The global aluminum market for building and construction sector to grow at a CAGR of 6.31% during the period 2016-2020.
Global Aluminum Market for Building and Construction Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend helping to boost market growth is the increased use of aluminum in BIPV systems. BIPV systems are considered as green initiatives. BIPV systems are aluminum-framed photovoltaic systems.
These systems are used in facades and roofs of buildings. In BIPV systems, a thin solar cell is integrated into flat roofs made of polymer roofing membrane. Instead of conventional construction materials, these systems are used as a source of energy in buildings and help reduce the overall cost of construction. Aluminum facades can be installed on old buildings giving them a new look as well as a functional advantage as these materials help in generating renewable energy.
According to the report, a key growth driver is the increase in automation of building systems. . Building automation improves the efficiency of building systems by reducing energy consumption, improving the lifecycle of utilities, and enhancing occupant comfort. Aluminum extrusions are used for manufacturing building profile systems as fine, value-added solutions.
These products are increasingly used in the form of windows, doors, facades, and sliding doors in modern high-rise buildings, commercial buildings, and star hotels. Aluminum profiles are gaining market share due to their slim structure, durability, and negligible maintenance cost. Unlike steel, aluminum products do not have insulation limitations; thus, desirable insulation value can be attained with these profiles.
Further, the report states that one challenge that could hamper market growth is fluctuating LME prices which influence premium.