Aluminum Market to Perceive Substantial Growth During 2024
The
aluminum market was valued at US$ 188.24 Bn in 2017 is anticipated to
expand at a CAGR of 5.6% during the forecast period, according to a
new report titled ‘Aluminum Market - Global Industry Analysis,
Size, Share, Growth Trends, and Forecast, 2018–2026’ published by
Transparency Market Research (TMR). Aluminum and aluminum alloys are
widely employed in various end-user industries such as automotive,
aerospace, construction, packaging, and electrical & electronics.
Increase in consumption of aluminum in the transportation sector can
be ascribed to the rise in demand for fuel-efficient and lightweight
vehicles in the automobile sector and growth in demand for
lightweight and high-strength materials in the aerospace sector.
Similarly, expansion in the construction sector is driving the demand
for aluminum for usage in structural components such as window
frames, roofing wall cladding, and concrete beams.
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Rise
in Demand for Aluminum in Automotive Industry to Drive Market Growth
Resistance
faced by vehicles during driving influences fuel consumption and CO2
emission. Higher the resistance, greater the energy required to move
a vehicle, leading to added CO2 emissions. Rolling, gradient, and
acceleration resistance are highly dependent on vehicle weight and
are directly influenced by lightweight design. As a lightweight
material, aluminum can lower CO2 emissions in automobiles.
The
overall aluminum content per vehicle is poised to increase in the
near future. Growth in the automotive industry is expected to be
primarily driven by the increase in usage of aluminum sheets for body
component applications. The use of aluminum auto body sheets is
expected to rise by 110% over the next 10 years. Additionally,
aluminum content is estimated to fluctuate, depending on the ability
of OEMs to meet CO2 requirements with powertrain improvements and a
potential switch from mass-based European CO2 regulation. Thus, rise
in usage of aluminum content per vehicle to reduce vehicular
emissions is anticipated to propel the demand for aluminum during the
forecast period.
Increase
in Demand for High-performance Materials in Construction Industry
Aluminum
and aluminum alloys are the key materials used in the building &
construction industry. They are widely used in structural components
of a building during its construction. Besides residential and
commercial buildings, aluminum alloys are used in the development of
infrastructure such as bridges and flyovers, due to their properties
such as high corrosion resistance and lightness of weight.
Aluminum
is employed in the construction industry due to its performance
properties such as durability, design flexibility, high
strength-to-weight ratio, high reflectivity, and low maintenance.
Furthermore, aluminum does not burn. This property classifies it as a
non-combustible construction material. Aluminum alloys melt around
650oC; however, they do not release any harmful gases. The usage of
aluminum and its alloys has been increasing in construction
applications such as cladding panels.
The
global construction industry has been expanding significantly largely
due to the strong growth of the industry in developing economies of
Asia Pacific. The construction industry in India, China, Thailand,
Singapore, Malaysia, South Korea, and Vietnam is experiencing strong
growth. The usage of metals is low in the construction industry in
North America and Europe; however, aluminum is one of the widely used
materials. Residential construction in the U.S. has increased
significantly over the last few years. This trend is expected to
continue in the next few years as well.
The
global construction industry is expanding at a rapid pace. It is
estimated to witness substantial growth in the next few years. This,
along with need for lightweight materials with high durability and
strength, is anticipated to boost the demand for aluminum alloys in
the construction industry in the near future.
Widespread
Applications of Aluminum in Packaging Industry
Aluminum
is employed in a wide range of packaging applications (from beverage
cans to food containers, bottles, tubes, and aerosols). Other
packaging applications of aluminum include foil trays, lids,
closures, capsules, and wraps. Aluminum is combined with other
packaging materials as well; for instance, it is combined with
laminated foil packs that are used as blister packs, pouches, and
beverage cartons.
Aluminum
is one of the preferred packaging materials in the food &
beverages industry, due to its exceptional intrinsic characteristics
such as high strength, light weight, high durability, high
recyclability, and resistance to gases, moisture, and light. Thus,
aluminum is preferred by consumers as well as recyclers.
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Aluminum
is also recyclable. Once a beverage or food can or a menu tray
reaches the end of its useful life, aluminum in these products can be
recycled without losing its material properties. The metal can be
re-used to make new packaging products or can be utilized in other
industries. The well-established packaging application for aluminum
and developing trends in the industry are key market indicators of
the aluminum market.
High
Competition Expected among Global Players
The
aluminum market is highly consolidated, with the top few players
accounting for major share. Aluminum alloys are highly price
sensitive, leading to price war among the existing manufacturers. In
order to secure their market share, aluminum manufacturers have
signed multi-year agreements with buyers. This has intensified
competition in the market. Additionally, manufacturers are developing
innovative and advanced products to meet the increasing need of their
global clients.
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