Pune, India, Oct. 26, 2021 (GLOBE NEWSWIRE) -- According to report published by 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. The report further states that the 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.
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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 market share in 2019. The transportation segment, on the other hand, procured the largest market share because of the surging usage of aluminum 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 aluminum 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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Competitive Landscape-
Key Players Focus on Acquisition Strategy to Strengthen Their Positions
The global market 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.
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.
List of Companies Profiled in the Global Aluminium Market are:
- 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
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/aluminium-market-100233
Detailed Table of Content:
- 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 Market
- 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…!
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