Aluminum Market to Hit $280 Billion by 2032, Says Global Market Insights Inc.
Some of the major players operating in the aluminum industry are Hindalco, Norsk Hydro, Rio Tinto, Shandong Xinfa Aluminium Group, Rusal, South 32, Emirates Global Aluminum, SPIC, Vedanta Limited, Alcoa Corporation, Hangzhou Century Aluminium, Arconic, JW Aluminium, Hongqiao Group, Logan Aluminium, Aleris Rolled Products, and Novelis.
Selbyville, Delaware, Nov. 16, 2022 (GLOBE NEWSWIRE) — According to a
Aluminum market share from the electrical & electronics applications is projected to exhibit over 6.5% CAGR by 2032, given the rise in consumption of laptops, smartphones, and other electronic gadgets. The rising number of homebound consumers during the COVID-19 lockdowns has been a major driver for electronics consumption. Compared to other metals such as copper, aluminum is lightweight and stronger, making it suitable for use in switchgear and main electrical system applications. This will, in turn, enhance product development and promote its use in the manufacture of electronic components.
Europe aluminum market size is set to be valued at over USD 45 billion by 2032. The increasing demand for semi-fabricated aluminum and flat-rolled products from the packaging and automotive industries is one of the key growth drivers. As per statistics from Alupro, in 2021, aluminum recycling rates have achieved a 68% record in the UK, making it one of the most recycled beverage packaging materials. The report reveals that this will fuel aluminum production for use in food and beverage industry applications across the region.
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The strategic landscape of the aluminum market Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminium Group, South 32, Emirates Global Aluminum, SPIC, Alcoa Corporation, Vedanta Limited, Arconic, Century Aluminium, JW Aluminium, Aleris Rolled Products, Hindalco, and Novelis are some of the key market players. These companies are focusing on new product launches, acquisitions, partnerships, and other strategies to expand their business in the global industry.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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