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The aluminum smelting market share is expected to increase by USD 26.99 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.18%.
This aluminum smelting market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aluminum smelting market segmentation by type (ingots, billets, and wire rods), end-user (transportation, heavy machinery and industrial, construction, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The aluminum smelting market report also offers information on several market vendors, including AECOM, Alcoa Corp., Aleris International Inc., Altar, Aluminum Crop. of China Ltd., AMAG Austria Metall AG, BlueScope Steel Ltd., Capral Ltd., China Hongqiao Group Ltd., Constellium SE, Garmco, Golden Aluminum, Kaiser Aluminum Corp., Kobe Steel Ltd., Nanshan Group Singapore Co. Pte. Ltd., Norsk Hydro ASA, Novelis Inc., Rio Tinto Ltd, SHOWA DENKO K.K., and United Company RUSAL among others.
Download Report Sample to Unlock the Aluminum Smelting Market Size for the Forecast Period and Other Important Statistics
Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges. During the COVID-19 pandemic, the demand for the aluminum smelting market has been impacted a lot. A holistic analysis of drivers will help in exact demands and refining marketing strategies to gain a competitive advantage.
Key Aluminum Smelting Market Driver
High demand for aluminum wire rods is one of the major drivers impacting the aluminum smelting market growth. Due to its strength, lightweight, and durability, aluminum is a crucial metal that is used frequently. It is a recyclable material that is used to make foil, smartphones, zippers, and low-emission cars. The metal is also used to create the wiring that connects electrical grids to various end customers, including businesses, apartment complexes, and other types of residential buildings. Aluminum is presently utilized in a multitude of applications due to its versatility, one of which is aluminum wire rods. Aluminum wire rods can be manufactured using several techniques, such as extrusion, rolling, and coiling, or they can be manufactured directly from molten metal. Thus, the increasing use of aluminum wire rods in various industries is expected to drive the growth of the global aluminum smelting market during the forecast period.
Key Aluminum Smelting Market Trend
High demand for lightweight materials is one of the major trends influencing the aluminum smelting market growth. An important new trend is the increasing use of aluminum as a material for structural frames, aircraft and spacecraft body panels, and more. Manufacturers are looking for materials that meet weight reduction goals without compromising the strength needed for automotive, aircraft, and structural construction. Industries such as aerospace and automotive use lightweight materials to reduce the overall weight of aircraft and vehicles and ensure fuel efficiency. One of the main reasons for the increasing importance of aluminum in the automotive industry is its low specific gravity, which helps reduce the average weight of vehicles. Aluminum in auto parts can help reduce weight by up to 24%. Grey cast iron offers advantages such as high wear resistance and vibration damping but has a specific gravity of 7-8. Cast aluminum, on the other hand, has a specific gravity of 2.7-3.0, which helps reduce vehicle weight and provides a better strength-to-weight ratio for enhanced performance. Therefore, the increasing demand for lightweight materials from various industries is expected to boost the growth of the global aluminum smelting market during the forecast period.
Key Aluminum Smelting Market Challenge
Stringent government regulations hampering market growth is one of the major challenges impeding the aluminum smelting market growth. Stringent government regulations on aluminum products are aimed at reducing their environmental impact and have shifted the industry's focus to sustainability. For example, the EN 15530:2008 European standard provides a structure for defining and accounting for the environmental aspects and potential environmental impacts of aluminum products throughout their lifecycle. In addition, the global aluminum smelting market is observing a significant increase in the recycling of aluminum products in various industries, thereby supporting business expansion. Thus, increasing regulations on the smelting process may hinder the global aluminum smelting market during the forecast period.
This aluminum smelting market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global aluminum smelting market as a part of the global diversified metals and mining market within the global materials market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aluminum smelting market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the aluminum smelting market encompasses successful business strategies deployed by the key vendors. The aluminum smelting market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The aluminum smelting market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our In-house experts produce extensive information on the value chain and parent market of the aluminum smelting market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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