Fluctuation in prices of raw materials, stringent government regulations toward usage of energy, and increase in substitutes such as carbon fiber hinder the growth of the aluminum market. However, rise in demand for recycled aluminum products and growth in usage of aluminum in emerging economies provide lucrative opportunities for the market expansion.
Portland, OR -- (SBWIRE) -- 05/21/2018 -- The global aluminum market was valued at $133,564 million in 2015, and is projected to reach $167,277 million by 2022, growing at a CAGR of 3.3% from 2016 to 2022. The transport segment dominated the market in 2015, with more than one-fourth share, in terms of revenue.
Aluminum is a nonmagnetic and ductile metal with a dull luster due to thin aluminum oxide coating. Low metal density, corrosion resistance, and thermal conductivity are some properties, which makes it ideal for various industrial applications. Growth in transport industry is the major factor that drives the growth of the aluminum market across the globe.
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In addition, technological advancements, rapid development & urbanization in emerging economies, and growth in aluminum demand from various end user industries such as foil & packaging supplement the market growth. Modern manufacturers are enhancing the design of aluminum cans to make the cans more hygienic. An overall increase in production capacity by key leaders and high degree of vertical integration are observed in the industry. Manufacturers integrate their value chain to gain control over supply chain and offer aluminum products to end users at reduced costs. Food and Drug Administration (FDA), American Society for Testing and Materials (ASTM), International Organization for Standardization (ISO), and Environment Protection Agency (EPA) are some of the regulatory authorities present in the aluminum market.
Transport segment accounted for more than one-fifth of the market, in terms of volume, in 2015. Aluminum products are extensively used in transport industry due to their performance, weight to strength ratio, thermal conductivity, corrosion resistance, safety, and environment benefits. North American automotive manufacturers plan to increase aluminum usage in light trucks and cars by over 40% by 2025. Aluminum engine mounts, tailgate frames, running boards, and roof consoles are corrosion resistant and are more resilient in vehicle crashes due to their flexibility and inherent strength. Studies have confirmed that use of aluminum in motor industry reduces CO2 emissions.
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Extrusions segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 2.9%. Aluminum extrusions offer lightweight and durability to patio furniture, sports equipment and others. Flexible and low cost extrusion tooling allows manufacturers to experiment with new applications and designs.
Research has indicated that use of 100-nm long embedded aluminum studs can enhance solar panel efficiency by up to 22% by reflecting light into absorption layer of photovoltaic panels. Aluminum is gradually replacing steel and plastic in various applications such as machinery & equipment, as it is more reliable and stronger as compared to plastic, and is lighter than steel. It is the only metal used to make reflective layer in mirrors, which turns a glass into a mirror, owing to its high reflective coefficient and significant reflective properties. Disposable Aluminum baking molds are gaining momentum, as they are nontoxic and environment friendly.