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DUBLIN--(BUSINESS WIRE)--Nov 10, 2022--
The "Aluminum Market By End User Industry, By Series, By Processing Method: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global aluminum market was valued at $148.1 billion in 2021, and is projected to reach $258.3 billion by 2031, registering a CAGR of 5.82% from 2022 to 2031.
Aluminum is the sixth most ductile and second most malleable metal present on earth. It is a good electrical conductor, and thus is used frequently in electrical transmission lines. In addition, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of aluminum market, which makes it a favourable choice for various industrial applications.
Aluminum applications are increasing continuously across various end-user industries due to their superior weight to strength ratio, rise in price competence, formability, dampness, and corrosion resistance. Aluminum producers are offering engineers and designers with new and enhanced aluminum alloys, both polished & matt, anodized & not anodized, and smooth & riffled, which allow them to implement most complex designer solutions.
Research has indicated that use of 100-nm long embedded aluminum studs can enhance solar panel efficiency by up to 22% by reflecting light into absorption layer of photovoltaic panels. Aluminum is gradually replacing steel and plastic in various applications such as machinery & equipment, as it is more reliable and stronger as compared to plastic, and is lighter than steel. It is the only metal used to make a reflective layer in mirrors, which turns a glass into a mirror, owing to its high reflective coefficient and significant reflective properties. Disposable aluminum baking molds are gaining momentum, as they are nontoxic and environment-friendly.
However, Titanium, steel, and magnesium can substitute aluminum in structural uses and ground transportation. The presence of such high number of substitutes in the market hinders the market growth. Recycling aluminum consumes only 5% of the energy required in the production of primary metal, and thereby prevents harmful emissions including greenhouse gases. Increase in aluminum recycling plants and rise in use of old scrap for the same is positively affecting the aluminum scrap demand which is expected to boost the market over the forecast period.
Key Benefits
Key Market Segments
By End User Industry
By Series
By Processing Method
By Region
Key Market Players
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KEYWORD:
INDUSTRY KEYWORD: SUSTAINABILITY OTHER MANUFACTURING ENVIRONMENT MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/10/2022 09:04 AM/DISC: 11/10/2022 09:04 AM
http://www.businesswire.com/news/home/20221110005736/en