The size of the aluminum market is expected to generate $ 235.8 billion in revenue per
New York, United States, August 04, 2021 (GLOBE NEWSWIRE) – Aluminum Market Overview:
According to a comprehensive research report from Market Research Future (MRFR), “Aluminum market IInformation by product, type, application and region – Forecast to 2025The market is expected to reach $ 235.8 billion by 2025, registering a CAGR of 6.5%.
Aluminum is one of the most abundant metals in the earth’s crust, and it is most commonly mined from bauxite. Aluminum is used in a wide range of applications in various industries including automotive, electrical and electronics, aerospace, and building and construction. The characteristics of high strength, durability, corrosion resistance, low metal density and flexibility have contributed to its widespread application.
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Primary growth stimulators:
Corrosion resistance, high strength, flexibility, good thermal and electrical conductivity, and barrier properties are all factors that are contributing to the demand of the aerospace aluminum market, which is expected to increase throughout. projection. Recently, Shape Corp., a leading global automotive supplier based in Grand Haven, hosted a groundbreaking ceremony for its new Aluminum Center of Excellence in Ohio. Building a new facility in Ohio will boost the company’s manufacturing and research capabilities while creating 170 new jobs. The 322,000 square foot facility will allow the company to increase its manufacturing and research capabilities in tight tolerance aluminum extrusions, while creating more than 170 new jobs in the Trenton area. Construction of the new facility will take place until the end of 2021, with the first phase to be completed in 2022. Shape Corp. doubles its impact energy management engineering skills and expands its capabilities in close tolerance aluminum extrusions and assemblies to increase its footprint.
The main suppliers of the global aluminum market are:
- Alcoa Corporation (United States)
- Rio Tinto (Australia)
- RUSAL (Russia)
- Norsk Hydro ASA (Norway)
- Dubai Aluminum Company Limited (UAE)
- Aluminum Bahrain BSC (Bahrain)
- Century Aluminum Company (United States)
- Vedanta Ltd. (India)
- China Aluminum Corporation (China)
- China Hongqiao (China)
- HP (Australia)
- East Hope Group (China)
- Emirates Global Aluminum (UAE)
Restrictions in trade and relations between different countries are believed to hamper the growth of the aluminum market. In order to protect indigenous producers, India is recently preparing to increase surveillance of imports of copper and aluminum while adopting regulations to limit exports from China and other Asian countries.
Browse the In-Depth (299 Pages) Aluminum Market Research Report: https://www.marketresearchfuture.com/reports/aluminium-market-2031
Businesses of all types are starting to show signs of trouble as the COVID-19 pandemic sweeps the world. The forecasts for the aluminum sector are no exception; aluminum in various medical devices is in high demand today and relies on improved printed circuit boards to function. The most notable of these devices are ventilators, as they are used to support life processes in COVID-19 patients who are unable to breathe. Logistics and labor shortages were among other issues limiting the global market. For example, 900 workers at Rio Tinto’s Kitimat aluminum smelter and the Kemano power plant in British Columbia went on strike, according to the Canadian union Unifor. After nearly seven weeks of unsuccessful negotiations over planned changes to workers’ pension benefits and other issues, Unifor issued a 72-hour strike notice to address the issue.
The typical segment of the aluminum market is estimated to be dominated by the primary segment during the forecast period.
The applications segment of the aluminum market is assessed to be dominated by the machinery and equipment segment.
The product segment of the aluminum market is assessed to be dominated by the flat rolled segment.
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During the forecast period, Asia-Pacific dominated the global aluminum market. This trend is expected to continue over the forecast period. The expansion of infrastructure, rapid industrialization, large investments in construction and the growth of the automotive industry are all factors that drive the demand for aluminum during the projection period. Europe is expected to be the second most important market. Throughout the projection period, the region’s aluminum market trends are expected to remain stable, owing to improving economic conditions and increasing demand for lightweight materials from the automotive industry. Due to the boom in the construction industry and rapid industrial growth, the regions of the Middle East and Africa are expected to increase throughout the projection period. In North America, Shawinigan Aluminum Inc. (SAI) announced the start-up of its new aluminum recycling center, which will recycle 30,000 metric tonnes of aluminum per year as part of a $ 10 million investment. The additional recycling capacity is in addition to the annual billet supply of 60,000 metric tonnes. The recovered product represents half of the overall billet supply. With the addition of the ASI recycling center, Groupe Sotrem-Maltech, Quebec, now has a recycling capacity of over 50,000 metric tonnes of aluminum per year.
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