Selbyville, Delaware, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Aluminum Market size was estimated at $150 billion in 2020 and is slated to surpass $210 billion by 2027, registering a CAGR of 5% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Aluminum continues to be a feasible option in relation to the cost of ownership compared with many other lightweight alternatives, In addition, various application of aluminum in parts of missiles & missile batteries, tanks, armored vehicles, aircraft structural parts and components, naval vessels, space & missile structural components, and satellites should support the growth of the aluminum market. A rise in aluminum production to cater the growing demand across diverse applications will support the business expansion over the projected timeline.
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Construction application in the global aluminum market should surpass USD 45 billion by the year 2027 and expected to show growth over 5.4% CAGR between 2021 to 2027 owing to population increases in emerging countries, the trend toward increased residential development, necessary upgrades to infrastructure in developed countries, and expected investments in renewables and telecommunications.
Extruded products type witnessed the highest growth over 5.5% of CAGR in the coming timeframe owing to rise in infrastructure development, residential, and non-residential projects over worldwide.
Rolling processing anticipated to show more than 25% share in the global aluminum market, owing to an increase in demand for flat-rolled aluminum products such as plate, sheet, and foil.
Transportation applications hold a significant share up to 29% in the market, as there is a continuous increase in demand for aluminum in aerospace & aircraft applications.
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Europe's aluminum market is valued over USD 26 billion in the year 2020 and expected to register healthy growth in the coming years. owing to the growing demand for flat-rolled products, mainly by the automotive and packaging industry. Also, as per European aluminum statistics, there has been increasing in demand for semi-fabricated aluminum across Europe. On the other hand, the Asia Pacific region holds the largest share in the market and is anticipated to highest growth with the highest CAGR of over 6% owing to the booming construction sector in the Asia Pacific region.
The global market share is competitive with the presence of a large number of regional manufacturers and multinational players. Some of the key manufacturers in the aluminum industry include Chalco, Alcoa Corporation, Rio Tinto, Norsk Hydro, Hongqiao Group, Hindalco and Hangzhou Jinjiang Group. The key strategies observed in the industry include mergers & acquisitions, capacity expansions, and distribution channel expansions.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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