Aluminum Market: Growth in the demand of aluminum in electric vehicles to drive growth
To reduce the weight and lower the energy required to operate electric vehicles aluminum is widely used. The application of aluminum is done in various parts of electric vehicles such as the chassis, body, wheels, and also in compartments that hold electric batteries. Moreover, the thermal transferring capacity of aluminum benefits in extreme weather conditions by regulating the temperature around the battery modules. As a result, electric vehicles are also anticipated as the future of the automotive industry. Thus, the growing electric vehicle market is estimated to fuel the demand for aluminum during the forecast period.
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Aluminum Market: Segmentation Analysis & Revenue Generating Segment
This market research report segments the aluminum market by End-user (transportation, construction, packaging, electrical engineering, and others), Market landscape (primary aluminum and secondary aluminum), and Geography (North America, Europe, APAC, South America, and MEA).
The aluminum market share growth by the transportation segment will be significant for revenue generation. The transportation segment is anticipated to grow in the global aluminum market during the forecast period. The use of aluminum is extensively done in the aerospace, automotive, rail transportation, and marine industries. Moreover, with stable GDP, relatively low costs of crude oil, and strong passenger traffic growth the aerospace industry in APAC and the Middle East is growing significantly. Thus, the growing passenger numbers are expected to drive the global commercial aerospace sector during the forecast period.
Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the global aluminum market size and actionable market insights on each segment which will assist in creating efficient business plans & strategies.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Aluminum Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3% |
Market growth 2020-2024 |
13.66 mn tons |
Market structure |
Fragmented |
YoY growth (%) |
-3.70 |
Regional analysis |
APAC, Europe, North America, MEA, and South America |
Performing market contribution |
APAC at 74% |
Key consumer countries |
China, US, India, Germany, and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alcoa Corp., Aluminum Corp. of China Ltd., China Hongqiao Group Ltd., Emirates Global Aluminium PJSC, Kaiser Aluminum Corp., National Aluminium Co. Ltd., Norsk Hydro ASA, Rio Tinto Ltd., United Company Rusal Plc, and Xinfa Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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