Aluminum Market will be valued at US$249.29 bn by the end of 2025
The global aluminum market is characterized by the presence of companies with varying sizes, notes Transparency Market Research (TMR) in its latest research report on this market. Leading players within the market are making use of more than one strategy for gaining a competitive edge above others, including forming strategic alliances with other companies for their benefit. The key players operating in the global aluminum market are: Alcoa Corporation, Aluminum Corporation of China Limited, Norsk Hydro ASA, RioTinto, RUSAL, and Emirates Global Aluminum PJSC.
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According to TMR, the global aluminum market will be worth US$249.29 bn by 2025 expanding at a 6.4% CAGR between 2017 and 2025. The demand for aluminium alloy is higher in terms of type, as compared to pure aluminium. By product, the global aluminium market is anticipated to be led by the ingots segment. The transportation sector will be the leading end use application area for aluminium, stated a TMR analyst. On the basis of geography, the global aluminium market will be led by Asia Pacific. This region held a whopping 60% of the total market in 2016 and will continue to hold key shares in the market, driven by the booming construction sector and rapid industrialization in the developing nations of Asia Pacific.
Booming Infrastructure and Construction Activities Driving Demand for Aluminium in Asia Pacific
The key factors boosting the demand for aluminium include rapid urbanization and industrialization across several countries in the world, especially the emerging economies. The construction sector has received a huge impetus on account of the burgeoning population growth and growing initiatives taken by governments to improve the infrastructure of nations. The construction industry is especially witnessing stupendous growth in China, Vietnam, India, Malaysia, and Korea. there are many fly over and commercial projects in these nations which will bode well for the growth of the aluminium market overall. The reason behind high demand for aluminium in the construction sector is the fact that aluminium is light in weight and also possesses high resistance to corrosion.
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Need to Curb Pollution and Save Fuel Inspiring Use of Aluminium for Producing Light Weight Automotive Components
The demand for aluminium is also rising from the automotive sector on account of its light weight. The need to reduce fuel consumption and curb emissions has led to the rise in the demand for light weight vehicles, which in turn will inspire more demand for aluminium. The various environmental and government bodies supporting light weight and reduced emissions from automobiles will also aid the market for aluminium to grow in the coming years. Aluminium alloys help boost efficiency and fuel economy while reducing emissions and pollution. Apart from the automotive and construction sector, aluminium is also in demand from the packaging, electronics, and household goods sectors, as this metal is versatile and can be used for a variety of applications. The factors limiting the use of aluminium is its moderate tensile strength and machineability.
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