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.
Fortune Business Insights™ presented this information in a newly published report, titled, “Aluminium Market Size, Share & COVID-19 Impact Analysis, By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery & Equipment, and Others), and Regional Forecast, 2020-2027.” COVID-19: Low Demand from Automotive & 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.
List of the companies functioning in the global Aluminium Market are
Emirates Global Aluminium
Hindalco Industries Ltd
Hope Aluminium Industry Co., Ltd
Norsk Hydro ASA
Aluminium Corporation of China Ltd
China Alcoa Corporation
Gain More Insights into the Aluminium Market Research Report:https://www.fortunebusinessinsights.com/industry-reports/aluminium-market-100233
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.
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)
Other Key Players
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.
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 aluminium from end-use industries, such as solar panels and packaging. Additionally, the rising implementation of stringent laws to lower emissions would augment growth.