Pune, India -- (SBWIRE) -- 08/31/2018 -- Aluminum is the third most abundant element after oxygen and silicon and earth's crust is composed of 8% of Aluminum. Bauxite is the primary and main source of Aluminum. It is silvery to white, soft, non-magnetic, ductile metal. Aluminum and aluminum alloys are significantly used in a wide range of applications, which is attributed to its distinguished properties such as good corrosion and oxidation resistance, high electrical and thermal conductivities, low density, high reflectivity, high ductility and reasonably high strength, and relatively low cost. Aluminum alloys display a good combination of strength and ductility. Aluminum alloys are among the easiest of all metals to form, fabricate, and machine.

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The Global Aluminum Market is estimated to reach USD 221,132.84 million by the end of 2023, expanding at a CAGR of 6.48% during the forecast period. This is attributed to increasing demand for the product from the transportation sector. Increasing demand from end-use industries such as transportation and construction, recovery of housing sectors in developed regions along with blooming automotive industry, and increasing demand from China due to a large trade surplus of aluminum are the major factors driving the growth of the market in coming years.

Key Findings

The Global Aluminum Market is projected to reach USD 221.14 billion by 2023 at a CAGR of 6.48% during the review period 2017-2023. The Asia-Pacific market is accounted for the largest share and estimated to grow at CAGR of 6.69% to reach USD 141.95 billion till 2023 due to growing end-use industries in this region. Aluminum Market is a fragmented market into significant numbers of tier 1 manufacturers which dominate the market. China is the largest producer and consumer of Aluminum, China accounts for 57.02% of the overall production of Aluminum. Urgent short-term tasks of producers in this market can be as follows: reduction of stock excess shut down of non-profitable companies or excessive facilities. The long-term task of the global aluminum companies should be the establishment of the qualitatively new proposal for meeting actual demand for primary aluminum and aluminum products.

Regional Analysis

The Global Aluminum Market is spanned across five key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among them, Asia Pacific held the largest market share in 2016 and is projected to grow at the highest CAGR of 6.69% to reach USD 141,945.2 million by the end of the year 2023. The dominance of Asia Pacific region is mainly attributed to the rapid industrialization in the region along with the increasing aluminum consumption by China. Asia Pacific region is followed by Europe, which accounted for the second largest market share owing to rising renovation and repair in the construction industry. As of 2016, Germany accounted for the largest market share of 31.84% in Europe and expected to remain dominant over the forecast period owing to greater penetration of end-user industries in the country.

The Middle East & Africa is another significant region in the Global Aluminum Market. The U.A.E is dominating this market in terms of both value and volume. Latin America and North America are estimated to grow at a moderate rate during the forecast period.

Segmentation

The Global Aluminum Market is segmented on the basis of Application and Region.

On the Basis of the Application, the market is divided into transportation, building & construction, machinery & equipment, electrical, consumer goods, packaging, foils, and others.

Geographically, the Global Aluminum Market is spanned across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

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