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Risingdemand from the construction and automotive industries is estimated to propelthe global aluminum market towardgrowth. Aluminum finds extensive use in electronics and electronics industry,thanks to its properties like good conductivity of electricity, low cost andlightweight. It is widely used in electrical & electronics industry due toits excellent electrical conductor, lightweight, and low cost compared to othermetals.
KaiserAluminum Corporation of China Limited, Emirates Global Aluminum PJSC, EmiratesGlobal Aluminium, Xinfa Group, and Rio Tinto are few of the names to reckonwith in the global aluminum market.
To shedlight on this aluminum market, Transparency market research takes advantage ofhistorical data and utilizes necessary research methodologies. It records everyinformation that influences the global aluminum market at a both micro andmacro levels. Analysts at TMR prophesize that the market would clock remarkablegrowth rate of 6.4% CAGR during the assessment period, from 2017 to 2025. Theglobal aluminum market will reach value worth US$ 249.29 mn through 2025.
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Boomin Construction Activities to Bolster Demand in Europe and Asia Pacific
For thepurpose of analysis, the global aluminum market is split into the principalregions of Latin America, Asia Pacific, Middle East and Africa, Europe, andNorth America.
AsiaPacific is expected to account for a leading share of the global aluminummarket during the assessment period, from 2017 to 2025. For long, China is oneof the leading producers of aluminum and the demand for domestic consumption ofthe same is growing as well. In the Asia Pacific, China continues to be theprincipal region driving the growth of the aluminum market in the region duringforecast period.
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Increasedconstruction activities in Europe owing to the movement of millions of refugeesfrom war-torm countries of Yemen, Syria, and Libya are likely to generateconsiderable demand for aluminum in Europe. In addition to that, demand forrecycled and primary aluminum for the purpose of lightweight construction isalso supporting the growth of the global aluminum market during the assessmentperiod.
Expansion of the Construction andAutomotive Industries Spurs Demand for Aluminum Worldwide
The globalaluminum market is likely to gather momentum from its rising demand originatingfrom the automotive industry. Growth in transport industry is characterizedwith the rising demand for utilization of lightweight materials to preventenvironmental pollution. The emerging trend of manufacturing automobilesutilizing lightweight materials is on rise and shows no sign of slowing down.The rising demand for lightweight materials for automotives is to enhance fuelefficiency and to lessen carbon footprint in the environment. These factors arelikely to trigger growth of the global aluminum market. In addition to that,aluminum is likely to be increasingly utilized various fast emerging sectorslike additive manufacturing, electro-mobility, and future mobility. Therefore,it is highly likely that the global aluminum is market will witnessconsiderable expansion in years to come.
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In theconstruction sector, aluminum is much in demand owing to its lightweightproperty. Even though aluminum might lose some of its market share to itscompetitors in some sectors, overall it will find abundant use in various areasof application across industries. Aluminum is an excellent reusable materialand a trend toward increased use of energy saving cars are likely to amplifygrowth of the global aluminum market.
In additionto automotive and construction, aluminum is highly in demand in food andbeverage industry. Remarkable shift toward packaged food is facilitating use ofaluminum in food packaging. Phenomenal rise in demand for processed andpackaged food is likely to drive the expansion of global aluminum market overthe period of assessment, 2017 to 2025. However, stiff competition arising fromother alternative materials like plastics and glass is prophesized to restrainthe expansion of the global aluminum market over the review period.
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Fluctuationsin the price of raw materials are likely to curb the growth rate of the globalaluminum market over the assessment period, despite its extensive use inconstruction, packaging and automotive industries.
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