Apr 18, 2019 (Heraldkeeper via COMTEX) -- Aluminium Metal Market Set To Grow At A CAGR Of 5.3% in the Forecast Period
Global Aluminium Metals Market Information-by Type (Primary Aluminium, Recycled Aluminium), by Application (Automotive & Transportation, Construction, Foil & Packaging, Electrical, Machinery & Equipment, Consumer Goods and others) and by Region – Forecast to 2022
Market Overview :
The aluminium metal market has experienced a steady period of growth since its discovery. Market Research Future which specializes in market reports related to the chemicals and materials sector amongst others lately published a report on this industry. The market is projected to reach USD 1, 60,697 million by the end of the year 2022, while growing at a CAGR of 5.3 per cent from 2016 to 2022.
The important players in the market are Aluminium Corporation of China Ltd., Emirates Global Aluminium PJSC, RUSAL, Rio Tinto Alcan Inc., Alcoa, Inc., China Hongqiao Group Limited and Norsk Hydro ASA.
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Axion Recycling, which is a resource recovery expert will be entering into a business association with Jaguar Land Rover in its ongoing venture to grow the recycled aluminium content in fresh cars. The project named the REALITY project was established in 2017 and will continue for three years. Another initiative, The REALCAR scheme retrieved over 75,000 tonnes of aluminium from vehicles at their end-of-life stage in period from 2016 to 2017 which were used again in new vehicles.
Novelis which is an American subsidiary of the Aditya Birla flagship Hindalco that they will spend around $300 million in an aluminium sheet manufacturing facility for automotive in Kentucky owing to its plans to increase the production for automotive needs to meet the accumulative demand. The project which is anticipated to get commissioned by 2020 will have a volume of 200,000 metric tons and will comprise of heat treatment and pre-treatment lines that prepare aluminum for vehicle parts.
Yunnan Chihong Zinc, Yunnan Aluminium and Germanium recently announced that their holding entity, the State-owned Assets Supervision and Administration Commission (SASAC) of the Yunnan branch, was preparing to excercise its governing stake in these entities to unite with Chinalco.
Due to the widespread availability and abundance of the metal, have led to the presence of this metal in diverse applications. Applications of aluminium have also significantly contributed to the increase of the metal extraction. The characteristics of the metal such as light weightedness, flexiblity and malleability have led to the incorporation of the product in diverse industry.
Global Competitive Analysis:
The sector's substantial transformation due to the rapid growth pace has led to experimentation with many plus points. The competitors in the industry are trying to increase their market share to a considerable size by the effectual employment of their major resources to start growth transformations which can be long lasting. This approach has allowed for trends which are linked to development and are notably volume driven. This has led to a boost in diverse ranges and product forms. The industry's long term growth can be utilized upon by constant ongoing process improvements and sustaining financial fluidity to spend in the best strategies when they are available.
The industry for aluminum is divided into the following categories for better perspective of the market and its development.
By Application: Construction, Machinery & Equipment, Consumer Goods, Foil & Packaging, Automotive & Transportation, Electrical and Others