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Aluminum Systems Market Opportunities and Strategies 2024-2033: Insights, Demand, Outlook
Aluminum Systems Market Demand
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Aluminum Systems Market 2024 Key Insights:
• 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%.
• Aluminum Systems Market Thrives On Automotive Industry Growth
• Strategic Collaborations And Partnerships Drive Growth In The Aluminum Systems Market
• Asia-Pacific was the largest region in the aluminum systems market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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