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Aluminum Market: Global Demand, Growth Analysis & Opportunity Outlook 2020-2024 | Technavio


The global aluminum market size is expected to grow by 13.66 million tons during 2020-2024, progressing at a CAGR of almost 3% during the forecast period.

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The use of aluminum cans in the beverage sector is one of the major factors propelling market growth. However, factors such as high volatility in London Metal Exchange (LME) prices of aluminum will hamper the market growth.

The lightweight and recyclable properties of aluminum cans make it a popular choice in the beverage industry for packaging sodas, energy drinks, beers, and sparkling water. Apart from being easily recyclable and air resistant, these cans can also be rapidly chilled and provide a superior metal surface for printing. This helps in enhancing the aesthetics of the packaging and retain the original taste of the packaged food. With the increasing demand for these cans in the beverage industry, the demand for aluminum is also bound to grow.

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Global Aluminum Market: End-user Landscape

The aerospace, automotive, rail transportation, and marine industries, all use aluminum extensively. The aerospace industry uses aluminum to make almost all aircraft for overall weight reduction and to make them fuel-efficient and capable of carrying the maximum load. Aluminum is used in vehicle parts such as wheels, bumpers, engine cylinder blocks, and the main body that includes the hood, doors, and frame. The marine industry uses aluminum-magnesium alloys in shipbuilding as they are corrosion-resistant to both freshwater and seawater. The growth of the overall transportation industry is, thus, expected to drive the demand for aluminum during the forecast period. However, market growth in this segment will be slower than the growth of the market in the packaging and electrical engineering segment.

Global Aluminum Market: Geographic Landscape

APAC was the largest aluminum market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The strong consumption of aluminum from the construction, automotive, and packaging industries in China and India will significantly drive aluminum market growth in this region over the forecast period. 74% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for aluminum in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Related Reports on Materials Include:

Global Aluminum Casting Market: The aluminum casting market size has the potential to grow by 6.81 million MT during 2020-2024, and the market's growth momentum will accelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

Global Aluminum Pigment Market: The aluminum pigment market size has the potential to grow by $177.59 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!

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Aluminum Market 2020-2024: Key Highlights

Table of Contents:

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by End-user by Volume

Market Segmentation by Production Process by Volume

Customer landscape

Geographic Landscape

Vendor Landscape

Vendor Analysis

Appendix

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