipes, engine parts, and others. For instance, in 2021, according to the Society of Indian Automobile Manufacturers (SIAM), a not-for-profit apex national body representing all primary vehicle and vehicular engines, the automotive industry produced a total of approximately 23 million vehicles from April 2021 to March 2022, including passenger cars, commercial trucks, three-wheelers, two-wheelers, and quadricycles, compared to approximately 22.6 million units from April 2020 to March 2021. Therefore, the rapid growth in automotive industry is expected to boost demand for aluminum systems during the forecast period.
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Market segments for aluminum system include:
1) By Alloy Type: Wrought Aluminum Alloy, Cast Aluminum Alloy
2) By Alloying Element: Silicon, Magnesium, Manganese, Copper, Other Alloying Elements
3) By Applications: Transportation & Logistics, Packaging, Construction, Electrical & Electronics, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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