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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.
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. Fortune Business Insights™ presented this information in a newly published report, titled, “Aluminium Market Size, Share and Industry Analysis, By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery and Equipment, and Others), and Regional Forecast, 2020-2027.”
The report further states that the aluminium 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.
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/aluminium-market-100233
By Product Type, By Application, and By Geography
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2027
North America, Europe, Asia Pacific, South America, and Middle East and Africa, and Rest of World
Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Norsk Hydro ASA (Norway), Hindalco Industries Ltd. (India), CHINA ZHONGWANG HOLDINGS LIMITED (China), Vedanta Aluminium Limited (India), Novelis (U.S.), UC RUSAL (Russia), Aluminum Corporation of China Limited (CHALCO) (China), Rio Tinto (UK), China Hongqiao (China), Alcoa Corporation (U.S.), Emirates Global Aluminium (UAE), and other players profiled
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Avail customized purchase options to meet your exact research needs.
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 automobiles 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.
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.
https://www.fortunebusinessinsights.com/enquiry/customization/aluminium-market-100233
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.
Key Players Focus on Acquisition Strategy to Strengthen Their Positions
The global market for aluminium 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:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Aluminium Market Valuation to Boom through 2027 |Rising Demand from Packaging & Solar Panels Industries to Favor Growth in Europe
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