Selbyville, Delaware, April 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights, Inc., the global aluminum market was estimated at $160 billion in 2018 and is anticipated to exceed $250 billion by 2026, recording a CAGR of 6.5% from 2019 to 2026. The report proposes a comprehensive analysis of the business size and estimations, top winning strategies, important investment pockets, competitive scenario, drivers and opportunities, as well as wavering market trends.
Aluminum is also a strategic metal for national defense & security as it is widely used in making various tanks, aircraft structural parts, and components, ammunition components, parts of missiles & missile batteries and satellites. Due to its ability to withstand high & low temperatures, vibration load, and radiation, aluminum finds wide recognition in the defense & aerospace sectors.
In the food industry, aluminum foil packaging guarantees quality by averting the loss of valuable aromas. About 75% of aluminum foil is used for packaging and household foil. Aluminum foil superior properties such as formability, strength and barrier properties, have made it an essential part of many variable packaging and container products.
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Based on the product, the Forged products segment is anticipated to witness significant gains by 2026. Forged aluminum products are ideal for applications where performance and safety are high priorities as they can endure intense conditions for a wide variety of industries. Industries that commonly use aluminum forgings comprise of aerospace & defense, marine, commercial & military aviation, and transportation. Forged aluminum also provides fatigue resistance, great toughness, general & stress corrosion resistance, and cryogenic properties which have a positive impact on aluminum market growth.
According to market analysis, manufacturers are engaged in strategic expansion initiatives including acquisitions, partnerships, R & D activities in order to improve their market share and compete with major players. In August 2018, Arconic announced a collaboration with an American firm, Lockheed Martin on 3d printing and advanced aerospace materials.
North America may witness growth over 3.2% by 2026. Rising construction projects in the region that have stimulated their progress after recession may drive the aluminum market growth. The growing need for aluminum curtain walls which offers structural stability and aesthetics to a building may foster the product demand.
The Asia Pacific led by China accounted for the highest aluminum market share in the region owing to substantial urbanization & industrial development. The Chinese economy’s quick development has led to a significant overcapacity as well as the building of several new aluminum smelting facilities, some of which are agglomerated.
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Some major findings of the aluminum market report include:
- Increasing consumer preference towards sustainable beverage packaging options may drive the overall market growth.
- Market statistics for transport applications were the highest and the sector is further anticipated to witness significant gains due to escalating automotive trends activities for manufacturing commercial vehicles.
- Growing aluminum demand in consumer durables applications such as tablet PC’s, sports equipment, furniture and flat-screen TV’s will foster aluminum industry growth
- Asia Pacific region acquired a significant share in the global aluminum market
Key market players in the aluminum industry are Chalco, AWAC, Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminium Group, South 32, Hongqiao Group, Emirates Global Aluminum, SPIC, Alcoa Corporation, Vedanta Limited, Hangzhou Jinijang Group, Arconic, Century Aluminium, JW Aluminium, Logan Aluminium, Aleris Rolled Products, Hindalco, Novelis. They are engaged in rapid R&D investment, increasing production capacity, and joint ventures to gain a competitive advantage in the market.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.