Rising demand from the construction and automotive industries is estimated to propel the global aluminum market toward growth. Aluminum finds extensive use in electronics and electronics industry, thanks to its properties like good conductivity of electricity, low cost and lightweight. It is widely used in electrical & electronics industry due to its excellent electrical conductor, lightweight, and low cost compared to other metals.
Kaiser Aluminum Corporation of China Limited, Emirates Global Aluminum PJSC, Emirates Global Aluminium, Xinfa Group, and Rio Tinto are few of the names to reckon with in the global aluminum market.
To shed light on this aluminum market, Transparency market research takes advantage of historical data and utilizes necessary research methodologies. It records every information that influences the global aluminum market at a both micro and macro levels. Analysts at TMR prophesize that the market would clock remarkable growth rate of 6.4% CAGR during the assessment period, from 2017 to 2025. The global aluminum market will reach value worth US$ 249.29 mn through 2025.
Boom in Construction Activities to Bolster Demand in Europe and Asia Pacific
For the purpose of analysis, the global aluminum market is split into the principal regions of Latin America, Asia Pacific, Middle East and Africa, Europe, and North America.
Asia Pacific is expected to account for a leading share of the global aluminum market during the assessment period, from 2017 to 2025. For long, China is one of the leading producers of aluminum and the demand for domestic consumption of the same is growing as well. In the Asia Pacific, China continues to be the principal region driving the growth of the aluminum market in the region during forecast period.
Increased construction activities in Europe owing to the movement of millions of refugees from war-torm countries of Yemen, Syria, and Libya are likely to generate considerable demand for aluminum in Europe. In addition to that, demand for recycled and primary aluminum for the purpose of lightweight construction is also supporting the growth of the global aluminum market during the assessment period.
Expansion of the Construction and Automotive Industries Spurs Demand for Aluminum Worldwide
The global aluminum market is likely to gather momentum from its rising demand originating from the automotive industry. Growth in transport industry is characterized with the rising demand for utilization of lightweight materials to prevent environmental pollution. The emerging trend of manufacturing automobiles utilizing lightweight materials is on rise and shows no sign of slowing down. The rising demand for lightweight materials for automotives is to enhance fuel efficiency and to lessen carbon footprint in the environment. These factors are likely to trigger growth of the global aluminum market. In addition to that, aluminum is likely to be increasingly utilized various fast emerging sectors like additive manufacturing, electro-mobility, and future mobility. Therefore, it is highly likely that the global aluminum is market will witness considerable expansion in years to come.
In the construction sector, aluminum is much in demand owing to its lightweight property. Even though aluminum might lose some of its market share to its competitors in some sectors, overall it will find abundant use in various areas of application across industries. Aluminum is an excellent reusable material and a trend toward increased use of energy saving cars are likely to amplify growth of the global aluminum market.
In addition to automotive and construction, aluminum is highly in demand in food and beverage industry. Remarkable shift toward packaged food is facilitating use of aluminum in food packaging. Phenomenal rise in demand for processed and packaged food is likely to drive the expansion of global aluminum market over the period of assessment, 2017 to 2025. However, stiff competition arising from other alternative materials like plastics and glass is prophesized to restrain the expansion of the global aluminum market over the review period.
Fluctuations in the price of raw materials are likely to curb the growth rate of the global aluminum market over the assessment period, despite its extensive use in construction, packaging and automotive industries.