NEW YORK, Jan. 27, 2016 /PRNewswire/ -- The aluminum systems market includes several types of alloying element such as silicon, manganese, copper, magnesium, and others (zinc, chromium, zirconium, and nickel). The aluminum systems market has several applications, such as transportation & logistics, packaging, construction, and electronics & electrical, and others (machined/manufactured components). Aluminum systems offers wide range of benefits such as lightweight, durability, corrosion resistant, electrical & thermal conductivity, ductility, impermeability, and can be recycled without loss of properties.
The market for aluminum systems is observed to be matured due to high disposable incomes in developing economies, such as Europe and North America. The Asia-Pacific region formed the largest market for aluminum systems, in terms of volume, having accounted for 17151.5 KT in 2014. North America accounted for the second-largest market, with a share of 25% in 2014. The Asia-Pacific region is projected to be the fastest-growing market for aluminum systems from 2015 to 2020. The global market for aluminum systems is projected to grow at a CAGR of 5.65% from 2015 to 2020, to reach USD 147.13 billion by 2020.
The aluminum systems market will be driven by factors such as the increasing demand from the end-use industry and technological advancements. The growing demand for recycled aluminum products in order to attain sustainability is an opportunity for the aluminum systems market. High disposable income has enabled the end users to spend more on range of new products from automobiles, personal technology, and packaged foods. Most importantly, the changing consumer preference has triggered the usage of aluminum systems in day-to-day life.
The global aluminum systems market is marked with intense competition due to the presence of a large number of both, big and small firms. Investments & expansions and agreements & contracts are the key strategies adopted by market players to ensure their growth in the market. Companies such as United Company Rusal (Russia), Alcoa Inc. (USA), Aluminum Corporation of China (China), Rio Tinto (U.K.), and BHP Billiton (Australia) are some of the prominent companies in aluminum systems market.
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