Global Aluminum Market size to exceed $250bn by 2026

Aluminum Market size is set to surpass USD 250 Billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Aluminum is a silver metal with ductile, non-magnetic, and corrosion resistant nature. It is one of the most widely used non-ferrous metals owing to its characteristics such as low density, excellent electrical & thermal conductivity, and reflectivity. Additionally, its easy customizability makes it compatible with various end industries such as aerospace, construction, automobiles, and packaging.

 

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Rapid investment in R&D by industry players to produce low carbon concentration aluminum is increasing competition in the market. Manufacturers are entering into joint ventures to boost research strength, diversify product portfolio, and adopt sustainability measures. In 2019, Rio Tinto & Alcoa entered into joint collaboration with Apple to produce low carbon aluminum for electronic applications.
 

The market scenario is changing and  gaining ground as industry players have started to diversify operations to offer products at competitive prices. Aluminum market players have started to set up production facilities in developing countries to take economic advantages and utilizes vast human resource potential.
 

Rising demand for sustainable materials in construction industry to trigger aluminum demand
 

Rising construction & renovation activities along with changing consumer perceptions towards sustainable materials is likely to boost market demand. Aluminum is widely used in construction industry owing to its high resistance against corrosion and environmental susceptibilities. Also, increasing trends towards modernizing infrastructure should favor aluminum market growth.
 

Aluminum is also used in interior applications to manufacture window planes, doors, interior fittings, and panels. Its easy mailability & ductility makes it compatible with customized and high performance applications. Furthermore, rising trends towards minimalistic and sharp aesthetic appeal in interior decoration should boost aluminum market trends.
 

Aluminum is a product with unique properties, making it a natural partner for the building industry. Aluminum is widely used in building because of its intrinsic properties of lightness and corrosion resistance. Aluminum alloys are resistant to water, corrosion and immune to the harmful effects of UV rays, thus ensuring lasting endurance.
 

“As per the analysis, extruded aluminum product market share will rise over 34% at the end of 2026 owing to robust utilization in construction and renovation activities”.
 

Browse key industry insights spread across 290 pages with 256 market data tables and 63 figures & charts from the report, “Aluminum Market Statistics By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), By Processing Method (Rolling, Extruding, Drawn, Casting, Forging), By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/aluminum-market
 

Increasing utilization in automotive industry to augment the global market share

Increasing electrical & fuel cell vehicle demand and shifting trends toward reducing fuel emissions in the automobile industry should positively impact the aluminum market trends. Electrical car manufacturers, such as Volkswagen, Toyota, BMW, and Tesla, are shifting rapidly shifting toward aluminum to reduce vehicle weight and comply with stringent safety regulations which should boost the market outlook.
 

Automatable manufacturers are capitulating on sustainability and green environment initiatives by introducing low fuel emission vehicles. The automobile parts & outer body are fabricated using high strength, durability, and low weight aluminum . Increasing competition in the market is also making industry players to innovate and utilize aluminum alloys in wheels and disk brakes which should boost aluminum product demand.
 

In March 2019, Tesla unveiled its new electrical compact car, Model Y, made with hybrid aluminum and steel body, displaying the ongoing trends and tremendous growth opportunities for aluminum in the automobile industry. This trend has also been adopted by other aluminum market  players to gain product differentiation in the market.
 

“As per the analysis, aluminum demand from transport application is projected to grow over 25% by 2026 owing to increasing demand for high performance and low emission vehicles”
 

Growing trends towards adopting aluminum packaging solutions will trigger market demand in Asia
 

Growing food & beverage industry, introduction of online delivery systems, and the increasing demand for high-quality packaging solutions should favor the aluminum market share in Asia Pacific. Aluminum is widely used in the food packaging industry owing to its flexibility, lightness and easily recyclable nature.
 

Its nontoxic & hygienic nature helps in keeping the food fresh for longer periods, aids in retaining aroma, and protects from UV rays, water vapor, oxidation, microorganisms, oils, and grease. Additionally, it does not absorb liquids, can be recycled several times without the loss of quality, has a high dimensional stability, and is odorless which is likely to encourage aluminum industry growth.
 

Key market players in aluminum market include Chalco, Rio Tinto, Rusal, Emirates Global Aluminum, Alcoa Corporation, Vedanta Limited,  Norsk Hydro, South 32, Arconic, Century Aluminum Company, JW Aluminum, Aleris Rolled Products , Hindalco, Novelis, SPIC, Hongqiao Group, and Shandong Xinfa Aluminium Group.
 

According to market trends, industry players are engaged in rapid R&D investment, increasing production capacity, and joint ventures to gain competitive advantage in market. Industry players are capitalizing on emerging trends in markets by introducing specialized solutions and customized product lines which should stimulate aluminum industry growth.
 

In August 2018, Arconic announced a two-year collaboration Lockheed Martin an American firm on 3D printing and advanced aerospace materials. Aluminum is the most widely used metal in aerospace applications and this coloration will aid in developing advanced manufacturing techniques and customized light weight solutions.
 

In June 2019 Novelis announced its new design for sheet battery enclosure made completely of aluminum for burgeoning electrical vehicle market. This move will help the company to capitalize on emerging trends for electrical vehicles and boost market share.

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