Global Aluminum Plates Market Share Likely to Grow at a CAGR of 5.8% By 2030
According to Custom Market Insights (CMI), The Global Aluminium plates and sheets Market Size was valued at USD 170.34 billion in 2021 and is estimated to reach USD 250.3 billion by the end of 2030 at a CAGR of approximately 5.8% during the forecast period 2022-2030.
Aluminum is a type of metal naturally found in the earth’s crust in the form of aluminum oxide. It is a crystalline compound that is extracted from bauxite. Aluminum has extensive properties, including lightweight, anti-corrosion, durability, etc., due to high demand across various industries such as construction and building, automobiles, aeronautics, etc. As per the requirement, aluminum is mixed with other metals to form alloys. The aluminum’s surface is layered, making it usable for a wide range of applications. Processed aluminum, alumina, is a cost-effective and highly durable product in multiple industries.
Browse the full “Aluminum Plates Market Size, Trends, and Insights By Series (Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7, Series 8), by application (Buildings & Construction, Transport, Consumer goods, Electrical engineering, Foil and packaging, Machinery, and equipment, Other), By Processing Method (Flat-rolled, Castings, Extrusions, Forgings, Pigments & Powder, Rods & Bar), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at ReportURL.
The high demand for aluminum plates among different ventures drives the aluminum sheets and plates market growth.
Aluminum plates are widely preferred in the automotive industries for making mechanical headways, car parts, etc., due to their lightweight property, due to which their demand has increased across different ventures, including automotive, construction and buildings, aeronautic trade, etc.
The enhancement in R&D activities and the increase in demand boost the aluminum sheets market growth.
The ongoing research and development activities have led the makers to enhance their processing methods for producing high-quality aluminum products and cost-effective production. The makers tend to focus on the properties like corrosion-resistant and sustainable aluminum products and cost-effective processing, which propels the market growth for aluminum sheets across various industries.
The aluminum plates and sheet coils have high friction, generating much heat. Such factor restricts their usage in the automotive sector due to their harmful effects, which ultimately restricts the market growth for aluminum plates. Since friction is responsible for producing a large amount of heat, using aluminum plates in vehicles can lead to their malfunctioning. Apart from that, the aluminum plates and sheet coils cannot absorb the vibration shock, due to which the market growth is restricted across construction and building industries, as they are not suitable, especially for earthquake-prone areas. Furthermore, the volatility in the price of raw materials and the fluctuating production rate will likely hamper the market growth during the forecast period.
Rapid industrialization and modernization and the increase in consumer base have created opportunities for consumer electronics and construction industries. The wide usage of aluminum for wall cladding and roof systems, including frames, panels, staircases, etc., has led to a huge demand for aluminum sheets and plates, creating enormous opportunities for the market’s growth. Wall cladding is a widely preferred method in commercial construction due to its functional and cost-effective properties and aesthetic appearance.
The aluminum market is expected to face extraordinary challenges across the globe. The demand for energy and resource efficiency developments in various industries, including transport, electronics, construction, and others, has led to a huge demand for lightweight metals like aluminum. Still, it is associated with environment-related issues, which can challenge the aluminum market. The ongoing research and development activities regarding the search for better alternatives can be challenging for the aluminum market over the coming years. Aluminum is widely used in the automobile industry for making vehicle parts, but it also has high friction capacity due to its restricted usage in the automotive industry.
Based on the series type, the type 1 segment dominated the aluminum market in 2021. The type 1 series is a pure type of aluminum used in various industries due to its extensive properties, which drives the market growth for the type 1 series.
Based on Application, the transport segment held the largest market share of 37.8% in 2021. This domination can be attributed to the increase in the huge consumer base for motor vehicles in which aluminum metal is used for making major parts; such factors drive the market growth for the transport segment.
Based on the region, the Asia-Pacific dominated the aluminum plates and sheets market in 2021, estimated at USD 105.5 billion. The market will likely expand with a significant CAGR during the forecast period. The market growth across such regions is attributed to the high production and consumption rate of aluminum sheets in various industries. Countries like China, India, and Japan have witnessed a huge consumption of aluminum due to their increase in consumer base along with the rise in demand for automobiles. This drives market growth across APAC regions. The industrial sectors involved in producing aluminum-based products include construction and building, food and beverage, aircraft and automotive, etc.
|Feature of the Report||Details|
|Market Size in 2021||USD 170.34 billion|
|Projected Market Size in 2030||USD 250.3 billion|
|CAGR Growth Rate||5.8% CAGR|
|Prominent Players||Kaiser Aluminum, Alcoa, Nippon Light Metal, Kobelco, Furukawa-Sky, Alex, Constellium, KUMZ, Chalco, and Others|
|Key Segment||By Series (Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7, Series 8), by Application (Buildings & Construction, Transport, Consumer goods, Electrical engineering, Foil and packaging, Machinery, and equipment, Other), By Processing Method (Flat-rolled, Castings, Extrusions, Forgings, Pigments & Powder, Rods & Bar), and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
• Kaiser Aluminum
• Nippon Light Metal
- On June 23, 2020, Constellium SE announced the production of advanced aluminum solutions through a launch for the extraction of and development of high-performance aluminum powders to enhance their product portfolio. The developed products are supposed to meet the demands of the industry standards in terms of productivity and component properties.
- In July 2020, UC RUSAL announced the transition of the Krasnoyarsk Aluminium Smelter to Ecosoderberg Technology. The UC RUSAL Company invested USD 74 million in the modernized Ecosodoerberg technology, which resulted in the production of 1954 reduction cells. The Engineering department of UC RUSAL developed the processed method.
Market segments covered in the report
- Series 1
- Series 2
- Series 3
- Series 4
- Series 5
- Series 6
- Series 7
- Series 8
- Buildings & construction
- Consumer goods
- Electrical engineering
- Foil and packaging
- Machinery and equipment
By Processing Method
- Pigments & Powder
- Rods & Bar
- North America
- The U.S.
- South Korea
- Rest of Asia
- Rest of Europe
- Saudi Arabia
- South Africa
- Rest of LAMEA