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Aluminum Market Size – USD 185.30 Billion in 2021, Growth - CAGR of 5.7%, Trends – High utilization in the automotive industry.

NEW YORK, NY, UNITED STATE, June 15, 2022 /EINPresswire.com/ -- The global Aluminum Market is forecast to reach USD 305.68 Billion by 2030, according to a new report by Reports and Data. Aluminum is a low-density, silver-colored metal. The metal finds application in a huge variety of commercial sectors. It can be strengthened by the addition of appropriate alloying elements such as Copper, Magnesium, Manganese, and Silicon, among others. It is commonly used in both cast forms and wrought. The low density of the metal results in its extensive use in the aerospace sector, and in other transportation fields. It is also resistant to corrosion, which leads to its use in food and chemical handling and architectural purposes.

Aluminum is an excellent electrical conductor and thus is used frequently in electrical transmission lines. Moreover, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, recyclability, and reflectivity are other characteristics of Aluminum, which makes it a favorable choice for different industrial applications.

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Asia Pacific led the market of Aluminum. Rapid urbanization, rise in income of people living in urban areas, and rapid industrial development are driving the growth in the market. The continuous advancement in the transport industry and ongoing research and development activities are leading to more effective and cheaper Aluminum, which is fueling the market demand. However, continuous competition from substitutes and fluctuations in the raw material prices are limiting the growth of the market. Growth in the demand from developing nations such as India and China and increased use of recycled products are providing ample growth opportunities for the market.

Key participants include Aluminium Corporation Of China Limited, China Power Investment Corporation, Emirates Global Aluminium PJSC, Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, Dubai Aluminum Company Limited, and Century Aluminum Company, among others.

Further key findings from the report suggest

Primary Aluminum is tapped from electrolytic cells during the electrolytic reduction of metallurgical alumina. It thus excludes recycled Aluminum and alloying additives. The production of the market product is defined as the quantity of primary Aluminum in a defined period. It is the quantity of liquid or molten metal tapped from the pots, and that is weighed before transfer to a holding furnace before further processing.

Extrusion is a technique that is used to transform aluminum alloy into objects with a definitive cross-sectional profile for a wide range of applications. The product's malleability permits it to be easily cast and machined, and yet it is one third the stiffness and density of steel. Hence, the resulting products offer strength and stability, particularly when alloyed with other metals.

All types of vehicles, from spaceships to bikes, are made from Aluminum. This metal allows drivers to move at breakneck speed. The metal makes up 75-80% of the modern aircraft. The aluminum alloys are used in several products, such as the body of space shuttle vehicles, telescopic antenna of the Hubble space telescope, parts of launch vehicles and orbital stations, hydrogen tanks used in rockets, fastening units for solar panels, and tips of rockets.

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For the purpose of this report, Reports and Data have segmented into the global Aluminum market on the basis of type, processing method, industry verticals, and region:

Product Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

Processing Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

End-use Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

Regional Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)

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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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