Aluminum Market Trends Forecast 2022-28
The aluminum market size was valued at USD 117.1 bn in 2021, growing at a CAGR of 7.4% 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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