Aluminum is one of the key metal
with the properties of being a lightweight, nonmagnetic, soft, and ductile
metal. It is widely used in applications associated to food & packaging and
pharmaceutical industries. It is a nontoxic metal, preserving food for the
longer duration, inhibiting microorganism’s growth. Aluminum is also a good
conductor of electricity and also used widely in electrical transmission lines.
Moreover, it is also used as a propellant for the solid rocket booster motor in
a space shuttle owing to high volumetric energy density. The corrosion
resistance, reflectivity, and recyclability are some of the other
characteristics of Aluminum, making it a favorable choice for various
industrial applications.
Based on product type, aluminum
market is segmented into primary aluminum and secondary aluminum. Based on
processing method, market is segmented into extrusions, castings, flat rolled,
pigments & powder, forgings and rod & bar. Based on series type, market
is segmented into series 1, series 2, series 3, series 4, series 5, series 6,
series 7 and series 8. In addition, based on end-user, market is segmented into
transportation, machinery & equipment, electrical engineering, building
& construction, consumer goods, foil & packaging, and others. The
transportation segment dominated the market owing to growth in automotive
production driven by rapid urbanization coupled with increase in per capita
disposable income. The building & construction segment is anticipated to
exhibit substantial growth rate due to increase in residential construction activity
across the US, India, Indonesia, China, and several countries in Europe during
the forecast period.
The aluminum market is driven by
growth in technological advancements, followed by increase in increasing
applications across various end user industries and growth in transportation
industry. However, increase in competition from substitutes and fluctuating
prices of raw materials may impact the market. Moreover, increase in use of
recycled aluminum products and rise in demand from emerging economies are key
opportunities for market.
Based on geography, the
Asian-Pacific region holds major share in aluminum market owing to significant
investments in construction & infrastructural development and growth in
automotive industry in the region. Whereas, the European and North-American
regions are estimated to witness higher growth rate due to increase in shifting
trend in the food & beverage industry towards packaged food over the
forecast period. The global aluminum market was valued at US $147.2 billion in
2018, and is likely to reach US $189.8 billion by 2026, growing at a CAGR of
3.2% from 2019-2026.
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