Some of the major players operating in the aluminum industry are Hindalco, Norsk Hydro, Rio Tinto, Shandong Xinfa Aluminum Group, Rusal, South 32, Emirates Global Aluminum, SPIC, Vedanta Limited, Alcoa Corporation, Hangzhou Century Aluminum, Arconic, JW Aluminum, Hongqiao Group, Logan Aluminum, Aleris Rolled Products and Novelis.
Selbyville, Delaware, Nov. 16, 2022 (GLOBE NEWSWIRE) — According to a new research report by Global Market Insights Inc., the global aluminum market size is expected to exceed USD 280 billion by 2032. Major drivers for the proliferation of metallic aluminum demand include rapid urbanization and industrialization, in particularly in the Asia-Pacific region.
With population growth, spending on residential and commercial construction projects is also on the rise in developed countries. Based on data from the US Census Bureau, in the first 9 months of 2022, construction spending reached USD 1,353.7 billion, 11.4% more than the value of the same period a year earlier . Such factors will increase the use of aluminum alloys and semi-finished products including aluminum sheets and extrusion for construction applications.
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Aluminum Market Share of Forged Products Segment Expected to See a CAGR Above 5% through 2032. The main characteristics of forged aluminum products are cost-effectiveness, durability, and the ability to withstand high pressures, stresses, stresses, and other intense conditions. These characteristics make them ideal for a range of industries including marine, aerospace and defense, transportation, and commercial and military aviation. In addition, forged aluminum can be produced in different sizes and shapes and at lower costs and faster production times to meet customer needs, thus contributing to product consumption.
Based on processing method, the aluminum industry value of the forging segment will exceed $12 billion by 2032, due to the robust use of aluminum in applications where strength and performance parameters are critical. The forging process is also used to produce lightweight aluminum parts for car manufacturers. As the adoption of high performance auto parts continues to increase, aluminum is emerging as a key material in the automotive industry, further boosting production using the forging method.
Browse key industry information spread across 320 pages with 258 market data tables and 67 report figures and graphs”Aluminum market statistics by product (flat products, extruded products, forged products, long products, cast products), processing method (rolling, extrusion, drawing, casting, forging), by application (transportation, construction, electrical and Electronics, Packaging, Equipment & Machinery, Consumer Durable Goods, Foil Inventory), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023-2032“, in detail with the table of contents:
The market share of aluminum from electrical and electronic applications is expected to grow at a CAGR above 6.5% by 2032, given the increasing consumption of laptops, smartphones and other gadgets electronics. The growing number of homebound consumers during the COVID-19 shutdowns has been a major driver of electronics consumption. Compared to other metals such as copper, aluminum is lighter and stronger, making it suitable for use in switchgear and main power system applications. This will, in turn, improve product development and promote its use in the manufacture of electronic components.
The size of the European aluminum market is expected to be valued at over USD 45 billion by 2032. Growing demand for aluminum semi-finished products and flat-rolled products from the packaging and automotive industries is one of the major growth drivers. According to statistics from Alupro, in 2021 aluminum recycling rates reached a record high of 68% in the UK, making it one of the most recycled beverage packaging materials. The report reveals that this will fuel the production of aluminum for use in food and beverage industry applications in the region.
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The strategic landscape of the aluminum market Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminum Group, South 32, Emirates Global Aluminium, SPIC, Alcoa Corporation, Vedanta Limited, Arconic, Century Aluminium, JW Aluminium, Aleris Rolled Products, Hindalco and Novelis is one of the main players in the market. These companies focus on new product launches, acquisitions, partnerships, and other strategies to grow their business in the global industry.
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