Global 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 Development Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027
The global aluminum market is likely to gain substantial momentum over the coming years owing to rising product application scope across different industries such as transportation, consumer durables, packing, and construction among others. Additionally, high use of forging processing method for producing high-strength and lightweight parts for race car manufacturing companies would also shape industry outlook. Aluminum is a lightweight chemical element, a silvery-white metal of the key group 13 in the periodic table.
The element is known to be the most prevalent metallic element in the Earth and is also the most extensively used nonferrous metal. Due to its chemical activity, the element aluminum never appears in the metallic form in nature, however, its compounds exist to lesser or greater extent in animals, vegetations and rocks. Aluminum is also known to be an excellent heat sink for numerous applications that need heat to be drained away quickly like LED lights and computer motherboards.
The global aluminum market is segmented in terms of product, processing method, application, and regional landscape.
Based on product, the market for aluminum is classified into cast products, long products, forged products, extruded products, flat products, and others. Among these, forged products segment will witness healthy growth over the coming time period owing to the aviation industry. In fact, forged aluminum is perfect for aerospace industry owing to its ability to withstand the harsh environmental conditions which are encountered at higher altitudes.
Wide application scope of long products segment in medical assembly, aircraft construction, and commercial transportation is set to drive the overall market growth of this segment. The others segment is projected to reach more than $5.9 billion by the end of 2027.
With respect to processing method, the aluminum market is categorized into forging, casting, drawn, extruding, and rolling. Among these, drawn segment is anticipated to reach nearly $21.9 billion by 2027 and is anticipated to grow at a respectable CAGR of more than 5.1% throughout the forecast time period.
Meanwhile, the casting segment is expected to reach over $50.11 billion by 2027. Increasing application of the forging process segment for producing high-strength and lightweight parts for race car manufacturing companies will fuel the segmental growth.
In terms of application, the overall aluminum market is segmented into foil stock, consumer durables, equipment & machinery, packaging, electrical & electronics, construction, transport, and others. Among these, equipment & machinery application segment is expected to grow at a CAGR of 5.3% over the forecast period.
Meanwhile, foil segment is anticipated to reach a valuation of approximately $16.65 by 2027. The other application segment is likely to grow at a CAGR of more than 4.2% over the forthcoming time period.
From a regional frame of reference, aluminum market in Latin America will witness robust growth over the coming years owing to the rising product application across different industries.
Meanwhile, Middle East and Africa aluminum market is expected to reach a valuation of around $3.97 billion by 2027. It is further anticipated to grow at a CAGR of more than 5.8% throughout the forecast period.
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