Aluminum Market Global Industry Analysis, Study by Business Growth, Share Report, Scope, Opportunities, Size and Region Forecast to 2023
Apr 3, 2019
Global Aluminum Market: Information by Type (Primary, Secondary), Product (Flat Rolled, Extrusions, Castings, Others), Application (Transportation, Building & Construction, Machinery & Equipment, Electrical, Solar, Others), and Region - Forecast Till 2023
Pune, India - April 3, 2019 /MarketersMedia/ —
Aluminum Market Overview:
Market Research Future (MRFR) has published a detailed report stating that the global aluminum market is marked to expand at a substantial CAGR of 6.71% during the forecast period of 2018-2023. The features of aluminum such as corrosion and oxidation resistance have increased the application of aluminum in various end-use industries such as building and construction, automotive, electrical and others. Rapid expansion of these industries is leading to an increased demand for aluminum, which in turn is propelling the growth of the global aluminum market. However, adverse environmental effects caused by excessive mining activities are restraining the growth of the global aluminum market during the assessment period.
Aluminum Market Key Findings:
Aluminum Market is projected to reach USD 221.14 Bn by 2023 at a CAGR of 6.48% during the review period 2018-2023. The Asia-Pacific market is accounted for the largest share and estimated to grow at CAGR of 6.69% to reach USD 141.95 Bn till 2023 due to growing end-use industries in this region.
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Aluminum Market Key Players:
The key players profiled by MRFR that are operating in the global aluminum market are Aluminum Bahrain (Bahrain), Century Aluminum Company (the U.S.), Norsk Hydro ASA (Norway), Emirates Global Aluminum PJSC (UAE), Rio Tinto Australia (Australia), Rio Tinto Alcan Inc. (Canada), Hindalco Industries Limited (India), BHP Billiton Aluminum Australia Pty Ltd. (Australia), Aluminum Corporation of China (China), China Hongqiao Group (China), Alcoa Corporation (the U.S.), RUSAL (Russia), Vedanta Ltd. (India), and others.
The players in the global aluminum market are focusing on business expansion by implementing various innovative strategies such as increased research and development activities, collaborations, mergers and acquisitions and others to sustain the competition in the global aluminum market. For instance, in December 2018, Kobelco Aluminum Products & Extrusions Inc. has announced its plan of expanding the plant on Kobe Way. This expansion plan is worth USD 42 Mn.
Aluminum Market Segmentation:
The global aluminum market can be segmented based on type, product, and application.
Based on type, the market can be segmented into primary and secondary. Primary segment held over 61.97% market and earned USD 93,458 million in 2017 which can go up to USD 135,867.3 million by 2023. However, the secondary segment is to register the fastest CAGR of 7.60% during this period.
Based on application, the market can be segmented into transportation, building & construction, foil & packaging, electrical, machinery & equipment, utensils, consumer goods, solar industry, hardware & accessories, and others. Transportation sector can register the highest market growth with 7.42% CAGR and reach a valuation of USD 72,354 million during the forecast period.
Aluminum Market Regional Analysis:
Geographically, the global aluminum market has been segmented into five major regions such as North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East and Africa. Among these, the aluminum market in the APAC region accounts for the major share of the global aluminum market and reach the market valuation of USD 148,966.2 Mn by the end of 2023. This region is also anticipated to project fastest growth at a CAGR of 7.05% during the forecast period. The aluminum market in the Europe region is forecasted to expand at a CAGR of 5.99% during the forecast period.
Increased utilization of aluminum to reduce the weight of automobiles that are being manufactured in the rapidly expanding automotive sector is majorly contributing to the growth of the aluminum market in the Europe region. The aluminum market in the North America region is marked to expand at a CAGR of 5.88% during the assessment period. The market growth is attributed to the growing secondary usage of aluminum in various end-use industries in this region.
Aluminum Market Table of Content:
1 Executive Summary
2 Market Introduction
3 Market Insights
4 Research Methodology
5 Market Dynamics
Aluminum Market Table of Content to be Continue…….,
Browse Complete Report with TOC @ https://www.marketresearchfuture.com/reports/aluminum-market-2031
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact Info:
Name: Abhishek Sawant
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Organization: Market Research Future
Address: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
Phone: 6468459312
Website: https://www.marketresearchfuture.com/reports/aluminum-market-2031
Source: MarketersMedia
Release ID: 498049
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