SELBYVILLE, Del., Feb. 10, 2020 /PRNewswire/ -- According to the report published by Global Market Insights, Inc., the global aluminum market was valued at $160 billion in 2018 and is expected to surpass $250 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026. The report offers a complete analysis of the industry size and estimations, top winning strategies, major investment pockets, competitive scenario, drivers and opportunities, as well as wavering market trends.
Extensive usage of aluminum in national defense and security equipment is a key factor, outlining its adoption across the globe. Aluminum is widely used in the creation of several tanks, ammunition components, aircraft structural components and parts, satellites, parts of missiles and missile batteries. Owing to this metal's capability to withstand low and high temperatures, radiation, and vibration load, it finds huge applications in the defense and aerospace sector.
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Meanwhile, in the food sector, the aluminum market will witness heavy demand, owing to its increasing application for packaging, particularly since it provides quality, as there is no loss of valuable aromas. Almost 75% of all aluminum foil is utilized for household foil and packaging. In addition, superior features of aluminum foil, like strength, barrier, and formability, have further made it a vital part of several containers and packaging products.
Key reasons for aluminum market growth:
- Rising demand in the packaging sector.
- Growing deployment in the defense and aerospace industry.
- Increasing urbanization and industrial developments in China.
- Mounting demand for forged aluminum products.
2025 forecasts show China retaining its top position in terms of aluminum use:
China was at the forefront of the aluminum market share owing to substantial industrial development and urbanization. The rapid development of the Chinese economy is a prime factor for significant overcapacity and the building of various new aluminum smelting facilities, few of which are agglomerated. As per the new government regulations, energy intake for new and advanced smelters should be 12,750 kWh per ton only for liquid type and less than 13,100 kWh for ingots.
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Forged aluminum products to witness significant traction:
Forged aluminum products are anticipated to gain substantial profits through 2026 since they can be used where safety and performance are highly required. These devices can withstand intense conditions found in various types of industries. Aluminum forgings are generally used in industries such as marine, transportation, commercial and military aviation, aerospace and defense, and transportation.
Leading market players:
The key market players analyzed in the global aluminum industry are South 32, Aleris Rolled Products, JW Aluminum, Logan Aluminum, Arconic, Vedanta Limited, SPIC, and EGA. These players are primarily involved in different strategies such as R&D investment, mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Aluminum Market to exceed $250 billion by 2026
SOURCE Global Market Insights, Inc.