Press release
Aluminium Market Size, Growth, Opportunities 2024-2032 | Companies- RusAL, Rio Tinto, Alcoa Corporation, Hindalco Industries Ltd
Aluminium Market
Aluminium refers to the ductile, non-magnetic, and silvery-white metal that has a crucial role in modern commerce and industry. The market growth can be credited to the growing demand for the product from OEMs and electric vehicles.
Fortune Business Insightsโข provides this information in its research report titled "Aluminium Market, 2024-2032".
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ -https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/aluminium-market-100233
๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐๐ง๐ญ๐ข๐จ๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ:
โถ RusAL (Russia)
โถ Aluminium Corporation of China Limited (CHALCO) (China)
โถ Rio Tinto (U.K.)
โถ Alcoa Corporation (U.S.)
โถ Emirates Global Aluminium (UAE)
โถ Norsk Hydro ASA (Norway)
โถ Hindalco Industries Ltd. (India)
โถ Vedanta Aluminium & Power (India)
โถ China Hongqiao Group Limited (China)
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
High Versatility of Cast Products to Foster the Segment Growth
In terms of product, the market is divided into cast products, plate, sheet, extrusion, and others. The cast products segment registered the largest aluminium market share in 2022. Products manufactured deploying cast aluminium have a high versatility. This factor is bolstering the cast products segment growth.
Surging Deployment of Wrought Alloy Boosted the Segment Growth
Based on alloy type, the market is classified into wrought alloy and cast alloy. The wrought alloy segment captured the largest share in 2022. The growing deployment of wrought alloy in different applications needs high material strength, including aircraft frames, pressure vessels, welding rods, and motorcycle frames, impelling the segment growth.
Increasing Adoption of Metal in the Automotive Industry Propelled the Transportation Segment Growth
In terms of end-use, the market is categorized into packaging, consumer durables, transportation, construction, machinery & equipment, electrical, and others. The transportation segment witnessed the largest share in 2022. The surging adoption of metal in the automotive industry, owing to its lightweight nature is poised to proliferate the transportation segment growth.
On the regional ground, the market is segregated into Latin America, the Middle East & Africa, North America, Europe, and the Asia Pacific.
Report Coverage:
The research report offers a detailed analysis of the major factors boosting the market growth. It further describes the latest trends, COVID-19 impact, restraining factors, notable industry developments, and strategic initiatives undertaken by prominent players.
Get a Quote- https://www.fortunebusinessinsights.com/enquiry/get-a-quote/aluminium-market-100233
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ:
Increasing Product Usage in the Automotive & Transportation Industries to Escalate the Market Growth
One of the key factors propelling the aluminium market growth is a rise in the usage of the product in the automotive & transportation industries. Automotive designers and engineers highly prefer the metal to reduce emissions while boosting fuel economy.
However, the incorporation of tightening environmental regulations may impede the market growth.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
Asia Pacific Secured the Largest Share Due to Wide Usage of the Product in Construction Activities
The Asia Pacific market occupied the largest share in 2022 on the back of the wide deployment of the product in construction for facades and structural components.
North America market growth can be credited to the uptake of the metal by EV manufacturers for the reduction of vehicular weight.
Competitive Landscape:
Companies Focus on Capacity Expansions to Extend Their Geographical Footprint
Strategic initiatives such as joint ventures, mergers and acquisitions, and partnerships are being adopted by prominent companies to boost their position. Several companies are also opting for capacity expansion strategies to expand their geographical footing.
Key Industry Development:
July 2022 - Rio Tinto unveiled its plans to invest USD 188 million for the expansion of its high-grade aluminium billet production capacity at its Alma refinery in Quebec, Canada. This move is poised to help the company expand the existing foundry center at its Alma facility.
Read More Information- https://www.fortunebusinessinsights.com/industry-reports/aluminium-market-100233
COVID-19 Impact:
Decline in the Manufacturing Sector Slowed the Market Growth
The COVID-19 pandemic had a negative impact on the market growth. The pandemic witnessed a sudden drop in demand for the product from the industrial sector. In addition, there was a significant impact on the demand for bauxite ore across all regions owing to a temporary halt in production, change in consumer behaviour, scarcity of inventory and raw materials, and trade restrictions owing to the pandemic.
๐๐๐ฅ๐๐ญ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ-
Aluminium Cylinder Market - https://www.fortunebusinessinsights.com/industry-reports/aluminium-cylinder-market-101790
High Strength Steel Market- https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854
Steel Wire Market - https://www.fortunebusinessinsights.com/steel-wire-market-102581
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Fortune Business Insightsโข offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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