The global aluminum production and processing market grew at a compound annual growth rate (CAGR) of around 2%. The slow growth of the aluminum production and processing industry over the historic period can be attributed to decline in global aluminum prices.

The global aluminum production and processing market size is expected to be around $290 billion in 2021, growing at a CAGR of around 4%. Going forward, the aluminum production and processing industry is expected to grow at a higher pace than the historic period. This is mainly due to the rising demand from emerging markets, stability in aluminum prices and increasing usage of aluminum in light vehicle manufacturing.

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Aluminum manufacturers are using furnace insulators to minimize energy loss during the melting process of metal. Furnace insulators are temperature resistant materials used for thermal insulation of furnaces. Advanced furnace insulators have temperature resistance of up to 1200°C with low shrinkage of less than 1% at 700°C. They also provide high resistance to thermal shock, abrasives, and chemicals. Recent tests have indicated that in terms of thermal conductivity, the advanced low bio-persistent fiber-based board furnace insulator perform better than calcium silicate by about 20% at 600°C and 15% at 800°C. Major companies offering furnace insulators include Morgan, Thermal Products Company, Nichias.

Aluminum production costs have been declining due to implementation of cheaper and high efficient technologies that increase productivity and reduce power consumption. The implementation was either through replacement of high cost old technologies in older plants or the creation of new plants using modern cost saving technologies. Also, carbon anodes which represent a significant cost factor in aluminum production are made of petroleum coke and since oil prices declined significantly in recent years the price of carbon anode has also decreased significantly, thus leading to lower product costs. For instance, production cost of aluminum declined from $2019 per million ton in 2011 to $1750 per million ton in 2015. Thus, implementation of high efficient technologies coupled with low oil prices led to decline in aluminum production costs.

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