Some of the major players operating in the aluminum industry are Hindalco, Norsk Hydro, Rio Tinto, Shandong Xinfa Aluminum Group, Rusal, South 32, Emirates Global Aluminium, SPIC, Vedanta Limited, Alcoa Corporation, Hangzhou Century Aluminium, Arconic, JW Aluminum , Hongqiao Group, Logan Aluminum, Aleris Rolled Products and Novelis.
Selbyville, Delaware, Nov. 16, 2022 (GLOBE NEWSWIRE) — According to a new research report by Global Market Insights Inc., the global aluminum market size is projected to exceed $280 billion by 2032. Key drivers driving demand for aluminum metals include rapid urbanization and industrialization, in particularly in the Asia Pacific region.
As the population increases, spending on residential and commercial construction projects is also increasing in developed countries. Based on US Census Bureau data, during the first 9 months of 2022, construction spending reached $1,353.7 billion, up 11.4% from the same period a year earlier . Factors like these will increase the use of aluminum alloys and semi-finished products, including aluminum foil and extrusions for building applications.
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Aluminum Market Share of Forged Products Segment Poised to Show CAGR of Above 5% to 2032. The main characteristics of forged aluminum products include cost effectiveness, durability and the ability to withstand high pressures, strains, strains and other intense conditions. These features make them ideal for a range of industries including marine, aerospace and defense, transportation, and commercial and military aviation. In addition, forged aluminum can be produced in different sizes and shapes, with low cost and faster production time to meet customer needs, further contributing to product consumption.
Based on processing method, the industry’s value of aluminum from the forging segment will be worth more than $12 billion by 2032 due to the extensive use of aluminum in applications where strength and performance parameters are critical. The forging process is also used to produce lightweight aluminum parts for automakers. As the adoption of performance automotive components continues to grow, aluminum is emerging as a key material in the automotive industry, further driving production using the forging method.
Browse key industry information spread across 320 pages with 258 market data tables and 67 figures and charts from the report”Aluminum market statistics by product (flat products, extruded products, forged products, long products, cast products), processing method (rolling, extrusion, wire drawing, casting, forging), by application (transportation, construction, electricity and electronics , packaging, equipment and machinery, consumer durables, foil inventories), COVID-19 impact analysis, regional outlook, growth potential, competitive market share and forecasts, 2023-2032”, in detail together with the table of contents:
The aluminum market share of electrical and electronic applications is expected to exhibit a CAGR of more than 6.5% by 2032 given the increasing consumption of laptops, smartphones and other electronic gadgets. The growing number of homebound consumers during the COVID-19 lockdowns has been a major driver of electronics consumption. Compared to other metals such as copper, aluminum is lightweight and strong, making it suitable for use in switchgear and major electrical system applications. This, in turn, will improve product development and promote its use in the manufacturing of electronic components.
The size of the European aluminum market is expected to be valued at over $45 billion by 2032. The growing demand for semi-finished aluminum and flat-rolled products from the packaging and automotive industries is one of the drivers of growth. According to Alupro stats, in 2021, aluminum recycling rates reached a record 68% in the UK, making it one of the most recycled beverage packaging materials. The report reveals that this will fuel the production of aluminum for use in food and beverage industry applications across the region.
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The strategic landscape of the aluminum market Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminum Group, South 32, Emirates Global Aluminium, SPIC, Alcoa Corporation, Vedanta Limited, Arconic, Century Aluminium, JW Aluminium, Aleris Rolled Products, Hindalco and Novelis are some of the major players in the market. These companies are focusing on new product launches, acquisitions, partnerships and other strategies to expand their business in the global industry.
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Global Market Insights Inc., headquartered in Delaware, United States, is a provider of global market research and advisory services, offering syndicated and custom market research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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