The latest report by Precision Business Insights, titled “Aluminum Market” covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints.
The aluminum market size was valued at USD 117.1 bn in 2021, growing at a CAGR of 6.4% during the forecast period 2022-2028. One of the most prevalent non-ferrous metallic elements in the crust of the Earth is aluminum (Al). It is strong, pliable, flexible, lightweight, & resistant to oxidation and corrosion. It possesses good thermal and electrical conductivity as well as great reflectivity. Because it easily forms compounds with other chemical components, it is widely used in a wide range of applications.
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The Aluminum Market Growth Factors:
The widespread use of Al in numerous end-use sectors around the world might be blamed for the market expansion. For example, it is used to make packaging containers in the food and beverage (F&B) business because Al helps preserve the aroma and purity of the contents. This is accelerating market expansion along with the rising demand for ready-to-eat (RTE) food products. In addition, rising income levels, an increased concern for appearance, and the expanding influence of social media all contribute to an increase in the sales of personal care and cosmetics goods globally. This has a favorable impact on how AI is used in the cosmetics sector. It aids in packaging and guards against microbial contamination when cosmetics are being stored and transported. Additionally, the market is projected to grow due to the increasing use of aluminum as a replacement for plastics and steel due to its dependability, and adaptability. Furthermore, the construction industry’s low demand for aluminum due to a sudden downturn in projects restricts the expansion of the aluminum market’s income.
The Aluminum Collection Market Segmentation
Aluminum Market on the basis of Processing Type, market is segregated into Castings, Extrusions, Forgings, Sheets and Plates, Rods and Bars, and Others. On the basis of End-user, the market is categorized into Aerospace, Automotive, and Defense, Building and Construction, Electrical and Electronics, Packaging, Industrial, Others.
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The Aluminum Market Regional Analysis
Throughout the projected period, the North American market is anticipated to have stable revenue growth. The demand for aluminum in this area is being supported by rising aluminum utilization in the building industry. To address the need for aluminum around the world, several facilities are set up and growing their original capacity. China and India, in particular, are the world’s two largest producers of aluminum, which includes all processes like mining bauxite, smelting aluminum, refining alumina, rolling downstream, casting, and recycling.
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