Aluminum is a very durable metal that is very strong and light in weight. It is the seventh heaviest metal found in the earth's crust and is also the second most common metal found on the planet. Aluminum is a non-magnetic metal with the atomic symbol Al and atomic weight 13. It's a soft, ductile and silvery-white metal. It is the sixth most common element in the earth's crust and fifth most common element on the moon. Aluminum is a good choice for applications in which you need something that is relatively easy to machine, which means that it can be made to meet a wide range of customer demands. Because aluminum has so many useful characteristics, it has become a valuable material to be used in many applications in industries such as aerospace and automotive.
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Market Dynamics
Increasing application of aluminum from industries such as oil and gas, solar energy, and telecommunication is projected to propel growth of the global aluminum market. Among the energy sector, increasing preference for solar energy is expected to increase demand for aluminum in the energy sector, thereby propelling growth of the market. For instance, in June 2019, a survey of CITE Research on behalf of Vivint Solar reported that 70% adults in the U.S. support a nationwide mandate requiring solar panels to be installed on all newly built homes.
Among end users, decrease in sales of passenger cars is expected to decline demand for aluminum in the automotive sector, thereby hindering growth of the global aluminum market. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
Increasing demand for extruded aluminum products from the construction industry is expected to propel growth of the global flat glass market. Among regions, North America is expected to witness significant growth, owing to increasing number of housing units. For instance, according to The U.S. Census Bureau and the U.S. Department of Housing and Urban Development, in 2019, an estimated 1.290 million housing units were started in the U.S., witnessing an increase of 3.2% compared to 2018.
Competitive Analysis
Major players operating in the global aluminum market include, Rio Tinto Plc, Norsk Hydro ASA, UC RUSAL, Alcoa Inc., China Hongqiao Group Ltd., Aluminum Corporation of China Limited, Emirates Global Aluminum PJSC, Noranda Aluminum Holding Corporation, Nippon Light Metal Co., Ltd., Aditya Birla, and China Power Investment Corporation.
October 2019: Nippon Light Metal North America, Inc., a wholly owned subsidiary of Nippon Light Metal Co., Ltd., partnered with ITOCHU Metals Corporation to establish a joint venture company in the U.S. for development, manufacturing, and distribution of aluminum components for automobiles.
In-depth report on Global Aluminum Market by Coherent Market Insights:
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