Aluminum Flat-Rolled Products Market Report 2021: Market Size, Forecast, Insights, and Competitive Landscape Analysis 2020-2027
Market Highlights
The Aluminum Flat-Rolled Products Market is
projected to be valued at USD 80,589.5 Million by the end of 2024 and
expected to exhibit a CAGR of 7.26%.
The prominent factor driving the growth of the
global market is the growing demand for aluminum foils and aluminum cans in the
packaging industry. More than 7 billion aluminum foil containers are produced
annually, and this number is expected to grow rapidly in the coming years.
Aluminum foil can be merged with flexible films to create lightweight packages
and is used in the packaging of tuna, pet food, coffee, and soups. Aluminum
packaging is lightweight, flexible, and easily recyclable as well as hygienic
and keeps the food fresh for a long time. Moreover, medicinal packaging is
another important application segment for aluminum foils, wherein it is used
for packaging all types of medications such as capsules, creams, pills,
lotions, liquid and powder medications. Aluminum foil offers complete
protection against light, moisture, oxygen, and other gases as well as against
microorganisms and bacteria. The increasing demand for aluminum foils in
medical packaging coupled with the healthy growth of the medical industry is
likely to favor the market growth.
The automotive and aerospace industries are the
other major consumers of aluminum flat-rolled products. Aluminum flat-rolled
products are used in the automotive industry as a substitute for steel,
plastics, and other materials as they are cost-effective, lightweight, and
durable; they help to reduce the overall weight of vehicles and increase fuel
efficiency. Increasing adoption of aluminum in automobile manufacturing by the
leading automobile manufacturers is likely to drive the demand for rolled
products in the near future. Furthermore, the expanding construction sector in
the emerging economies of Asia-Pacific and the Middle East & Africa is
expected to boost demand for the rolled aluminum products in the construction
of commercial building components, e.g., windows and doors, skylights,
photovoltaic panel framing, sunrooms, demountable interior walls,
light-deflecting shelves, and rain screens, among others.
However, the environmental hazards associated with
the mining of bauxite, which is the raw material for aluminum production, is
expected to hamper the growth of the global market to an extent during the
forecast period. In addition, the fluctuations in the prices of aluminum metal
is likely to pose a challenge for the manufacturers to maintain their profit
margins.
Segment Analysis
The Global Aluminum Flat-Rolled Products Market has been segmented on the basis of product type, end-use
industry, and region.
Based on product type, the market has been divided
into foil stock, standard GEQ, sheets, can stock, plates, circles, fin stock,
and others. The foil stock segment held the largest share of over 26% and
valued at USD 13,790.6 million in 2018. The foil stock aluminum is used to
produce aluminum foil (which is between 0.006 mm and 0.2 mm in thickness). The
foil is largely used in wrapping food products, pharmaceuticals, and other
products. The growth of the food & beverage industry and increased
consumption of packaged food products is expected to boost demand for aluminum
foil and hence favor the growth of the segment in the years to follow.
By end-use industry, the global aluminum flat-rolled
products market has been segmented into packaging, automotive &
transportation, industrial, building & construction, consumer goods,
electrical & electronics, and others. The packaging segment accounted for
the largest market share of over 30% in 2018 and is projected to be valued at
over USD
25,546.5 million by the end of 2024. The packaging
industry is the major consumer of the flat-rolled products, wherein these
products are used to manufacture beverage cans and bottles, food cans, beverage
screw caps, and packaging foils. Beverage cans are one of the major
applications of aluminum-rolled products.
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Market Players
MRFR recognizes the following companies as the key
players in the global aluminum flat-rolled products market—Alcoa
Corporation (US), Norsk Hydro ASA (Norway), Hindalco Industries Limited
(India), Aluminum Corporation of China (Chalco) (China), Constellium (The
Netherlands), Arconic (US), UACJ Corporation (Japan), Elvalhalcor Hellenic
Copper and Aluminum Industry S.A. (Greece), JW Aluminum (US), and NALCO
(India), among others.
Regional Analysis
The global aluminum flat-rolled products market is
studied with respect to five key regions, namely Asia-Pacific, North America,
Europe, the Middle East & Africa, and Latin America. The Asia-Pacific
market was the dominant regional market in 2018 with a
market share of around 50% in 2018 and is expected to register a CAGR of
around 8% during the forecast period. This is mainly attributed
to the robust growth of the packaging, automotive, and building and
construction industries in China, India, and Indonesia, which is fueling the
demand for aluminum flat-rolled products.
The North American market held the second-largest
share of the global market and is projected to be valued at over USD 17,000
million by the end of 2024. The regional market in the Middle
East & Africa is likely to witness robust growth during the forecast period
on account of the growing popularity of aluminum over steel in the construction
industry and the expanding automobile manufacturing sector in the GCC.
Key Findings of the Study:
- Global Aluminum Flat-Rolled Products
Marketis projected to be valued at over USD 80
billion by the end of 2024 with a CAGR of over
7% during the forecast period of 2019–2024
- Asia-Pacific dominated the global market
with a share of over 49% owing to the increasing demand for aluminum
flat-rolled products in the major economies of China, India, Thailand, and
Indonesia
- The foil stocksegment held 26% of
the global market share in 2018 and is expected
to be valued at over USD 21.5 billion by the end of 2024
- Packaging is estimated to be the dominant
end-use industry segment in the global aluminum flat-rolled products
market during the forecast period
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