aluminium Market Size Share, Recent Trends, Growth and Industry Forecast to 2027

(The Express Wire via Comtex)

The globalaluminium marketis 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.

The chemical business contains the organizations that produce modern chemical compounds. Vital to the cutting edge world economy, it changes over crude materials (oil, gaseous petrol, air, water, metals, and minerals) into in excess of 70,000 distinct items. The plastics industry contains some cover, as some substance organizations produce plastics just as chemicals.

Different experts are associated with the chemicals market including compound specialists, physicists and lab professionals. Starting at 2018, the chemical business includes roughly 15% of the US manufacturing economic area.

Fortune Business Insights™ presented this information in a newly published report, titled, “Aluminium Market Size, Share and COVID-19 Impact Analysis, By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery and Equipment, and Others), and Regional Forecast, 2020-2027.”COVID-19: Low Demand from Automotive and Construction Industries to Decline Growth

The outbreak of the COVID-19 pandemic is taking a toll on the global market. It has caused a slowdown in the manufacturing sector, as well as resulted in a fall in the GDP. Owing to these factors, the demand for bauxite ore is declining. Besides, the low demand from construction and automotive industries is set to hamper growth. We are providing extensively researched reports to aid in gaining business confidence.

Aluminium extrusion is used for endowing an immense variety of products for the industrial market as well as for consumers. Aluminium extraction is ideal for constructing panels, chassis of cars in case of automobiles, transmission housing, engine blocks, and others. When compared on similar grounds, Aluminium forging is considered more desirable to Aluminium casting, in terms of greater surface finish, great strength, and enhanced flexibility. The forecast duration may witness a huge demand for Aluminium forging segments because of its utilization in making aircraft and space shift parts.

Request Sample PDF Copy of Report:https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/aluminium-market-100233

List of the companies functioning in the global Aluminium Market are

  • Vedanta Aluminium
  • Hongqiao Group
  • Rusal
  • Emirates Global Aluminium
  • East Hope
  • Hindalco Industries Ltd
  • Shandong Xinfa
  • Hope Aluminium Industry Co., Ltd
  • Aleris
  • Rio Tinto
  • Norsk Hydro ASA
  • China Zhongwang
  • Aluminium Corporation of China Ltd
  • Alumina Ltd
  • China Alcoa Corporation

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Drivers and 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 aluminium in vehicles. The metal possesses superior physical properties and is lightweight.

Regional Analysis

Rising Demand from Packaging and 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 aluminium from end-use industries, such as solar panels and packaging. Additionally, the rising implementation of stringent laws to lower emissions would augment growth.

Gain More Insights into the Aluminium Market Research Report:https://www.fortunebusinessinsights.com/industry-reports/aluminium-market-100233

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 the Leading 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

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 and Equipment
        • Others
      • By Region
        • North America
        • Europe
        • Asia Pacific
        • Latin America
        • Middle East and Africa

TOC Continued…!

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Press Release Distributed by The Express Wire

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