Aluminum Market Abstract 2018 Global Analysis, Opportunities, Industry Applications, Key Developments And Forecast To 2023

Aluminum Market Abstract:

Aluminum Market is estimated to reach USD 221,132.84 Million by the end of 2023, expanding at a CAGR of 6.48% during the forecast period.

Aluminum Market is projected to grow significantly on account of increasing demand from major end uses such as transportation, building & construction, and industrial machinery. The primary factors driving growth of the market are the rising use of the light weight vehicles, growing demand for lightweight yet durable material in numerous industrial applications, and ever-increasing demand of the product from construction industry.

The Global Automotive Market is estimated to grow at higher CAGR to mark over USD 90 Billion revenue in 2017. This is anticipated to boost growth of the global aluminum market in manufacturing light yet durable automotive parts. Moreover, surging demand from electronics, packaging and consumer goods applications is expected to further boost growth of the market.

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Aluminum Market Key Players:
Aluminum Market includes are: United Company Rusal, Aluminum Corporation of China Limited, Alcoa Inc., BHP Billiton GroupRio Tinto, Norsk Hydro Asa, Century Aluminum Company, Rio Tinto, China Hongquiao Group Limited, Aluminum Bahrain B.S.C. and Hindalco Indsutries Limited.

Aluminum Market Key Findings:
Aluminum Market is projected to reach USD 221.14 Billion by 2023 at a CAGR of 6.48% during the review period 2018-2023. The Asia-Pacific market is accounted for the largest share and estimated to grow at CAGR of 6.69% to reach USD 141.95 Billion till 2023 due to growing end-use industries in this region.

Aluminum Market Segmentation:
Aluminum Market is majorly segmented on the basis of types, and end-use. Based on the type the market is segmented into wrought aluminum alloy and Cast aluminum alloy. Further on the basis of function the market is classified into Transportation, Automobile, Packaging, and Building &Construction.

Aluminum Market Application:
Aluminum Market the most significant end-user, holds almost 42% of the aluminum market and this includes users in Japan. Along with this 36% of North American and West European aluminum shipments also has a major share in the growth of the market. This is almost opposite to the situation which existed 40 years ago when this end-user market was responsible for just 20% of total consumption of aluminum in the United States, Japan or Germany. According to MRFR analysis, firm in this field, like automakers are using aluminum more as compared to other materials to be used in making new car and light truck so that they are safe, cost effective as well as lightweight. North American auto producers say that since light weight vehicles uses less fuel and have less automobile emission which makes aluminum the most demanded material in the engine and wheel market and is thus gaining market share. Aluminum usage increased every year for nearly 35 years and in 2010 its usage was 150kg in 2010 and should be around 156kg in 2012. Stricter fuel rules will make way for aluminum to be used in bumpers, heat shields, brake calipers, ABS and driveline components, cylinder heads and bed plates.

Aluminum are segmented on basis of type and end-use. Globally, aluminum market is growing due to the logistic and automobile industry. In the developing transport sector, use of aluminum has increased in automobile manufacturers due to its effectiveness, cost effectiveness, sustainability, safety, and durability. The demand for aluminum in the automotive industry is also increasing rapidly due to the development of lightweight and high-quality products. Automotive manufacturers are using non-ferrous casting materials such as alloys of aluminum, zinc and magnesium as these materials are lightweight, resistant to corrosion and have high conductivity. The growing demand for lightweight, faster and fuel-efficient vehicles will result in more use of aluminum in the automotive industry in the coming years.

Aluminum bodied pickup trucks and cars is expected to be the game changer in the coming years; for instance, in 2015, Ford Motor Company, launched world’s first ever aluminium bodied pickup truck, Ford F-150, the aluminium bodied pickup truck is nearly 700 pounds lighter as compared to the steel bodied FordF-150, making it lighter, fast, durable and enhancing the overall appeal of the vehicle. Thus, prevailing trend of increased use of aluminium is expected to surge demand for aluminium metal with more automotive manufacturers adopting aluminium for automotive production.

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Aluminum Market Regional Analysis:
Aluminum Market mainly includes automotive and construction industries due to better and modern lifestyle which is followed in Asia Pacific and North America.
China’s aluminum production has grown rapidly. In 2010, China produced 7.7 Million Tons of aluminum, and has an average annual growth rate of 15% with respect to contributing in the growth of the aluminum market in the last ten years till 2015. Although China is the world’s largest producer and consumer of aluminum, it is not a major exporter or importer of aluminum (although it does export value-added products such as extrusions). In 2015, Russia was the world’s largest exporter of aluminum, exporting 3.4 Million Tons, which accounts for 18 % of the total export of aluminum globally. The world’s largest importer in 2015 was Germany, which imported 2.59 Million Tons which is equivalent to 11 % of the world’s total imports.

Aluminum production cost includes in these four things: labour, power support, consumables, alumina feed and others. Australia has the lowest unit cost for alumina feed, but has the highest unit cost for labour. China is accounted have the highest unit cost for power and lowest unit cost for administration and support. Unit costs in Australia, China and India are same with respect to global aluminum market is same. The unit cost in these countries are more when compared to Indonesia and when compared to Malaysia, the unit cost in these countries are low.

Aluminum Market Competitive Analysis:
Aluminum is a consolidated market with 80% market being controlled by the top ten players operating in the market, the competition is moderate among the players. Furthermore, almost all the aluminium manufactures are upstream integrated and owns bauxite mines for raw material sourcing, which is an advantage for existing players in the aluminium metals market. Strategies adopted by the players in the market include product development and expansion among others.

For instance, RUSAL expanded its aluminium value added products output by adding a “Properzi” rolling mill into operation at its Kandalaksha Aluminium Smelter facility. The company invested USD 19.8 million in the new equipment capable of producing 50 KT aluminium value added products per annum.

Aluminum Market Table of Content to be Continue……,

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