Aluminum Market Size By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), By Processing Method (Rolling, Extruding, Drawn, Casting, Forging), By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2026
Global aluminum market is slated to experience healthy growth throughout the forecast timeframe. Aluminum is a highly versatile material which finds use in a variety of products ranging from hardware to soda cans. Positive application outlook in construction, transport, electrical & electronics, among others will propel the industry growth. Strong demand for aluminum alloys across several end-use industries will positively impact the industry outlook.
Based on product, aluminum market is segmented into flat products, extruded products, forged products, long products, cast products, and others. The others segment, which includes powder and pigments, captured a 3% revenue share in 2018 and is projected to witness robust growth in the coming years. This can be attributed to widespread use of aluminum powder in cosmetics and as a metallic silver pigment in paints. Long products segment is estimated to register over 6.7% CAGR over 2019-2026.
Considering the processing method, aluminum industry is bifurcated into rolling, extruding, drawn, casting, and forging. Drawn aluminum segment is estimated to witness a CAGR of more than 6.3% through 2026. This can be linked with extensive application of the material in making pots, cans, and other circular objects. Drawn aluminum tubes are widely used for transporting liquids or gases under high pressure.
Casting is one of the most widely used production and processing method for aluminum. The segment held more than 24% market share during 2018. It is a simple, cost-effective and versatile method of molding aluminum into a wide range of products. The automotive sector is the largest consumer of aluminum casting. Cast products constitute more than half of the aluminum used in vehicles.
According to applications, the market is classified transport, construction, electrical & electronics, packaging, equipment & machinery, consumer durables, foil stock and others. Consumer durables segment is projected to record substantial growth in the near future on account of widespread use of aluminum in manufacturing of washing machines, refrigerators, and dryers, among others.
Equipment & machinery application segment captured more than 9% market share in 2018 and will witness healthy growth in the forthcoming years. Advantages such as low density and light weight make aluminum preferable for use in different industrial machinery. Owing to excellent corrosion resistance as well as thermal and electrical conductivity, aluminum is suitable for heavy machinery. Lightweight and general availability of aluminum makes it fairly inexpensive compare to other metals.
Latin America aluminum market will record robust CAGR of nearly 6.5% through 2026. The strong demand for aluminum can be attributed to rapid urbanization and the subsequent rise in construction projects in the region. Europe region accounted for more than 14.5% revenue share and is anticipated to garner substantial profits in the coming years.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook