Albany, NY -- (SBWIRE) -- 10/25/2018 -- Global Aluminum Market: Snapshot
Well-entrenched players in the highly competitive global aluminum market have adopted multi-pronged growth strategies to stay ahead in the competition. Of them, strategic alliances is a vital strategy that is expected to benefit key players for competitive gains.
The expansion of the construction sector post the global economic slump of 2008 is one of the key growth drivers of the global aluminum industry. In particular, rapid industrialization and urbanization in the emerging economies of Asia Pacific leading to the construction of commercial and residential buildings account for high demand for aluminum and aluminum alloys. This is because of their properties of high corrosion resistance and reduced self-weight.
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The increasing use of aluminum in automobiles to reduce their weight for fuel economy is also immensely benefitting the aluminum industry.As per a report by Transparency Market Research, the global aluminum market is predicted to display a CAGR of 6.4% between 2017 and 2025. Progressing at this rate, the market will be valued at US$249.29 bn by the end of 2025 from US$143.87 bn in 2016.
Transportation End-use Segment led Overall Market in 2016
The global aluminum market has been studied based on a few parameters in this report. In terms of type, the aluminum market has been bifurcated into pure aluminum and aluminum alloys. Vis-à-vis revenue, aluminum alloys held the leading share of the market in 2016, owing to their increasing demand over pure aluminum.
On the basis of product, the segments into which the global aluminum market has been divided depending upon product are plates, sheets & foils, ingots, cables &wires, and others. Of them, in 2016, the segment of ingots held the leading share of the market based on revenue.
The report divides the global aluminum market based on end-user into transportation, electrical, construction, foils & packaging, and others. Amongst all, the transportation sector dominated the overall market in terms of revenue in 2016.
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Construction Boom Accounts for Dominance of Asia Pacific
Geography-wise, the global aluminum market has been classified into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of them, in 2016, Asia Pacific led the market with more than 60% share. Going forward, the region is expected to hold dominance over the forecast period.
The growth of Asia Pacific aluminum market is attributed to few factors. The booming construction sector in countries such as India, China, Malaysia, and Vietnam as a result of rapid industrialization and urbanization is indirectly benefitting the aluminum industry. This is mainly because of high durability and strength and low self-weight of aluminum and aluminum alloys that make them suitable for residential and commercial buildings as well as infrastructure such as bridges and flyovers.