Press release
Aluminum Systems Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Aluminum Systems Market
The Business Research Company offers in-depth market insights through Aluminum Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main alloy types of aluminum systems are wrought aluminum alloy and cast aluminum alloy. The wrought aluminum alloy is made of pure aluminum ingots and melted with the precise alloying substances needed to create a specified grade of aluminum to create wrought aluminum. The smelted alloy is subsequently cast into huge slabs or billets. The ultimate shape of this material is then achieved through rolling, forging, or extrusion. The various types of alloying elements used in aluminum systems include silicon, magnesium, manganese, copper, and other alloying elements. The aluminum systems are used in transportation and logistics, packaging, construction, electrical and electronics, and other applications.
Major Driver - Aluminum Systems Market Thrives On Automotive Industry Growth
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 inudtsry is expected to boost demand for aluminum systems during the forecast period.
Competitive Landscape:
Major companies operating in the aluminum systems market include Rusal, Alcoa Corporation, Aluminum Corporation of China Limited, Rio Tinto Group, BHP Group Limited, Ryerson Inc., Bonnell Aluminum, Joseph Fazzio Inc., Continental Steel & Tube Co., Aluminum Distributing Inc., A-1 Alloys, Metalmark Inc., Pennsylvania Steel Company Inc., Kaiser Aluminum Corporation, Craft-Bilt Manufacturing Co., Airtec Corporation, Kawneer Company Inc., Enclos Corp., Dome'L Inc., Boyd Aluminum Mfg. Co., AJ Manufacturing Inc., Columbia Manufacturing Co. Ltd., Sierra Pacific Windows, All Time Manufacturing Co. Inc., Schueco International KG, Guangdong Xingfa Aluminium Co. Ltd., LIXIL Group Corporation, Wacang or Guangdong Huachang Aluminum Factory Co., FENAN Group, Sapa Group, YKK Architectural Products, Hydro Sapa, Aluprof SA, Innovative Aluminum Systems Inc., European Architectural Supply Inc.
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Top Trend - Strategic Collaborations And Partnerships Drive Growth In The Aluminum Systems Market
Collaborations and partnerships have emerged as the key trend in the aluminum systems market. Major companies are operating in the aluminum system sector focus on collaborations and partnerships to meet customer demand, leverage each other's resources, and expand in a new market.. In June 2022, Sharp Corp, a US-based motor vehicle manufacturer, entered into a partnership with Hydro aluminum Metal. This partnership paves the way for Shape to deliver the distinctiveness of Hydro CIRCAL to the global automotive industry, offering eco-friendly solutions while continuing to provide the strength and weight-saving capabilities possessed by Hydro's aluminum product range. Hydro aluminum Metal is an Oslo-based aluminum and renewable energy company.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aluminum Systems Market Characteristics
3. Aluminum Systems Market Trends And Strategies
4. Aluminum Systems Market - Macro Economic Scenario
5. Aluminum Systems Market Size And Growth
…..
27. Aluminum Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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