LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global aluminum plates and sheets market for automobile and transportation industry provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global aluminum plates and sheets market for automobile and transportation industry for 2017-2021 provides a detailed industry analysis based on the product (aluminum sheets and aluminum plates), end-user (automobile industry and marine industry), and geography (APAC, North America, Europe, and ROW).
|Aluminum plates and sheets for automobile and transportation is widely used due to their multiple advantages like flexibility, durability, sustainability, and non-combustible, and recyclable properties. Technavio analysts forecast the global aluminum plates and sheets market for automobile and transportation industry to grow to 1,329.17 thousand metric tons by 2021, at a CAGR of close to 5% over the forecast period.|
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The top three emerging trends driving the global aluminum plates and sheets market for automobile and transportation industry according to Technavio chemicals and materials research analysts are:
- Increase in strength and formability of aluminum sheets
- Increasing demand for public transport
- Aluminum in ship building
Increase in strength and formability of aluminum sheets
Alcoa, a key vendor in the market, has started producing aluminum sheets that are 30% stronger and 40% more formable than regular aluminum sheets available in the market today. These new sheets are also resistant to dents. The company is expected to reach approximately USD 1.1 billion of revenue by 2018 in automotive aluminum sheet business alone.
“Alcoa has also entered into a joint development agreement with Ford Motor to develop the next generation aluminum alloy for the automotive industry. Such developments are expected to boost the market growth,” says Mahitha Mallishetty, a lead analyst at Technavio for metals and minerals research.
Increasing demand for public transport
The constantly increasing global population is resulting in an ever-increasing demand in various industries, including public transport. High-speed metro trains and local trains are gaining popularity due to convenience and time-efficiency that they provide to the users. The use of aluminum in the mass transportation public transport vehicles is increasing due to its advantages such as light weight, efficiency, easy maintenance requirements, and reduced fuel consumption and carbon emission. Aluminum embossed and checkered sheet coils are used for flooring and paneling applications in the transportation segment.
Aluminum in ship building
The usage of aluminum in shipbuilding is growing year-over-year due to its non-corrosive characteristics. It also reduces the weight of the ship by half in comparison to those made using steel. Steel corrodes approximately at a pace of 120 micrometers per year, whereas aluminum corrodes at a pace of one micrometer per year, which reduces life cycle maintenance and painting costs.
“In the case of liquefied natural gas, the demand for aluminum increased by nearly ten thousand tons between 2015 and 2016. Also, Austal, a global leader in aluminum shipbuilding, is planning to execute new improvements in building aluminum carriers, further boosting market growth,” says Mahitha.
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