Aluminum Market Study for 2020 to 2026 providing information on Key Players, Growth Drivers and Industry challenges
The latest report on ' Aluminum
Market ‘ Added by Global market insights, inc , provides a concise analysis of
the industry size, revenue forecast and regional spectrum of this business. The
report further illustrates the major challenges and the latest growth
strategies adopted by key players who are a part of the dynamic competitive
spectrum of this industry.
With aluminum setting the trend as
the most naturally and prevalent occurring metal, it is being highly
sought-after to boost sustainability and mobility. Given that aluminum provides
a cost-effective and environmentally friendly way to propel fuel economy, boost
performance, and reduce emissions, yet enhancing durability and safety, it is
set to underscore the aluminum market share.
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As the world grapples to achieve a
fuel-efficient future, aluminum is expected to play a huge part for a
value-added, lightweight, durable and recyclable products. For instance, coated
aluminum roofs tend to reflect around 95% of sunlight, thereby increasing
building energy efficiency.
It is worth noting that
lightweight and highly recycled aluminum packaging has the capability to reduce
the carbon emissions and shipping costs in a range of industries. Notably, Oak
Ridge National Laboratory of the Department of Energy concluded that an
aluminum-intensive vehicle has the capability of achieving around 32% reduction
in energy consumption in its total life cycle.
These factors have mustered
confidence among stakeholders in the industry. In the latest research report by
Global Market Insights, Inc., aluminum
market size is likely to surpass $250 bn 2026.
Strong demand for aluminum in
automotive sector is likely to be witnessed in the next half a decade. In a bid
to comply with the model year 2022-2025 vehicles standards, automakers are
expected to incline toward aluminum. As a slew of companies embraces aluminum
as a solution to modern manufacturing challenges, trends for producing
lightweight automotive structures with low cost manufacturing are set to pick
pace.
Given that aluminum has higher
weight reduction capabilities as compared to steel materials, aluminum alloys
have become the hot topic among auto makers. Aimed at die casting electric car
parts, Tesla has invented new aluminum alloys. The novel aluminum alloys are
believed to maintain high conductivity and high-yield strength.
Notably, aluminum is being merged
with flexible films to create a flexible and lightweight package. It is worth
mentioning that the technology enables the packaging to expand to the shape of
the contents and contract as the product is consumed. Further, aluminum foil is
being used in food and pharmaceutical packaging as it provides a complete
barrier to oxygen, light, moisture and bacteria.
Aluminum extrusion is being
perceived as a viable solution to meet the manufacturing requirements of cost
savings, design flexibility and product performance.
Use of aluminum in its extruded
form is profoundly being linked to durability, strength, lightness, corrosion,
and resistance. Auto manufacturers are embracing aluminum to provide
interlocking, channels and fixings. Notably, given the low cost of extruded
products, manufacturers are looking to cut the costs of prototype of dies at
the time of design
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To put things in perspective, high
strength and low weight of aluminum extrusion have made them second to none in
applications, including construction and aerospace, among several others.
In what is perceived as a major
strategic move, Novelis Inc. acquired Aleris Corp. for $2.8 bn in April 2020.
The acquisition is said to boost business and bolster its penetration in the
aerospace landscape.
Buoyed by the ‘go green’ concept,
end-users are profoundly adopting aluminum products as they are fully
recyclable and are strong yet lightweight. Aluminum market outlook appears to
be sanguine as the ubiquitous metal has become a top-notch solution in almost
all applications, such as automotive, home appliances, packaging, electrical
& electronics, among several others.
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Reviewed by snehal
on
September 02, 2020
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