Global Aluminum Market is expected to exhibit a strong 6.5% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The Global Aluminum Market was valued at USD 163.5 billion in 2018 and is expected to rise to a valuation of USD 235.8 billion by 2025. The report presents a detailed profile of the Global Aluminum Market, including an analysis of the major drivers and restraints affecting the global aluminum market. The leading players operating in the Global Aluminum Market are also profiled in the report. The impact of the COVID-19 pandemic on the Global Aluminum Market is also assessed in the report.
Aluminum is a lightweight metal widely used in construction, automotive, packaging, electrical, and several other applications. The high strength to weight ratio of aluminum has led to its widespread use in the construction industry. This is likely to be a major driver for the Aluminum Market over the forecast period, as the construction industry is likely to grow rapidly over the forecast period. Increasing urbanization in emerging regions such as Asia Pacific is likely to remain a major driver for the construction industry over the forecast period, leading to a growing demand from the Aluminum Market.
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The light weight of Aluminum in comparison to steel has led to its widespread adoption in the automotive industry. Aluminum is lightweight, yet it presents a high strength to weight ratio and offers a strong material for automotive construction. Due to this, aluminum is widely being used to construction automotive shells in the automotive industry. This is likely to remain a major driver for the Global Aluminum Market over the forecast period, as lightweight construction is likely to remain a major factor in the automotive industry over the forecast period. Lightweight automobiles consume less fuel, leading to less adverse impact on the environment. This has made lightweight construction important in the automotive industry, leading to a growing demand for aluminum. This is likely to remain a major driver for the Global Aluminum Market over the forecast period.
Leading Players in the Global Aluminum Market include Emirates Global Aluminum, East Hope Group, BHP, China Hongqiao, China Aluminum Corporation, Vedanta Ltd., Century Aluminum Company, Aluminum Bahrain BSC, Dubai Aluminum Company Ltd., Norsk Hydro ASA, RUSAL, Rio Tinto, and Alcoa Corporation.
Global Aluminum Market is segmented on the basis of Type, Product, Application and Region.
By Type, Global Aluminum Market is segmented into primary and secondary. The primary segment accounts for the dominant share in the global aluminum market and is likely to remain dominant over the forecast period. The segment accounted for 61.8% of the market in 2018. However, the secondary segment is expected to exhibit the highest CAGR over the forecast period.
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By Product, Global Aluminum Market is segmented into flat rolled, castings, extrusions, forgings, pigments and powder, rod and bar, utensils, and others. The flat rolled segment is further sub-segmented into foil stock, can body stock, common alloy, lithosheet, building sheet, and others. The rod and bar segment is further sub-segmented into aluminum conductors, wires and cables, and others. Extrusions is the leading segment of the Global Aluminum Market, while the flat rolled segment is expected to exhibit the highest growth rate over the forecast period.
By Application, Global Aluminum Market is segmented into building and construction, transportation, foil and packaging, electrical, machinery and equipment, consumer goods, solar industry, utensils, hardware and accessories, and others. The building and construction and transportation segments are likely to dominate the Global Aluminum Market over the forecast period.
Asia Pacific dominates the Global Aluminum Market due to the growing construction and automotive industries in the region. The region accounted for 63.6% of the Global Aluminum Market and is expected to exhibit a strong CAGR of 7% over the forecast period. China is the leading regional market within Asia Pacific and accounts for around 57% of the Asia Pacific market.
COVID-19 Study in Detail:
Impact of COVID-19 on Iso-Propyl Alcohol Market @ https://www.marketresearchfuture.com/report/covid-19-impact-iso-propyl-alcohol-industry
Impact of COVID-19 on Steel Extruded Products Market @ https://www.marketresearchfuture.com/report/covid-19-impact-steel-extruded-products-market
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