Aluminum Sheet Market:Overview
The market for aluminum sheets witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including Alcoa Inc., UACJ Co. Ltd., Norsk Hydro ASA, Constellium, Zhejiang Hanlv Aluminum Industry Co. Ltd., Hangzhou Yonghong Nonferrous Metal Materials Co. Ltd., Shandong Sino Steel (Aluminum) Co. Ltd, Novelis Inc., Richard Austin Alloys, Cision Ltd. and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for aluminum sheet with largest market share.
For instance, in March 2021, Alcoa corporation announced that it will supply sustainable aluminum for the wheels on the Audi e-tron GT. The vehicle would be the first ever to use the metal that is made from a technology that eliminates carbon dioxide emissions from the smelting process. Alcoa is supplying aluminum to RONAL GROUP to support the manufacturing of Audi e-tron GT’s high-performance alloy wheels. The wheels are produced with a combination of metal from the ELYSISTM and EcoLum™, Alcoa’s low-carbon aluminum brand.
In Terms of growth, the North American and European regions are anticipated to show a significant growth in the demand due to the expansion and innovations in the aerospace sector. The market in Asia Pacific regions is projected to show a high revenue rate through 2030 because of the emergence of new manufacturers and expansion of the automotive industry in the developing countries. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
Global Aluminum sheet Market Introduction
Aluminum Sheet is the most widely used form of aluminum which undergoes the process of transformation of the metal into flat pieces or thin sheets of aluminum metal. Aluminum sheets are produced by rolling ingots under specific pressure according to the desired thickness.
Thickness of aluminum sheet is less than 6mm, also called as leaf or foil. Aluminum is one of the most widely used material for making sheets due to its cost effectiveness, ductility, and robustness. Aluminum can be easily moulded into various shapes, grades or in number of forms which has led to increased usage of aluminum sheets in different industrial application. Aluminum sheets are popularly used for industrial applications including aerospace (panel of planes), transportation-(auto panel body), packaging (can bodies) and construction (buildings).
Aluminum sheets exhibit excellent anti-corrosion property and hence are widely being used for marine applications. Aluminum sheets are excellent option for industrial as well as structural application due to its high strength and flexible nature. The global aluminum sheet market is anticipated to grow at a moderate CAGR over the forecast period.
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Global Aluminum sheet Market Dynamics
Increasing need of aluminum sheet withstanding extreme working condition such as extreme hot or cold is a driving factor for aluminum sheets. Aluminum sheets can withstand in extreme condition due to its properties - corrosion resistant, high strength, ductility, weldability. Aluminum material possesses unique property. It gains strength in cold weather becoming tougher. Thus, aluminum sheets are preferably used in extremely cold climatic conditions for storage tank.
Aluminum sheets finds its use across a number of end use industries such as packaging, transportation, building and construction amongst others.
With the growing stringent regulations pertaining to reduction in vehicle weight which will consequently cause reduction in the carbon emissions, is expected to boost the demand for aluminum sheets in the transportation industry, majorly automotive. This is attributed to the light weight and high strength provided due to the use of aluminum sheets. Due to high weldability property of aluminum, it can be formed into any shape and is thus highly used in the automobile industry as panel of vehicles like cars, tractor etc., and plays a vital parameter for increasing fuel efficiency in automobile sector. Use of aluminum in automobile reduces CO2 emission by 20%.
Another major factor driving the demand for aluminum sheet is the rise in demand for packaged food. The changing lifestyle has resulted in change in eating habits which has led to significant growth of the packaged food industry. Aluminum sheet is widely being used for the production of tins, cans and other packaged food items. It is also being used to manufacture a number of consumer products such as utensils, foil etc.
Difficulty in recycling of laminated aluminum can turn out to be a restraining factor for global aluminum sheet market as components in laminated aluminum takes lengthy procedure to separate. Whereas metals like laminated steel or copper can be easily recycled as compared to aluminum. Fluctuating price of aluminum sheet can be another restraint for global aluminum sheet market.
Another major factor restraining the global demand for aluminum sheets is the use of alternative materials such as polymers and fibers for automotive components and body parts manufacturing. The increasing use of composite material is also projected to impede the global aluminum sheets market growth.
Global Aluminum Sheet Market Regional Outlook
In terms of regional perspective, the global aluminum sheet market is anticipated to be dominated by Asia Pacific region. This is attributed to the large base for automotive production in the region. China and India are projected to hold relatively larger share in the global aluminum sheets market.
North America and Europe are also projected to hold significant share in the global aluminum sheets market, this is attributed to the stringent regulations regarding emission and fuel efficiency in the automotive and aerospace sector which has caused rise in demand for lightweight aluminum made parts.
Moreover, aluminum has also exhibited superior strength and corrosion resistance which has also caused a rise in demand. Latin America and Middle East and Africa are projected to witness relatively higher growth rates owing to the increasing investments in the automotive sector in the regions. Japan is projected to expand at a moderate growth rate over the forecast period.
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Global Aluminum Sheet Market Participants
Some of the market participants identified across the value chain of the global Aluminum sheet market are:
- Alcoa Inc.
- UACJ Co.,Ltd.
- Norsk Hydro ASA
- Zhejiang Hanlv Aluminum Industry Co. Ltd.
- Hangzhou Yonghong Nonferrous Metal Materials Co. Ltd.
- Shandong Sino Steel (Aluminum) Co. Ltd
- Novelis Inc.
- Richard Austin Alloys
- Cision Ltd.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application and industry.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
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Global Aluminum Sheet Market Segmentation
Aluminum sheet market can be segmented based on end use industry and region
On the basis of end use industry, Aluminum sheet market can be segmented as:
- Building and construction
- Aerospace and defense
- Consumer products
On the basis of application, the global aluminum sheet market can be segmented as:
- Flat rolled products
- Casting and forging
On the basis of process, the aluminum sheet market can be segmented as:
- Cold rolling
- Hot rolling
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