Global Aluminum Market is estimated to reach USD 221,132.84 million by the end of 2023, expanding at a CAGR of 6.48% during the forecast period. This is attributed to increasing demand for the product from the transportation sector. Increasing demand from end-use industries such as transportation and construction, recovery of housing sectors in developed regions along with blooming automotive industry, and increasing demand from China due to a large trade surplus of aluminum are the major factors driving the growth of the market in coming years.
Global Aluminum is the third most abundant element after oxygen and silicon and earth’s crust is composed of 8% of aluminum. Bauxite is the primary and main source of aluminum. It is silvery to white, soft, non-magnetic, ductile metal. Aluminum and aluminum alloys are significantly used in a wide range of applications, which is attributed to its distinguished properties such as good corrosion and oxidation resistance, high electrical and thermal conductivities, low density, high reflectivity, high ductility and reasonably high strength, and relatively low cost. Aluminum alloys display a good combination of strength and ductility. Aluminum alloys are among the easiest of all metals to form, fabricate, and machine.
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Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of aluminum market. Detailed analysis is explained and given importance to with best working models.
Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of aluminum market during the forecast period of 2018 to 2023 is well explained.
The ongoing market trends of aluminum market and the key factors impacting the growth prospects are elucidated. With increase in the trend, the factors affecting the trend are mentioned with perfect reasons. Top manufactures, price, revenue, market share are explained to give a depth of idea on the competitive side.
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Industry Key Players:
Alcoa Corporation (U.S.),
Rio Tinto Alcan Inc. (Canada),
Norsk Hydro ASA (Norway),
Aluminum Bahrain (Alba) (Bahrain),
Century Aluminum Company (U.S.),
Vedanta Ltd. (India),
China Aluminum Corporation (China),
Rino Tinto Australia (Australia),
China Hongqiao (China),
BHP Billiton Aluminum Australia Pty Ltd. (Australia).
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