Aluminium FRP Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1900
Aluminium FRP Market size will witness substantial growth during forecast period with its application in construction, automobile, packaging and defence industry. Automobile industry has grown at a CAGR of above 4.5% in last five years. These are preferred over steel owing to higher malleability and corrosion resistance as compared to steel. Light material for construction of automobile components and aerospace industry are major factor driving the industry.
Recent strengthening of oil price has increased investment in engineering and construction industry. It is widely used in LNG tanks owing to light weight and resistance to brittleness at low temperature. In packaging material, it reduces the wastage and light in weight. Packaging industry is expected to a CAGR above 5% in next seven years and will drive aluminium FRP market.
These are recyclable product that reduces environmental pollution as compared to other materials. Rise in population has spurred the demand for mass transportation include metro and local trains that employ these materials. Light weighting for energy consumption and carbon dioxide emission are expected to propel the product growth.
Flat rolled aluminium is sheets of required thickness, size and surface finish. Superior properties Including light weight, ductility, malleability, heat and electrical conductivity, nontoxic and non-combustible will enhance the industry growth. It is obtained in wide range of finishing namely patterned, plated, polished, painted, etched and laminated. These can easily be laminated over other materials to obtain anti corrosive characteristics.
Major restriction for aluminium FRP market is high capital cost and low strength as compared to steel. Their storage requires more care as their surface finish gets tempered easily and may corrode due to electrolysis. But their manufacturing plants produce less toxic waste and it is easier to abide by strict government regulations for air pollution and waste disposal that overcomes its disadvantages.
Based on product, aluminium FRP market is segmented into plates & sheets and foils. Plates and sheets has largest market share with its application in construction and automobile industry. Rise is disposable income and urbanization will be led to healthy growth in construction and automobile industry.
Foils have dynamic growth in aluminium FRP market with use in food packaging as maintaining freshness of food. These are nontoxic and non-tainting that makes it more sought-after product. Additionally, these are impermeable to ultraviolet rays, oxygen, light, oil, water vapour and microorganisms.
On the basis of application, aluminium FRP market is classified as construction, automobile, packaging and defence industry. Automobile has significant growth with its application in automobile body panels, engine hoods, doors and trunk lids. These are used in automobile radiators and air conditioning fins owing to high heat transfer rate. Construction industry including residential and commercial buildings along with rise of demand in doors and windows will create positive outlook for the product scope in the forecast period.
Packaging industry has moderate share in aluminium FRP market with use for food & beverages, capacitors and pharmaceuticals. These are easily malleable and can be obtained in thickness as lower as 4 µm. Pharmaceutical is profitable sector with demand for tablets packaging.
Asia Pacific has substantial market share in global aluminium FRP market with presence of China as largest producer. In this region, beverage packing has grown at a CAGR of over 7% in last ten years and anticipated to enhance its consumption. Europe led by Germany has moderate share owing to well established and flourishing automobile industry along with big players including Audi and Volkswagen.
North America led by the U.S. has significant share in aluminium FRP market with prevailing defence industry aimed at strengthening military and will grow by around 3.2 % in next five years. Latin America and MEA has nascent share but will show healthy growth with increasing construction spending and food packaging industry due to foreign tourism.
Aluminium FRM market is highly fragmented with presence of substantial number of local and regional players. Prominent players include Aleris, Alba, EGS, Alcoa, Hindalco, Novo Hydro, RUSAL, Vedanta and UACJ to name a few. Companies are employing merger and acquisition strategy to enhance their market share. Hindalco acquired Novelis to spur its overall production.
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