Aluminum Plate Market By Type (2XXX, 5XXX, 6XXX, 7XXX, Others), By Application (Aerospace & Automotive, Railway & Transportation, Ship Building & Ocean Engineering) and Region - Global Forecast 2028
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- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global aluminum plate market is estimated to value at over US$ 5.0 Bn in 2019, and is expected to register a CAGR of 5.3%. The global aluminum plate market is segmented on the basis of type, application, and region.
Global Aluminum Plate Market: Introduction
The aluminum plate is made up of aluminum, which is a silver-white and ductile metal. Aluminum is occurred in the earth's crust and found only in combination, mainly in bauxite. It is majorly layered with a wide variety of surface finishes, welded, and formed according to the preference. Aluminum plates are widely popular in the different sector owing to its numerous properties such as lightweight, durability, flexibility, barrier properties, and recyclable nature which is gaining momentum across the globe. Through raw material Aluminium, a manufactured variety of products including consumer goods such as smartphones, tablets, TVs, modern tech gadgets, furniture, cans, kitchen utensils, automotive parts, window frames, shipbuilding, and airplane parts.
Global Aluminum Plate Market: Dynamics
The growth of the global aluminum plate market is driven by development in the automotive sector, technological advancements in aluminum products. Increasing usage of aluminum sheets in different industries such as building & construction, automotive, and aerospace industry, etc. is a major factor expected to propel demand for aluminum plate market. In addition, the availability of more effective, and cheaper aluminum products, which is also anticipated to boost demand from consumers. Furthermore, governmental initiatives, as well as a reduction in overall vehicle production costs, are rising and expected to drive growth of the global aluminum plate market positively. In addition, rapid industrialization, urbanization in the emerging economies, and increasing demand for aluminum and aluminum alloys are some of the factors expected to fuel growth of the target market over the forecast period.
Major key players are focusing on innovation in aluminum plates, and expansion of plants and facilities to strengthen market presence and create revenue growth opportunities.
- In December 2014, Alcoa unveiled breakthrough manufacturing technology – Alcoa MicromillTM – which enables manufacturing of next generation of automotive aluminum alloy, with strength, formability, and surface quality combinations, which was not possible earlier
- In September 2018, the company signed agreement with The Boeing Company, which is the largest aerospace company globally. Thorough this contract, the company strengthens its longstanding partnership with Boeing and confirms its leadership position in the aerospace aluminum products and solutions space
However, restricted and limited access to aluminum resources and rising concerns regarding environment safety and security is expected to further hamper growth of the target market.
Global Aluminum Plate Market Analysis, by Type
Among the type segments, the 6XXX segment is expected to contribute major revenue share, and is expected to maintain its dominance over the forecast period. The segment is expected to register highest CAGR of over 5.3%, owing to increasing demand for aluminum plates in increasing activities in electronics, consumer goods, automobile, and aerospace sectors.
Global Aluminum Plates Market Analysis, by Application
Among the application segments, the aerospace & automotive segment in the global aluminum plates market is estimated to account for major revenue share in 2019, and is expected to register highest CAGR of approximately 5% over the forecast period.
Global Aluminum Plates Market Analysis, by Region
The Asia Pacific aluminium plate market dominates the global target market and expected to register significant growth rate over the forecast period. Increasing number of manufacturing industries and rising demand for aluminum plates from various end-use industries for numerous applications are some of the major factors driving growth of the target market in Asia Pacific. Moreover, increasing automobile production and demand for automotive from various developing economies such as India, and China pushing the market toward growth. Moreover, high demand from developing countries such as China & India and increase in use of recycled aluminum products globally provides lucrative opportunities for the market expansion.
According to IAI statistics, the Asia Pacific region roughly produced 42 Mn tonnes of primary aluminium in 2017. From total production China has produced about 36 Mn tonnes and India contributed about 3.2 Mn tonnes and Australia and New Zealand produced about 1.8 Mn tonnes. The rest contributed about 0.75 Mn tonnes.
Market in North America expected to witness a lucrative growth in the near future, followed by Europe. Increasing demand for aluminum in automotive sector is expected to bolster demand for aluminum plate and drive growth of the global market.
In 2018 for instance, Implementation of NHTSA's Corporate Average Fuel Economy (CAFE) standard for passenger cars and for light trucks (collectively, light-duty vehicles), and separately sets fuel consumption standards for medium- and heavy-duty trucks and engines. Recent trend shows that automotive manufacturers prefer aluminum over steel to achieve improved smoothness as well reduces weight of automobiles for fuel savings.
The market in Europe accounts for significant share in the global market in terms of revenue and is expected to maintain its growth rate over the forecast period. The lightweight, corrosion resistant, high thermal conductivity, and availability makes aluminium one of the most heavily demanded metals in the world. Demand for rolled aluminium products and research and development activities related to new concepts for the use of aluminium sheet in car seats, truck cabs, new chassis solutions, etc. supporting growth of the target market.
Middle East and Africa market is likely to witness a moderate growth owing to rising urbanization coupled with growing disposable income which is projected to contribute towards the growing demand for aluminium plate in the region. Moreover, growing demand for aluminium sheets, plates, and foils in various sectors such as packaging, transportation, and construction, giving new way for growth of the market.
Global Aluminum Plate Market Segmentation:
Global Aluminum Plate Market Segmentation, by Product Type:
Global Aluminum Plate Market Segmentation, by Application:
- Aerospace & Automotive
- Railway & Transportation
- Ship Building & Ocean Engineering
- Others (consumer goods, electronics, etc.)
Global Aluminum Plate Market Segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Kobe Steel, Ltd.
- Nippon Light Metal Co., Ltd.
- Alcoa Corporation
- Kaiser Aluminum Corporation
- Aleris Corporation
- Nanshan Group Co., Ltd.
- Henan Zhongfu industry Limited
- AMAG Austria Metall AG
- Henan Mingtai Aluminum Industrial Co., Ltd.
- Jingmei aluminum Industry Co., Ltd.
- Alnan Aluminium lnc.
- GLEICH Aluminumwerk GmbH & Co. KG
- 1. Chapter 1
- 1.1. Preface
- 1.2. Assumptions
- 1.3. Abbreviations
- 2. Chapter 2
- 2.1. Report Description
- 2.1.1. Market Definition and Scope
- 2.2. Executive Summary
- 2.2.1. Market Snapshot, By Type
- 2.2.2. Market Snapshot, By Application
- 2.2.3. Market Snapshot, By Region
- 2.2.4. Prudour Opportunity Map Analysis
- 2.1. Report Description
- 3. Chapter 3
- 1. Chapter 1
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