Global Aluminum Market 2019-2023
SKU ID :TNV-14770441 | Published Date: 07-Feb-2019 | No. of pages: 138Description
About this market
Aluminum is widely used in EVs to reduce their weight and lower the energy required to operate them. Aluminum finds application in various parts of a vehicle, including the chassis: body: and wheels. It is also used in compartments that hold electric batteries in EVs. The thermal transferring capacity of aluminum helps in regulating the temperature around the battery modules in extreme conditions such as hot or cold weather. EVs are gradually emerging as the future of the automotive industry. The growth of the global electric vehicle market is expected to boost demand for aluminum during the forecast period. Therefore. the growth of the electric car market is expected to immensely benefit the global aluminum market during the forecast period. analysts have predicted that the aluminum market will register a CAGR of almost 5% by 2023.
Increasing demand for aluminum cans in the beverage industry
The increasing application of aluminum cans in the beverage industry is expected to drive the global aluminum market during the forecast period. Aluminum cans are used in energy drinks, sodas, sparkling waters, and beers. Aluminum cans are widely used in the food and beverages industry as they are lightweight and recyclable.
Presence of alternatives in diverse applications of aluminum
The easy availability of several substitutes for aluminum is another major challenge confronting the global aluminum market. These substitutes are widely used in the packaging: transportation, construction, and electrical and electronic industries among others. Glass, paper, and plastic are some of the materials that can substitute aluminum in the packaging industry.
For the detailed list of factors that will drive and challenge the growth of the aluminum market during the 2019-2023, view our report.
With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Aluminum is widely used in EVs to reduce their weight and lower the energy required to operate them. Aluminum finds application in various parts of a vehicle, including the chassis: body: and wheels. It is also used in compartments that hold electric batteries in EVs. The thermal transferring capacity of aluminum helps in regulating the temperature around the battery modules in extreme conditions such as hot or cold weather. EVs are gradually emerging as the future of the automotive industry. The growth of the global electric vehicle market is expected to boost demand for aluminum during the forecast period. Therefore. the growth of the electric car market is expected to immensely benefit the global aluminum market during the forecast period. analysts have predicted that the aluminum market will register a CAGR of almost 5% by 2023.
Market Overview
Increasing demand for aluminum cans in the beverage industry
The increasing application of aluminum cans in the beverage industry is expected to drive the global aluminum market during the forecast period. Aluminum cans are used in energy drinks, sodas, sparkling waters, and beers. Aluminum cans are widely used in the food and beverages industry as they are lightweight and recyclable.
Presence of alternatives in diverse applications of aluminum
The easy availability of several substitutes for aluminum is another major challenge confronting the global aluminum market. These substitutes are widely used in the packaging: transportation, construction, and electrical and electronic industries among others. Glass, paper, and plastic are some of the materials that can substitute aluminum in the packaging industry.
For the detailed list of factors that will drive and challenge the growth of the aluminum market during the 2019-2023, view our report.
Competitive Landscape
With the presence of a considerable number of companies, this market appears to be fragmented. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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