BANGALORE, India, Oct. 25, 2023 /PRNewswire/ -- Aluminum Market is Segmented by Type (Aluminum Billets Series 1000, Aluminum Billets Series 3000, Aluminum Billets Series 6000, Others), by Application (Transportation Industry, Packaging Industry, Construction Industry, Electronics Industry, Others): Global Opportunity Analysis and Industry Forecast, 2023-2029.
The global Aluminum market was valued at USD 84580 million in 2022 and is anticipated to reach USD 98880 million by 2029, witnessing a CAGR of 1.8% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Major Factors Driving the Growth of Aluminium Market:
Aluminum's lightweight and corrosion-resistant qualities are highly valued by a variety of industries, including packaging, aerospace, construction, and automotive, which are the main drivers of the market's development. Furthermore, the market is further supported by the drive for environmentally friendly and sustainable materials as well as the developments in aluminum recycling technology. These factors reduce energy consumption and environmental effects and promote the use of recycled aluminum, which in turn promotes the metal's growth.
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TRENDS INFLUENCING THE GROWTH OF THE ALUMINIUM MARKET
The growing demand for aluminum from the automotive industry is one of the main drivers of the market's expansion. Because of its great strength and low weight, aluminum is a popular material option among automakers looking to lighten their vehicles and increase fuel economy. The automotive industry's emphasis on sustainability and reducing emissions is anticipated to lead to a notable rise in the use of aluminum in vehicle manufacturing. The building and infrastructure industries are two of the biggest users of aluminum. Owing to its endurance and resistance to corrosion, it is utilized in the construction of bridges, buildings, and other structures. Urbanization and the growing need for contemporary, sustainable infrastructure are major factors driving the aluminum industry, as is the surge in infrastructure building worldwide, especially in emerging nations.
Aluminum's lightweight and high-strength qualities make it an essential material in the aircraft sector. The market for aluminum gains from increased consumption as a result of the rising demand for military and commercial aircraft. More aluminum is being used in aircraft design and materials due to ongoing innovations, particularly in airframes and structural parts. Aluminum is used in the manufacture of solar panels and wind turbine parts in the renewable energy industry, which includes wind and solar energy. The aluminum business is growing in lockstep with the renewable energy industry as the globe turns to greener, more sustainable energy sources. Aluminum is a desirable material in the packaging and consumer products industries due to its flexibility and recyclability.
Aluminum is used in the electrical and electronics industries because of its heat-dissipating capabilities and conductivity. The desire for more compact and energy-efficient electronic devices is being driven by technological improvements, which is driving growth in the aluminum market for heat sinks and electronic components. The capacity to recycle aluminum is a major factor in the market's expansion. The aluminum sector benefits from aluminum's capacity to be recycled repeatedly without losing its quality, as sustainability and eco-friendly products become more and more important. Aluminum recycling and utilization are further encouraged by environmental laws and market preferences for sustainable goods.
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ALUMINIUM MARKET SHARE ANALYSIS
Its major downstream market, accounting for 66.35% of consumption in 2015, is the construction sector.
China has always been the world's biggest producer and user of aluminum. Its enormous production capability and demand from several industries have a big influence on the global aluminum market. The Chinese government's policies on production, imports, and exports have a key influence in influencing the aluminum market.
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Key Companies:
- Rio Tinto
- ALCOA Inc
- EGA
- Yinhai Aluminum
- Xinfa Group
- Norsk Hydro
- Alba
- CHALCO
- SNTO
- Noranda Aluminum
- Glencore
- Matalco
- Jiangyin Tianyang Metal
- Luoyang Wanji Aluminium
- KUMZ
- Aluar
- Henan Haihuang
- Segment
- Rusal
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- The global High Purity Alloy Powder market was valued at USD 61 million in 2022 and is anticipated to reach USD 88 million by 2029, witnessing a CAGR of 5.3% during the forecast period 2023-2029.
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- The global Cosmetic Aluminum Foil market was valued at USD 956.2 million in 2022 and is anticipated to reach USD 1319.2 million by 2029, witnessing a CAGR of 4.8% during the forecast period 2023-2029.
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- The global Aluminum Foil Packaging market was valued at USD 11990 million in 2022 and is anticipated to reach USD 17640 million by 2029, witnessing a CAGR of 5.6% during the forecast period 2023-2029.
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