Pune, India, Aug. 11, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global aluminium market is set to gain traction from the increasing usage of aluminium by automotive designers and engineers for surging fuel economy and reducing emissions.
A newly published report, titled, “Aluminium Market Size, Share & Industry Analysis, By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery & Equipment, and Others), and Regional Forecast, 2020-2027.” The report further states that the aluminium market size was USD 164.23 billion in 2019 and is projected to reach USD 242.44 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period 2020-2027.
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A list of all the renowned aluminium manufacturers operating in the global market:
- UC RUSAL (Russia)
- Aluminum Corporation of China Limited (CHALCO) (China)
- Rio Tinto (UK)
- China Hongqiao (China)
- Alcoa Corporation (U.S.)
- Emirates Global Aluminium (UAE)
- Norsk Hydro ASA (Norway)
- Hindalco Industries Ltd. (India)
- CHINA ZHONGWANG HOLDINGS LIMITED (China)
- Vedanta Aluminium Limited (India)
- Novelis (U.S.)
- Other Key Players
Impact On COVID-19: Low Demand from Automotive & Construction Industries to Decline Growth
The outbreak of the COVID-19 pandemic is taking a toll on the global market. It has caused a slowdown in the manufacturing sector, as well as resulted in a fall in the GDP. Owing to these factors, the demand for bauxite ore is declining. Besides, the low demand from construction and automotive industries is set to hamper growth. We are providing extensively researched reports to aid in gaining business confidence.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 5.7% |
| 2027 Value Projection | USD 242.44 Billion |
| Base Year | 2019 |
| Aluminium Market Size in 2019 | USD 164.23 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Type, End-user and Regional Insights |
| Aluminium Market Growth Drivers | Reuse of Scraps from Automotive & Beverage Cans to Bolster Growth |
| Cost-effectiveness of Reprocessing or Reusing of Scraps to Propel Growth |
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Drivers & Restraints-
Reprocessing of Scraps to Reduce Environmental Harm will Drive Growth
The increasing adoption of reprocessing of scrap or secondary metal is set to propel the aluminium market growth in the coming years. This process helps in reducing environmental harm by requiring just a fraction of energy. Apart from that, the scraps obtained from machinery, beverage cans, equipment, and automotive are often reused and reprocessed because of their cost-efficiency. However, exposure to aluminium can cause multiple adverse effects, such as insomnia, asthma, rashes, and headache. This factor may hinder growth.
Segment-
Electrical Segment to Generate Highest Share Backed by Rising Usage in Vehicles
Based on end-use, the electrical segment held 10.7% in terms of the aluminium industry share in 2019. The transportation segment, on the other hand, procured the largest market share because of the surging usage of aluminium in vehicles. The metal possesses superior physical properties and is lightweight.
Regional Analysis-
Rising Demand from Packaging & Solar Panels Industries to Favor Growth in Europe
Geographically, Asia Pacific earned USD 103.25 billion in terms of revenue in 2019. Developing countries, such as India, Japan, and China are the major contributors to this growth. Besides, the ongoing expansion of the automotive and construction industries in the region would aid growth. Europe is anticipated to grow steadily backed by the high demand for aluminium from end-use industries, such as solar panels and packaging. Additionally, the rising implementation of stringent laws to lower emissions would augment growth.
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https://www.fortunebusinessinsights.com/industry-reports/aluminium-market-100233
This Report Covers the Following Aspects:
- Elaborate analysis of various regulations and laws within the market.
- Qualitative and quantitative analysis of market trends.
- A focused study of all the factors that may hamper or drive market growth.
- Top investment areas to help clients find the right opportunities in the market.
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Price Trend Analysis
- Qualitative Insights Impact of COVID 19 on Global Aluminium Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Aluminium Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By End-use
- Construction
- Transportation
- Packaging
- Electrical
- Consumer Durables
- Machinery & Equipment
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By End-use
TOC Continued….!
Below are two of the latest industry developments:
- July 2020: Krasnoyarsk Aluminium Smelter (KrAZ), an open joint-stock company of RUSAL, completed its transition to the EcoSoderberg technology. It is worth USD 74 million and included the modification of 1954 reduction cells.
- April 2020: Novelis, a part of Hindalco Industries successfully acquired Aleris Corporation. This acquisition would help the former to enter the high-end aerospace segment. The deal was worth USD 2.8 billion.
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Competitive Landscape-
Key Players Focus on Acquisition Strategy to Strengthen Their Positions
The global market for aluminium is highly fragmented with the presence of a large number of manufacturers, namely, Rio Tinto, CHALCO, Alcoa Corporation, and UC RUSAL. They are constantly investing hefty amounts of money to acquire other firms or are implementing novel technologies to strengthen their positions.
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