As per Inkwood Research, the Global Aluminum Market is estimated to rise with a CAGR of 4.97% in terms of revenue during the forecasting period of 2022-2030.
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Aluminum is a conductor of electricity and heat, in addition to being a good reflector of heat as well as light. Moreover, the material is also corrosion-resistant. The excellent properties of aluminum make it useful in various industrial applications, such as transport, architecture, packaging, energy generation, and electrical transmission.
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Increase in Manufacturing of Electric Vehicles to Augment Global Market Growth
On account of its ability to reduce weight while accommodating heavy components and extending vehicle range, the demand for aluminum is rapidly rising in the avenue of electric vehicle manufacturing. Moreover, the braking distance of electric automobiles is reduced when made lighter, which in turn, increases the safety of passengers and also improves the ease of handling.
Aluminum also has double the capacity of steel in terms of absorbing energy in a collision and, as a result, is essential from the perspective of safety. This factor also plays an essential role in the growing adoption of aluminum in place of other metals for the manufacturing of electric vehicles. Additionally, as electric vehicles have a significantly lower carbon footprint compared to traditional vehicles, there has been a growing shift towards purchasing electric vehicles aligning with climate-friendly measures issued by governments.
Automotive & Transportation to be the Dominating End-User
Aluminum has become a crucial manufacturing material in the automotive & transportation industry. In this regard, the metal is utilized in the production of cars, aircraft, ships, trains, etc. Furthermore, in modern aircraft systems, aluminum is primarily used wing panes, tie-down systems in exhaust pipes, trims and rudders, doors and floors, ball bearings, refueling hoses, hydraulic systems, frames of the pilot and passenger seats, engine turbines, and others. Therefore, the core properties of aluminum, including strength and ease of welding, play an important role in the surging adoption of aluminum in the transportation & automotive industry. Additionally, the increase in automotive production, as well as the rising preference for manufacturing electric vehicles, is anticipated to drive the growth of the segment.
Asia-Pacific to Dominate & Lead the Global Market
The notable growth of the Asia-Pacific aluminum market is primarily attributed to key drivers, including the rising inclination towards hybrid-electric as well as battery-electric vehicles. Furthermore, the increasing investments in developing infrastructure and construction activities are also expected to contribute to the region’s market growth during the forecast period.
The global aluminum market is characterized by a significant degree of competition between companies with development capabilities, thus resulting in intense industrial rivalry. Key players operating in the market include Hindalco Industries Ltd, Rio Tinto, Aluminum Corporation of China Ltd (CHALCO), etc.
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