Aluminum Market Overview of Global Skin Lightening Products Market Size, Demand, Trends, Share and Growth Forecast till 2022

Global Aluminum Market Overview:

Aluminum is the third most abundant element after oxygen and silicon and earth’s crust is composed of 8% of aluminum. Bauxite is the primary and main source of aluminum. It is silvery to white, soft, non-magnetic, ductile metal. Aluminum and aluminum alloys are significantly used in a wide range of applications, which is attributed to its distinguished properties such as good corrosion and oxidation resistance, high electrical and thermal conductivities, low density, high reflectivity, high ductility and reasonably high strength, and relatively low cost. Aluminum alloys display a good combination of strength and ductility. Aluminum alloys are among the easiest of all metals to form, fabricate, and machine.

The global aluminum market is estimated to reach USD 221,132.84 million by the end of 2023, expanding at a CAGR of 6.48% during the forecast period.

This is attributed to increasing demand for the product from the transportation sector. Increasing demand from end-use industries such as transportation and construction, recovery of housing sectors in developed regions along with blooming automotive industry, and increasing demand from China due to a large trade surplus of aluminum are the major factors driving the growth of the market in coming years.

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Consumption by End-user:

The most significant end-user, holds almost 42% of the aluminum market and this includes users in Japan. Along with this 36% of North American and West European aluminum shipments also has a major share in the growth of the market. This is almost opposite to the situation which existed 40 years ago when this end-user market was responsible for just 20% of total consumption of aluminum in the United States, Japan or Germany. According to MRFR analysis, firm in this field, like automakers are using aluminum more as compared to other materials to be used in making new car and light truck so that they are safe, cost effective as well as lightweight. North American auto producers say that since light weight vehicles uses less fuel and have less automobile emission which makes aluminum the most demanded material in the engine and wheel market and is thus gaining market share . Aluminum usage increased every year for nearly 35 years and in 2010 its usage was 150kg in 2010 and should be around 156kg in 2012. Stricter fuel rules will make way for aluminum to be used in bumpers, heat shields, brake calipers, ABS and driveline components, cylinder heads and bed plates.

However, the major challenge of the market still remains which includes using other metal instead of aluminum. One of the major challenge is from the steel industry which continues to invest millions of dollars to demonstrate that strong steels can be used to provide the same savings as derived from aluminum; composites (like carbon fiber). Here steel stands to be a serious competitor in the automotive and aerospace sectors with respect to use of aluminum in these sectors. Although steel has a cost and repair disadvantages, their price is coming down which also offers improved corrosion properties and good aesthetics.

Regional Analysis:

APAC will be the ruling market for global aluminum oxide, accounting for USD XX billion and is expected to grow over $XX billion by 2022. With rise in development of emerging economies countries like China, India and Brazil will contribute more in the growth of the market.

The entire world including North America and Europe are the growing market for Global Aluminum and this market is expected to grow at the CAGR of XX % respectively from 2016 to 2022.
China’s aluminum production has grown rapidly. In 2010, China produced 7.7 million tons of aluminum, and has an average annual growth rate of 15% with respect to contributing in the growth of the aluminum market in the last ten years till 2015. Although China is the world’s largest producer and consumer of aluminum, it is not a major exporter or importer of aluminum (although it does export value-added products such as extrusions). In 2015, Russia was the world’s largest exporter of aluminum, exporting 3.4 million tons, which accounts for 18 % of the total export of aluminum globally. The world’s largest importer in 2015 was Germany, which imported 2.59 million tons which is equivalent to 11 % of the world’s total imports.

Market Segmentation:

The Global Aluminum Market is majorly segmented on the basis of types, and end-use. Based on the type the market is segmented into wrought aluminum alloy and Cast aluminum alloy. Further on the basis of function the market is classified into Transportation, Automobile, Packaging, and Building &Construction.

Market Key Players:

United Company Rusal,
Aluminum Corporation of China Limited, Alcoa Inc.,
BHP Billiton GroupRio Tinto,
Norsk Hydro Asa,
Century Aluminum Company,
Rio Tinto,
China Hongquiao Group Limited,
Aluminum Bahrain B.S.C.k,
Hindalco Indsutries Limited.

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This release was published on openPR.