“The aluminum market is expected to grow at a CAGR of more than 3% during the forecast period. Major factor driving the market studied is increasing construction activities in Asia-Pacific region. On the flip side, slowdown in the global automotive industry and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of market.
The building & construction industry is expected to dominate the global aluminum market over the forecast period.
Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
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Key Market Trends
Increasing Demand from Building & Construction Industry
– Aluminum is a light silver-gray metal with properties such as strong, low density, resistance to corrosion, good conductor of heat and electricity and ductile.
– In the building & construction industry, aluminum is the second most widely used metal. It is extensively used in windows, curtain walls, roofing and cladding, solar shading, solar panels, railings, shelves, and other temporary structures etc.
– Increasing construction activity across the world is one of the key factors driving the market studied in recent times. The construction sector in the Asia-Pacific region is the largest in the world, and is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.
– In North America, increase in the construction projects and rising investments in the United States and Canada are driving the market studied. This increasing trend is likely to continue, depending on funding for larger projects, such as that of Hudson Yards in New York City, among various others.
– Therefore, the growing construction activities across the world is expected to drive the demand for Aluminum from building and construction industry during the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region is expected to be the largest market for aluminum during the forecast period. Industries such as electronics, building & construction, aerospace etc. are increasing in countries such as China, India, Japan among others.
– The electronics manufacturing market in Asia-Pacific is expected to grow rapidly, during the upcoming years, due to the presence of many OEMs in the region. Low cost and the availability of raw materials, coupled with cheap labor, are driving the growth of the sector. The companies in the region provide manufacturing and assembling services to companies in Germany, France, and the United States.
– The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales, over the next 20 years
– Under the plan, ‘Made in China 2025’, it is expected that China will supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to propel the demand for aluminum during the forecast period.
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