Aluminum is an electronegative metal with a high affinity for oxygen. It is the world's sixth most ductile and second most malleable metal. It is extremely light, with a density of 2.7g/ccm, dust-proof, has a high degree of conductivity, and has significant strength when alloyed. It is frequently utilised in the food and packaging industries, as it is harmless in nature, preserves food for extended periods of time, and inhibits the growth of microbes. Because aluminium is a good electrical conductor, it is commonly used in electrical transmission lines. Due to its high volumetric energy density, it is also employed as the primary propellant for the solid rocket booster motor of the space shuttle. Aluminum also has corrosion resistance, reflectivity, and recyclability, which makes it a good choice.
The global aluminum market is estimated to reach 102,976.2 Thousand Tons by the end of 2027 in terms of volume, exhibiting a CAGR of 6.1% during the forecast period (2020 to 2027).
The worldwide aluminium market is expanding due to developments in the transportation industry, technological advancements in aluminium manufacturing technologies and processing equipment, and an increase in the use of aluminium in various industries such as building & construction and foil & packaging. Due to increasing urbanisation, increases in the income of people living in cities, and rapid industrial development, Asia-Pacific is the leading region in terms of growth. Furthermore, continual developments in the transportation industry, as well as ongoing R&D operations to develop novel, more effective, and less expensive aluminium products, drive market expansion.However, increase in competition from substitutes and fluctuations in prices of raw materials such as alumina are some factors that limit the aluminum market growth. Growth in demand from emerging economies such as China & India and increase in use of recycled aluminum products globally provides lucrative opportunities for the market expansion. Lowering energy requirement is one of the major challenges faced by aluminum industry.
Aluminum market is segmented based on end user, processing method, and geography. On the basis of end user, the market is categorized into transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others (solar panel nanotechnology and aluminum air batteries). According to processing, the market is divided into flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar.
No comments:
Post a Comment