Global Aluminum Ingots Market 2019: Size & Share Analysis, End-use Industries, Product Innovations, and Market Growth Forecast for the Next 10 Years

“Global Aluminum Ingots Market Insights, Ongoing Trends, Key Applications, Industry Analysis, Growth Prospects till 2028” is a recently tracked report by MarketResearch.biz. The global aluminum ingots market report has been segmented on the basis of product type, application, and region.

Aluminum Ingots Market: Overview

Aluminum plays a vital role in today’s industrial sector due to its intrinsic and versatile properties of strength-weight ratio, lightweight, resistance to corrosion, nontoxicity, thermal as well as electrical conductivity, etc. Recycling of aluminum scrap generally offers substantial cost savings when compared to manufacturing of new aluminum, even after considering the costs involved in collecting, separating and recycling.

Aluminum is put through the smelting process to produce ingots for further processing as per the requirement. Different grades of ingots, as per the required purity, are manufactured on a large scale, which can then be used for producing castings and certain electrical applications in automotive industry. Ingots are available in various shapes, dimensions, and purity, with highest purity level of 99.7%. Ingots are used as raw materials that are molded into required shapes by using a secondary shaping procedure for further processing in end-use applications. The procedures include cold and hot working, and milling or cutting which are necessary in order to make the final product.

Aluminum Ingots Market Growth Fueling and Limiting Factors

Rapid industrialization, in developed as well as developing countries, and increasing construction and reconstruction activities across the globe, coupled with wide applicability of aluminum ingots in construction sector for producing windows, proofing doors, screens, etc. are some of the key factors that are expected to continue to fuel the global market growth. In addition, increasing focus on technological advancements in packaging industry and increasing adoption of aluminum ingots in manufacturing of cans and aluminum foils as they are lightweight and easily moldable are other factors further supporting growth of the global aluminum ingots market.

However, fluctuating raw material prices is a major factor that could hamper growth of the global aluminum ingots market. In addition, availability of various alternatives is another factor that could limit growth of the global market to some extent.

Increasing focus of key companies towards development of innovative products to be ahead in the competition and sustain in the market and focus towards entering the untapped market are anticipated to create potential opportunities for players operating in the global market in terms of business expansion and revenue growth. In addition, increasing strategic activities such as mergers and acquisitions, joint ventures and capital investments by investors are expected to continue to further support the target market growth in the upcoming years.

Aluminum Ingots Market: Analysis by Segment

By Product Type:

Among the segments based on product types, the round and T shaped ingots segments are estimated to contribute higher revenue shares in the target market.

By Application:

Among the application segments, the construction and automotive segments are projected to account for larger revenue shares in the global market over the 10-year period. The electrical & electronics segment is projected to grow at a higher growth rate in the next 10 years.

Aluminum Ingots Region-wise Market Analysis

The North America aluminum ingots market accounted for largest share in terms of revenue in the global market in 2018 and is expected to hold dominant position over the next 10 years, owing to strong presence of manufacturers, and rapidly growing end-use industries in the region. The Europe market is estimated to account for second-largest revenue share in the target market, owing to increasing construction and re-construction activities in residential and commercial sectors in countries such as the UK, France, and Germany among others. The aluminum ingots market in Asia Pacific is expected to witness fastest growth in the global market, attributed to rapid urbanization which is expected to result in growing construction activities, and presence of major end-use industries such as electrical & electronics operating in economies such as China, Japan, and India. Latin America and MEA markets are anticipated to contribute moderate revenue shares in the global market.

Global Aluminum Ingots Market Segmentation

Segmentation by Product Type:

• Round Ingot
• T Shaped Ingot
• Plate Ingot

Segmentation by Application

• Automotive
• Aerospace & Defense
• Ship
• Construction
• Others (Electrical and Electronics, Machinery and Equipment, etc.)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa