December 9, 2021 07:52 US Eastern Time | Source: Fortune Business Insights Fortune Business Insights
Pune, India, December 9, 2021 (GLOBE NEWSWIRE) - According to a report released by Fortune Business Insights™, the global aluminum market will be driven by the increasing use of aluminum by automotive designers and engineers to improve fuel economy. Gain traction and reduce emissions. The report further pointed out that the market size in 2019 was 164.23 billion U.S. dollars and is expected to reach 242.44 billion U.S. dollars by 2027, with a compound annual growth rate of 5.7% during the forecast period.
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The list of companies introduced in the global aluminum market are:
Waste reprocessing to reduce environmental hazards will drive growth
Increasing use of scrap or secondary metal post-processing will drive the growth of the aluminum market in the next few years. This process requires only a small amount of energy, which helps reduce harm to the environment. In addition, waste materials obtained from machines, beverage cans, equipment and automobiles are often reused and reprocessed due to their cost-effectiveness. However, exposure to aluminum can cause a variety of adverse reactions, such as insomnia, asthma, skin rashes and headaches. This factor may hinder growth.
The electric vehicle segment generates the highest share supported by rising car usage
Calculated by end use, the electrical segment accounted for 10.7% of the aluminum market share in 2019. On the other hand, due to the surge in aluminum for automobiles, the transportation segment has gained the largest market share. Metal has superior physical properties and light weight.
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Growing demand from the packaging and solar panel industries is conducive to growth in Europe
Geographically, the Asia-Pacific region's revenue in 2019 was 103.25 billion U.S. dollars. Developing countries such as India, Japan and China are the main contributors to this growth. In addition, the continued expansion of the automotive and construction industries in the region will contribute to growth. Due to the high demand for aluminum in end-use industries such as solar panels and packaging, Europe is expected to grow steadily. In addition, increasing implementation of strict emission reduction laws will promote growth.
Major players focus on acquisition strategy to strengthen their position
The global market is highly fragmented and there are a large number of manufacturers, namely Rio Tinto, Aluminum Corporation of China, Alcoa and Rusal. They continue to invest a lot of money to acquire other companies, or are implementing new technologies to consolidate their position.
The following are the two latest industry developments:
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