ALBANY, New York, September 26, 2018 /PRNewswire/ --
The global aluminum market is expected to grow significantly owing to highly competitive market scenario, along with being fragmented enough. It has several number of shares taken up by the large number of players in the market. Some of the major players leading the global aluminum market are China Limited, Norsk Hydro ASA, RUSAL, Emirates Global Aluminum PJSC, and RioTinto. These firms are getting into several strategic mergers and acquisitions to secure their position in the market.
One of the recent and important development in the aluminum market has been the sanctions imposed by the U.S. Government over the Russian company Rusal, which currently is the second largest producers of aluminum in the World. That being said, influx of product owing to increased capacity of China and that itself of the U.S. is expected to fill the void in the near future.
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According to Transparency Market Research (TMR), the demand in the global aluminum market is prognosticated to grow at a notable CAGR of 6.4% within the forecast period of 2017 to 2025, with an estimated revenue of around US$249.29 billion by 2025-end. On the basis of product, the aluminum market is categorized into plates, sheets and foils, cables, ingots, and wires. In 2017, the segment of ingots turn up as the most dominant one among others. Geographically, Asia Pacific region is anticipated to be the most profitable region, with China being the major producer. The region was evaluated to be a major shareholder with around 60% of it in the global market, in 2016, owing to rise in automobile and construction industry in various nations such as India, China, India, Malaysia, and Indonesia.
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Rising Urbanization to Fuel Market Development in Future
Well-established players in this immensely competitive environment of global aluminum market have embraced multi-pronged development systems to stay ahead in the race. The development of the construction industry after the financial drop in 2008, is among the major growth factor contributing in the global aluminum market. Specifically, fast urbanization and industrialization in the developing economies are also prompting the development of public and private structures represent popularity for aluminum alloys and aluminum itself. This is a result of their properties of diminished self-weight and corrosion resistance.
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Rising Use of Aluminum in Automobiles to Contribute in Surged Demand
The expanding utilization of aluminum in automobiles to lessen their weight for efficiency is likewise tremendously profiting the aluminum sector. Another key factor driving development of the aluminum market is development of the automobile industry. Financial advancement and increase in spending capacity in the developing economies is prompting a considerable demand for vehicles. Surge in demand for vehicles has prompted a generous rise in fuel utilization, which thusly has stimulated in fuel costs in the region. To address this, car makers are substituting steel design with alloys of aluminum that diminishes the body weight of the vehicle considerably without bargaining on the quality and weight baring ability of the vehicle.
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This analysis is based on a recent market research report by Transparency Market Research, titled, "Aluminum Market (Type - Pure Aluminum and Aluminum Alloy; Product - Plates, Ingots, Sheets & Foils, and Cables & Wires; End-user - Transportation, Construction, Electrical, and Foils and Packaging) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
- The development of the construction industry after the financial drop in 2008, is among the major growth factor contributing in the global aluminum market.
- The expanding utilization of aluminum in automobiles to lessen their weight for efficiency is likewise tremendously profiting the aluminum sector.
The Aluminum Market has been segmented as follows:
Global Aluminum Market: By Type
- Pure Aluminum
- Aluminum Alloy
Global Aluminum Market: By Product
- Sheets & Foils
- Cables & Wires
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