LONDON--(BUSINESS WIRE)--Technavio has been tracking the aluminum market and its various applications since 2015. Technavio offers a wide variety of reports on different aspects of the aluminum market be it the manufacture of aluminum or its various aluminum products such as aluminum casting and aluminum compounds such as aluminum sulfate. The global aluminum market is poised to grow by 23.88 million tonnes during 2019-2023, progressing at a CAGR of close to 5% during the forecast period.
“The significance of secondary aluminum, which is recycled from end-of-life products, is increasing. The production process of secondary aluminum is 92% more energy-efficient than the primary production process, which makes aluminum scrap a valuable commodity. Thus, the demand for secondary aluminum is expected to increase significantly during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages.
The market is driven by the increasing demand for aluminum cans from the beverages industry. In addition, the increasing use of aluminum in electric vehicles (EVs) is anticipated to further boost the growth of the aluminum market.
With aluminum cans being sustainable and recyclable, they are widely being used in the food and beverages industry. An average aluminum can that is used for beverage packaging contains 70% of recycled aluminum. As these cans are lightweight and air resistant, they can effectively store and be used for shipping beverages. Aluminum cans also help provide aesthetic packaging and retain the original taste of food. Thus, the increasing demand for aluminum cans from the beverages industry will fuel the aluminum market during the forecast period.
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Major Five Aluminum Market Companies:
Aluminum Corporation of China
Aluminum Corporation of China is engaged in procuring alumina and other raw materials and using them to produce primary aluminum. The company is also involved in producing and selling aluminum alloy products, carbon products, and other electrolytic aluminum products. The company also has business operations in other segments such as energy, trading, corporate and others.
China Hongqiao Group
China Hongqiao Group owns and operates businesses under two segments, namely aluminum products, and steam. The company is a major producer of aluminum, with a production capacity of 6,460,000 tons per annum as of December 31, 2017.
Emirates Global Aluminium
Emirates Global Aluminium has business operations under three segments, which are primary aluminum, bauxite, and water. The company produces high-quality aluminum products in three main categories, comprising of high-purity and foundry re-melt products, rolling products, and billets for extrusion and forging.
Rio Tinto operates businesses under various categories such as iron ore, aluminum, copper and diamonds, energy and minerals, and other operations. The company has 24 production sites across the globe. Products of the company include rolling slab (sheet ingot), extrusion billet, forging stock, and others.
RUSAL is engaged in the production and sale of primary aluminum and other related products. The company is involved in mining and refining of bauxite into alumina. The company is a major producer of aluminum and has 10 aluminum smelters, of which nine are in Russia and one in Sweden.
Technavio has segmented the aluminum market based on the end-user and region.
Aluminum End-User Outlook (Revenue, USD Million, 2019 - 2023)
- Electrical engineering
Aluminum Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
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Related Reports on Materials are:
Aluminum Foil Market – Global Aluminum Foil Market by application (food and beverage packaging, consumer packaging, pharmaceutical packaging, and others) and geography (APAC, Europe, MEA, North America, and South America).
Aluminum Extrusion Market – Global Aluminum Extrusion Market by product (mill-finished, anodized, and powder coated), end-user (building and construction, automotive and transportation, machinery and equipment, consumer durables, electrical and electronics, and other end-users) and geography (APAC, Europe, MEA, North America, and South America).
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