Global Aluminum Market Estimated to Reach USD 189 Billion by 2026

01-Jun-2020 | Facts and Factors

Findings from Facts and Factors report “Aluminum Market By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products) By Processing Method (Rolling, Extruding, Drawn, Casting, Forging)and By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Aluminum market in 2019 was around USD 121 Billion. The market is expected to grow at a CAGR of around 3% and is anticipated to reach around USD 189 Billion by 2026.

The aluminum market is anticipated to witness substantial growth in the forecasted period owing to its increasing demand in the packaging and construction sector. As aluminum is lighter compared with other metals like iron and corrosion-resistant, it is widely used in automotive, energy, aviation industry which in turn drives in the growth of the aluminum market. Rapid industrialization across the globe has significantly contributed to the rising demand for aluminum in recent years. Besides, ongoing R&D activities for developing more innovative, effective, and economical aluminum products trigger the demand for aluminum.

Browse the full “Aluminum Market By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products) By Processing Method (Rolling, Extruding, Drawn, Casting, Forging)and By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" https://www.fnfresearch.com/aluminum-market-by-product-flat-products-extruded-products-1044

However, the stringent regulation imposed by several governments towards the emission of greenhouse gases from the primary aluminum process is predicted to restrain the growth of the aluminum market. Other reasons such as the requirement of special processes in wielding, increase in competition from other substitute materials, lower strength as compared with steel, less flexibility and limited mounting heights are expected to hinder the growth of the aluminum market to some extent. Nevertheless, the growth in the demand from the developing countries and the increasing use of recycled aluminum products globally provide profitable opportunities for the aluminum market.

As per the product segmentation, extruded products are anticipated to hold the maximum market share as they are used in a diverse range of applications like air conditioning, high conductivity of heat and electricity, electronics, and radiators. These extruded products also help to avoid deformation that is caused by weather and other construction movements owing to which they are popular in construction applications. Under severe pressure and loads, these extruded products have the tendency in retaining their strength and elasticity. These extruded products are also used in shielding products from infrared radiation, lights, or radio waves as they possess highly reflective properties.

Also, the unique properties of weight to strength ratio making it ideal for usage in manufacturing engines, boats, vehicles and other parts of vehicles. As per the processing method, the rolling process is expected to drive the market as it is considered one of the prime methods in converting aluminum slabs into its usable form. This rolling method changes its metallic structure and the metal takes new properties and qualities.

As per the application analysis, the segment of electrical and electronics is predicted to dominate the market as aluminum can be used & works as rigid electrical conduit and this rust aluminum does not rust or spark and is corrosion resistant. Moreover, aluminum is considered to be an ideal option as compared with copper owing to its cost and weight advantages and works perfectly for electricity transmission and distribution.

As per the regional analysis, the region of North America is expected to dominate the market owing to the growing construction projects. There is a rising demand for aluminum curtain walls as it offers structural steadiness. Many residential and industrial structures make use of aluminum wall-glazing materials and alloys as they can sustain the weight of the glass covers which helps in enhancing the building's capacity. Various construction companies prefer using aluminum as it can be recycled and reused with no quality compromise and help to reduce the carbon footprints and improve the structured appeal of the building.

Report Scope

Some of the leading players in the global market include

Chalco, Rusal, Rio Tinto, Norsk Hydro, Hongqiao Group, Hindalco, Novelis, Alcoa Corporation

This report segments the Aluminum market as follows:

By Product Segmentation Analysis

• Flat Products
• Extruded Products
• Forged Products
• Long Products
• Cast Products

By Processing Method Segmentation Analysis

• Rolling
• Extruding
• Drawn
• Casting
• Forging

By Application Segmentation Analysis

• Transport
• Construction
• Electrical & Electronics
• Packaging
• Equipment & Machinery
• Consumer Durables
• Foil Stock

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa

Rest of Middle East & Africa

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