Aluminum Market Scope
Aluminum an electro-negative metal is a good conductor of electricity that possess plenty of beneficial qualities counted as Corrosion resistance, reflectivity, recyclability, durability, ductility, degree of conductivity & significant strength when alloyed. Additionally, aluminium is cheaper, easily available & light weighed. Due to this qualities aluminum has wide range of applications in food & packaging industries, pharmaceutical industries, automotive industries & other manufacturing industries. Aluminium is lighter than steel which makes it more beneficial for vehicles constructions, hence companies are trying to replace steel by aluminium to increase fuel efficiency of the vehicle & make it more eco-friendly. This replacement process is also supported by the EU emissions scheme & the Corporate Average Fuel Economy (CAFE) regulation in the US. On the other hand, increasing consumption rate of aluminum coupled with availability of substitutes such as plastic can hamper the market.
According to AMA, the Global Aluminum market is expected to see growth rate of 3.1% and may see market size of USD176.99 billion by 2026.
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. Research Analyst at AMA estimates that china Vendors will contribute to the maximum growth of Global Aluminum market throughout the predicted period.
Rio Tinto Plc (United Kingdom), BHP Billiton Group (Australian), United Company RUSAL Plc (Russia), Alcoa (United States), National Aluminum Company Limited (India), Norsk Hydro ASA (Norway), Aluminerie Alouette (Canada), Hindalco Industries Limited (India), Vedanta Resources Plc (United Kingdom), Aluminum Corporation of China Limited (China), China Power Investment Corporation (China), East Hope Group Company Limited (China), Guangdong Dongyangguang Aluminum Co. Ltd (China) and Qingtongxia Aluminum Plant (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Jiaozuo Wanfang Aluminum Manufacturing (China), Vimetco N.V. (Netherlands), YiChuan Yugang Longquan Aluminum Company (China), Corporación Venezolana de Guayana (South America) and Trimet Aluminum SE (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Aluminum market by Type (Aluminium Compounds and Pure Aluminium), by Application (Transportation, Packaging, Construction, Electrical and Other) and Region with country level break-up.
On the basis of geography, the market of Aluminum has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
EU emissions scheme and the Corporate Average Fuel Economy (CAFE) regulation have supported for the replacement of aluminum with steel as aluminum has lots of benefits and Aluminum Association is working to develop and maintain technical standards that are applicable for the industries involve in the production of aluminum.
Market Trend
- Due to its non-corrosive characteristics, Aluminum is founding applications in ship building
- Usage in building of High-speed metro trains and local trains
- Newly launched aluminum sheets are dent resistant
- 3D Printing uses aluminium powder while printing metal parts
Market Drivers
- growing replacement of steel by aluminum metal
- Increasing applicability in various industries
- technological advancement in automotive sector
- rapid Growth of packaging and electrical industry
Opportunities
- Increase in use of recycled aluminum products
- Construction of Vehicular bridges
- Investments in R&D activities by key players
Restraints
- Increasing competition from substitutes and fluctuating raw material prices
Key Target Audience
Manufacturer, Raw material supplier, Distributors/traders/dealers, Channel partners, Industry Association, Governments and investment communities and Research organizations and associations