Research predicts rising global demand for aluminum systems market

CANTERBURY (Scrap Monster): The latest research report published by Dublin-based Research and Markets predicts robust growth in demand for aluminum systems worldwide.

According to the report titled “Aluminum Systems Market by Alloy Type, Alloying Element, Application, & Geography - Global Forecast to 2020”, the worldwide market demand for sustainable aluminum systems is expected to grow at a CAGR of 5.65% from 2015 to 2022. The global market is forecasted to reach $147.13 billion by 2020.

In 2014, the Asia-Pacific region constituted the largest market for aluminum systems, by volume. The region accounted for 17 million metric tons during the year, accounting for a market share of 45%. The second largest worldwide market was North America, with a market share of 25%. The report notes that the aluminum systems market in developing economies such as Europe and North America looks matured.

Going forward, the global aluminum systems market is likely to face intense competition on account of rising number of small and big players in the sector. The Asia-Pacific region is likely to remain as the fastest growing market for aluminum systems during 2015 to 2020. The aluminum systems market in India and China are expected to grow at a higher rate during this period. China is likely to post fastest growth rate than any other country. Also, firms are likely to increasingly switch over to environment-friendly and sustainable manufacturing processes.

The research report analyzes global aluminum systems market based on alloy type, alloying element, application, and region. It also includes profiles of major aluminum producers including Alcoa, Aluminum Corporation of China Limited, Rio Tinto, BHP Billiton, Century Aluminum Company and United Company Rusal.