Pune, India, Sept. 20, 2018 (GLOBE NEWSWIRE) -- The global aluminum market size is projected to touch USD 226,199 Mn by 2023, exhibiting a 4.5% CAGR from 2018 to 2023 (forecast period), according to a new report published by Market Research Future (MRFR). The high demand for aluminum from the transportation sector owing to its lightweight nature is likely to gain good dividends for the market till the end of the forecast period.

Aluminum Market Scope

Aluminum is a commodity highly preferred by various industries owing to its numerous characteristics. These include ductility, conductivity, corrosion resistance, thermal and electrical conductivity, recyclability, and reflectivity. Its cost and weight advantages over copper and metal make it a highly lucrative commodity in automotive and electrical industries.

The electrical industry is a prime advocate for the use of aluminum in the construction of grids. The use of aluminum-based electrical wiring for homes and offices is expected to open up new opportunities for the market in the forthcoming years. The boom experienced by the construction sector after the slump in 2008 is expected to spike up the market demand till the end of the forecast period. The popularity of secondary aluminum and its use in industries in China and India provide ample opportunities for aluminum producers worldwide. Aluminum also works well to create production of composite materials.

Competition Analysis

Well-known players in the aluminum market include Norsk Hydro ASA, Vedanta Ltd., RUSAL, China Hongqiao Group, China Aluminum Corporation, Rio Tinto Australia, DUBAL, Century Aluminum Company, Alcoa Corporation, Rio Tinto Alcan Inc., Aluminum Bahrain, BHP Billiton Aluminum Australia Pty Ltd., and others. Mergers and acquisitions are rampant in the industry owing to the near-depletion of bauxite and the industry heads towards consolidation. In 2018, Hindalco Industries acquired Aliers, a U.S. company, to increase its bottomline for aerospace and automobile segments.

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Industry News

Investment opportunities are ripe in India owing to the surfeit of bauxite reserves in the country. The lax policies regarding mining and production of aluminum and its respective alloys make it a viable region for infusing capital.

High trade tariffs imposed on China owing to its dumping of products at low prices on European and American shores provides an opportunity for other manufacturers to expedite its production and capitalize on export activities. But this has not deterred smelting production in China, with producers such as Chinalco planning to invest nearly USD 8.4 Bn to commence the construction of new units.

Segmentation Analysis

The Aluminum Market is segmented by type, product, and application.

By type, the market is bifurcated into primary aluminum and recycled aluminum. The primary aluminum segment accounted for a large share in 2017 but the recycled aluminum segment is projected to gain a larger share by the end of the forecast period. The recycled segment is expected to touch USD 226,199 Mn by 2023, growing at a 7.60% CAGR till 2023 owing to the use of secondary aluminum in multiple applications.

By product, the market is segmented into flat rolled, rod and bar, castings, extrusions, forgings, pigment and powder, and others. The extrusions segment dominated the aluminum market in 2017 and stood at USD 40,856.5 Mn in the same year. Increasing use of extrusions in light vehicles and heavy-duty trucks is likely to propel segment growth over the forecast period. The flat rolled segment is projected to exhibit a strong CAGR of 7.20% during the forecast period. Its utilization in fabrication and finishing application can lead to high revenues for the aluminum market. Moreover, flat rolled aluminum for the manufacture of chassis, roof claddings, filaments in heavy vehicles, and lithographic plates.

Major market applications include machinery and equipment, foil and packaging, building and construction, utensils, solar, transportation, electrical, consumer goods, and others. The transportation segment is touted to be the biggest application and will dominate the market till 2023. It can reach a valuation of USD 72,354 Mn by exhibiting a 7.42% CAGR over the forecast period. The building and construction segment has assumed the position of the second biggest application.

Browse the market data and information spread across 123 pages with 80 data tables and 11 figures of the report “Aluminum Market Research Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/aluminum-market-2031

Regional Analysis

Regions covered with respect to the aluminum market include North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA).

The APAC region stood at USD 97,015.3 Mn in 2017 and will touch USD 148,966.2 Mn by 2023. It can grow exponentially at a 7.05% CAGR over the forecast period. The rapid industrialization and urbanization due to migration of people from rural regions to cities is likely to drive market growth. The demand for aluminum due to the manufacturing units of automotive original equipment manufacturers (OEMs) residing in the region is touted to impact market volume.

The Europe aluminum market is projected to exhibit a CAGR close to 6% during the forecast period. Tough regulations on automotive OEMs to reduce carbon emissions will spike up the demand for the commodity in the forthcoming years.

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