Global Aluminium Metals Market was valued at USD 1, 12,487.9 million in 2015 and is expected to reach USD 1, 60,696.1 million by the end of 2022, expanding at a CAGR of 5.3% from 2016 to 2022. Aluminium is one of the most abundantly found metallic element in the earth’s crust, with its enormous properties such as malleability, ductility, machinability, and durability among others. Comparatively, aluminium weighs one-third of metals such as, copper and steel, without jeopardizing the strength and exhibit remarkable corrosion properties. Aluminium is exclusively used across an array of industries for various applications such as for structural and Powertrain applications in the automotive industry, frames and structures in the building & construction sector.
Market Highlights:
The Global Aluminium Metals Market has been evaluated as moderate growing market and expected that the market will reach high growth figures. Aluminium is a lightweight metal, which is produced from bauxite. Bauxite is rich in aluminium oxides, which is melted and electrolyzed to produce primary aluminium. It is widely used across various industries for applications such as, cans, foils, utensils, frames, and structure among other applications. Recycled aluminium can be defined as the scrap aluminium obtained from the primary aluminium while casting, cutting and millings, generally termed as new scrap. The other sources of recycled scrap is from end-of-life aluminium products such as, foils, scrap vehicles and aluminium cans among others. Developed nations have minimized its use of primary aluminium and are more inclined towards use of recycled aluminium, which in turn is contributing to the economic growth and environmental harmony, this trend is being slowly adapted by the developing nations with establishment of new recycling facilities in these regions.
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Based on types, primary aluminium accounts for largest market share, with wide application of primary aluminium across miscellaneous industries such as, automotive, construction, electrical and packaging among others. These industries are expected to grow in forecasted period due to rise in consumption rate and growing population. The use of aluminium in automotive manufacturing is accelerating owing to its distinct characteristics and properties such as lightweight, durability, recyclability and strength among other properties, with a positive output on the overall performance of vehicle such as, fuel efficiency, safety, less maintenance and reduced emission. Thus, increasing use of aluminium in automotive components coupled with growth in automotive production is one of the prominent market driving factor adding value to the Global Aluminium Market. Furthermore, the application of aluminium across various transportation sector such as railroad, marine and aerospace as a replacement for steel in the above mentioned transportation sectors can be further attributed to aluminium metal market growth.
Market Dynamics:
The Global Aluminium Metals Market is expected to register moderate growth of 5.3% over the forecast period. The prominent factors fuelling the growth of Global Aluminium Metals Market are, rise in automotive production coupled with increasing use of aluminium in vehicle manufacturing. Rapid urbanization in the developing economies with rigorous infrastructural development and regaining stability of housing market in the mature markets can be attributed to the overall growth of Global Aluminium Metals Market. Furthermore, in line with the rapid urbanization and industrialization, the electrical and power supply needs to be addressed, with significant application of aluminium in electric wires and transmission lines, the demand from electrical sector is anticipated add further value to the Global Aluminium Metals Market. Apart from the above mentioned factors, demand for aluminium among the food packaging industry, equipment manufacturers, and consumer goods among other applications is anticipated to further augment the demand for aluminium metals globally. However, oversupply of primary aluminium leading to declining prices and rapidly growing demand for recycled aluminium as substitute for primary aluminium among other factors might hamper the growth of Global Aluminium Metals Market to an extent.
Geographically, Asia-Pacific region dominates the Aluminium Metals Market both in terms of volume and value and is expected to grow significantly at a CAGRs of 5.9 % and 5.3 % respectively. China is major revenue generating country due to increasing consumption of aluminium metals across different industries and high export of aluminium. Europe accounts for second largest market share in the Global Aluminium Metals Market.
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