Global Aluminum Market (Capacity, Production & Consumption): Potential Impact of COVID-19(2020-2024)

The major markets (Asia-Pacific, Europe and North America) have been analysed along with country analysis of China and India.
By: Koncept Analytics
 
DELHI, India - Oct. 30, 2020 - PRLog -- The global aluminum market is forecasted to reach US$176.96 billion in 2024, growing at a CAGR of 4.82% for the period spanning 2020-2024. The factors such as accelerating industrialization, rapid urbanization, increased flat-rolled aluminum products demand, high focus on recycled aluminum and expansion of primary aluminum smelter capacity are expected to drive the market. However, growth of the industry would be challenged by declining automotive sector and volatility in aluminum prices. Few notable trends include growing preference of aluminum cans, technological advancements and rising industry consolidations activities. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the great lockdown has crushed the global economy and with it the manufacturing sector.

Aluminum's industrial importance has developed with the discovery of the Hall-Héroult process for electrolytic smelting and the Bayer process. The two processes are still in use today as the main (and almost exclusive) processes for producing aluminum and alumina. The main uses of aluminum include transport (road vehicles, aircraft, railcars & marine uses), packaging (beverage cans, aluminum foil), construction (window and door frames, cladding, facades), electrical (cable, wire), consumer durables & general engineering.

The fastest growing regional market is the Asia-Pacific owing to improving economic conditions, increasing smartphone consumption and growing number of aluminum smelters in the region.

Scope of the report:

• The report provides a comprehensive analysis of the global aluminum market.

• The major markets (Asia-Pacific, Europe and North America) have been analysed along with country analysis of China and India.

• The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.

• The competitive landscape of the market, along with the company profiles of leading players (Rio Tinto Limited, Aluminum Corporation of China Limited, Norsk Hydro ASA, Alcoa Corporation, United Company RUSAL Plc and Alumina Limited) are also presented in detail.

For more Information:

https://www.konceptanalytics.com/report/metal-mining/global-aluminum-market-capacity-production-consumption-insights-forecast-with-potential-impact-of-covid-19-2020-2024

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