Global Aluminum Metals Market to Report 5.9% CAGR Growth, says Report

SEATTLE (Scrap Monster): Market Research Future (MRFR) has published a new report that predicts 5.3% compounded annual growth to worldwide aluminum metals market during 2016-’22. According to the report, the market which was valued at $112.5 billion at end-2015 is likely to grow at CAGR of 5.3% from 2016 to 2022. The global aluminum metals market would be valued at $160.7 billion by the end of 2022.

According to the report, Aluminum is one of the most abundantly found elements in the earth’s crust. Although it weighs only one-third of other metals such as copper and steel, it is featured by his excessive strength and corrosion resistance properties. It is used for various applications across industries such as automotive, building and construction.

Based on different types, primary aluminum accounts for largest market share. Automotive manufacturing, construction, electrical and packaging are a few of the industries that make extensive use of primary aluminum. Off late, developed nations have reported significant reduction in use of primary aluminum on account of their shift to recycled aluminum, which in turn has led to protection of environment and significant savings in production costs. The trend is slowly spreading to developing nations, which are currently witnessing huge investments in new aluminum recycling facilities.

The growth in global aluminum metals market will be triggered mainly by the projected growth in automotive production over the forecast period until 2022. The global initiative to produce lightweight vehicles due to tougher controls on vehicle emission levels will boost the consumption of aluminum by automobile makers. Furthermore, aluminum has been widely used as replacement for steel by various other sectors of transportation including railroad, marine and aerospace, the report noted.

Asia-Pacific region will continue to dominate the global aluminum metals market over the forecast period. In terms of volume, the region is likely to post 5.9% CAGR growth. Also, the total market value in the region is expected to grow at a compounded rate of 5.3% per year. China will continue to remain as the key market, primarily on account of increased consumption levels. Region-wise, Europe will emerge as the second largest market for aluminum. The report identifies Rusal, Aluminum Corporation of China Ltd, Rio Tinto Alcan Inc. and Alcoa Inc. as the key market players in the global aluminum metals market during 2016-’22.