LONDON--(BUSINESS WIRE)--The global aluminum market size is poised to grow by 13.66 million tons during 2020-2024, progressing at a CAGR of almost 3% throughout the forecast period, according to the latest report by Technavio’ Market Research Report. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
The global aluminum industry is driven by the rising demand for aluminum cans in the beverage industry. 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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- The major aluminum market growth came from the transportation segment in 2019. However, the packaging and electrical engineering segment is expected to witness the fastest growth during the next five years.
- APAC was the largest aluminum market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the strong consumption of aluminum from the construction, automotive, and packaging industries in China and India.
- The global aluminum market is fragmented. Alcoa Corp., Aluminum Corp. of China Ltd., China Hongqiao Group Ltd., Emirates Global Aluminium PJSC, Kaiser Aluminum Corp., National Aluminium Co. Ltd., Norsk Hydro ASA, Rio Tinto Ltd., United Company Rusal Plc, and Xinfa Group Co. Ltd. are some of the major market participants. To help clients improve their market position, this aluminum market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the Global Aluminum Market 2020-2024 is expected to have Positive & at par growth. As the world recovers from the global pandemic, we revaluate the impact on businesses, provide a recovery analysis and update our report forecasts.
Read the full report here: www.technavio.com/report/aluminum-market-industry-analysis
Stringent Regulations for Environmental Protection will be a Key Market Trend
Stringent regulations over climate protection and carbon dioxide emissions are driving the growth of the global aluminum market. Countries across the world are coming together to formulate policies for protecting the environment. For instance, the members of the United Nations Framework Convention on Climate Change signed the landmark Paris Agreement on December 12, 2015, to fight climate change and initiate actions and investments needed for a sustainable low carbon future. Such regulations are fueling the demand for aluminum, as its is a sustainable and recyclable material, which helps in significantly reducing carbon emissions.
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Aluminum Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist aluminum market growth during the next five years
- Estimation of the aluminum market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the aluminum market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of aluminum market vendors
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- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user by Volume
- Market segments
- Comparison by End-user by volume
- Transportation - Market size and forecast 2019-2024 (million tons)
- Construction - Market size and forecast 2019-2024 (million tons)
- Packaging - Market size and forecast 2019-2024 (million tons)
- Electrical engineering - Market size and forecast 2019-2024 (million tons)
- Others - Market size and forecast 2019-2024 (million tons)
- Market opportunity by End-user by volume
Market Segmentation by Production Process by Volume
- Market segments
- Comparison by production process by volume
- Primary aluminum - Market size and forecast 2019-2024 (million tons)
- Secondary aluminum - Market size and forecast 2019-2024 (million tons)
- Market opportunity by production process by volume
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Aluminum Market drivers
- Aluminum Market challenges
- Aluminum Market trends
- Competitive scenario
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Alcoa Corp.
- Aluminum Corp. of China Ltd.
- China Hongqiao Group Ltd.
- Emirates Global Aluminium PJSC
- Kaiser Aluminum Corp.
- National Aluminium Co. Ltd.
- Norsk Hydro ASA
- Rio Tinto Ltd.
- United Company Rusal Plc
- Xinfa Group Co. Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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