LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global aluminum market and the market is poised to experience spend growth of more than USD 50 billion between 2019-2024 at a CAGR of over 5% during the forecast period. Request Free Sample Pages.
Read the 126-page research report with TOC and LOE on "The Global Aluminum Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Spend growth in the aluminum market is thriving on the exponentially increasing utilization of recycled aluminum across end-user industries such as the automobile industry. A deepening focus on reducing waste and greenhouse gas emissions is driving end-users to adopt sustainable measures in their operations. This focus is driving the adoption of recycled aluminum.
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Insights into the market price trends
- CPC and CTP are the key ingredients used in manufacturing, comprising 80% and 20% of carbon anodes. China has increased the production of steel, which has driven the demand for CTP from the steel industry in the country. This is leading to a shortage of CTP in the aluminum market, which is expected to increase prices.
- The steady rise in the price of oil and gas will increase the spend of aluminum suppliers on fuel and electricity generation, consequently, increasing their energy cost.
What are the strategies to adopt to optimize procurement spend in this market?
Engage with suppliers that prepare comprehensive purchase orders
Purchase orders should include delivery schedules, quantities, the total price of products ordered, and minimum purchase requirements (if any). It should also include indirect costs such as packaging and labeling costs. These details provide buyers clarity on all the relevant costs, facilitating price negotiation.
Engage with suppliers who have a vertically integrated operation
A majority of the leading suppliers have vertically integrated operations where they mine and refine raw materials, such as bauxite, required for the production of aluminum. Such suppliers have better control over their raw material supply chains, which helps them to control their production cost. Engagement with such suppliers will improve the supply assurance of buyers and also offer better price negotiation opportunities, and avenues for cost discounts.
Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the aluminum market.
Some of the key topics covered in this report are:
- Aluminum market spend segmentation by region
- Total cost of ownership analysis in the aluminum market
- Regional spend opportunity for aluminum suppliers
- Aluminum suppliers cost structure
- Aluminum pricing models analysis
- Aluminum procurement best practices
- Category management objectives
- Cost saving opportunities in the aluminum market
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