PORTLAND, Oregon and PUNE, India, April 18, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Aluminium Market: Global Opportunity Analysis and Industry Forecast, 2014-2022" the global aluminium market was valued at $133,564 million in 2015, and is projected to reach $167,277 million by 2022, growing at a CAGR of 3.3% from 2016 to 2022. The transport segment dominated the market in 2015, with more than one-fourth share, in terms of revenue.
Summary of Aluminium Market at https://www.alliedmarketresearch.com/aluminium-market
Aluminium is a nonmagnetic and ductile metal with a dull luster due to thin aluminium oxide coating. Low metal density, corrosion resistance, and thermal conductivity are some properties, which makes it ideal for various industrial applications. Growth in transport industry is the major factor that drives the growth of the aluminium market across the globe. In addition, technological advancements, rapid development & urbanization in emerging economies, and growth in aluminium demand from various end user industries such as foil & packaging supplement the market growth. Modern manufacturers are enhancing the design of aluminium cans to make the cans more hygienic. An overall increase in production capacity by key leaders and high degree of vertical integration are observed in the industry. Manufacturers integrate their value chain to gain control over supply chain and offer aluminium products to end users at reduced costs. Food and Drug Administration (FDA), American Society for Testing and Materials (ASTM), International Organization for Standardization (ISO), and Environment Protection Agency (EPA) are some of the regulatory authorities present in the aluminium market.
Transport segment accounted for more than one-fifth of the market, in terms of volume, in 2015. Aluminium products are extensively used in transport industry due to their performance, weight to strength ratio, thermal conductivity, corrosion resistance, safety, and environment benefits. North American automotive manufacturers plan to increase aluminium usage in light trucks and cars by over 40% by 2025. Aluminium engine mounts, tailgate frames, running boards, and roof consoles are corrosion resistant and are more resilient in vehicle crashes due to their flexibility and inherent strength. Studies have confirmed that use of aluminium in motor industry reduces CO2 emissions.
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Extrusions segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 2.9%. Aluminium extrusions offer lightweight and durability to patio furniture, sports equipment and others. Flexible and low cost extrusion tooling allows manufacturers to experiment with new applications and designs.
Key Findings of the Aluminium Market
- Asia-Pacific is expected to lead the market during the forecast period, followed by Europe.
- Flat rolled market volume is projected to grow with a CAGR of 4.0% during the forecast period.
- The transport segment is expected to show highest growth, registering a CAGR of 3.6%.
- Turkey accounted for 1.6% share in the LAMEA aluminium market in 2015.
- Mexico is projected to grow at a fastest rate in the North America aluminium market, registering a CAGR of 4.0%.
- Germany accounts for 8.4% share in the European aluminium market in 2015.
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Asia-Pacific and Europe collectively contributed more than half of the share to the global aluminium market revenue in 2015. In the same year, Asia-Pacific dominated the market owing to massive urbanization, growth in income of people in urban areas, and rapid industrial development.
The prominent market players are Alcoa Corporation (U.S.), Aluminium Corporation of China Limited (CHALCO) (China), China Hongqiao Group Ltd. (China), China Power Investment Corp. (CPI) (China), East Hope Group Company Limited (China), Emirates Global Aluminium PJSC (UAE), Norsk Hydro ASA (Norway), Rio Tinto Alcan Inc. (Canada), United Company RUSAL Plc. (Russia), and Xinfa Group Co., Ltd. (China).
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SOURCE Allied Market Research