Ocean View, DE -- (SBWIRE) -- 03/31/2020 -- During the period of 2019-2026, the Aluminum Market is anticipated to expand with a CAGR of 6.5%. The global aluminum market is poised for robust growth on account of widespread applications across several industry verticals.

Aluminum is considered as the most preferred material in the defense and aerospace sector due to its ability to withstand high temperature, radiation, and vibration load. It is extensively used for manufacturing tanks, aircraft structural components and parts, ammunition components, parts of missiles batteries and satellites.

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In addition to the aerospace & defense sector, aluminum is extensively used in the food industry for packaging consumable items. Aluminum foils have emerged as a preferred packaging option to avert the loss of valuable aromas in food items. The product's superior properties like strength and formability make it a vital part in several packaging and container products.

Based on product, the aluminum market is classified into forged products, flat products, extruded products, cast products, and long products. Out of these, the forged product segment is expected to record significant growth by the year 2026.

These products are extensively used across aerospace & defense, marine, transportation, and commercial & military aviation owing to its ability to endure through intense physical conditions. Forged aluminum also offers fatigue resistance, exceptional toughness, stress & corrosion resistance, and cryogenic properties. These features may help drive forged aluminum market size over the forecast period.

Aluminum Market By Product
Flat
Extruded
Forged
Long
Cast
Others

Aluminum Industry By Processing Method
Rolling
Extruding
Drawn
Casting
Forging

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Aluminum market is gaining traction across transportation application as well. Burgeoning trends for manufacturing commercial vehicles may fuel the demand for aluminum. Meanwhile, profound application in consumer durables such as sports equipment, tablet, PCs, furniture, and flat TVs may improve its market outlook.

On the regional front, China is anticipated to offer lucrative growth opportunities for companies operating in the aluminum market. China recorded the highest market share owing to substantial industrial development and urbanization. Rapid growth in the Chinese economy has led to the development of several new aluminum smelting facilities.

For instance, under the new Chinese regulations, energy intake for new and advanced smelters must be under 12,750 kWh per ton for liquid type and 13,100 kWh for ingots. Inventions and capacity extensions are also some of the key tactics used by Chinese manufacturers in the aluminum market.

Notably, Aleris Rolled Products, South32, Logan Aluminum, JW Aluminum, Vedanta Limited, Arconic, SPIC, EGA are key industry players operating in the aluminum market. These companies are undertaking several organic and inorganic strategies like partnerships, acquisitions, and R&D to tap a major market share.

Citing an instance to the highlight the same, in 2018, Arconic announced a partnership with Lockheed Martin on 3d printing and innovative aerospace materials. Aluminum is extensively used in the aerospace sector, and this collaboration will help in developing innovative manufacturing processes, tailored lightweight solutions, and advanced metal 3D printing.

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Companies are also working on simulation, modeling, and corrosion-resistant alloys to strengthen their R&D capabilities, gain competitive advantage and diversify product portfolio in the market. Such partnerships among industry participants are expected to accelerate the growth prospects of aluminum market in the future.