Aluminum is a type used in a variety of products including cans, kitchen utensils, automotive parts, window frames, shipbuilding, and airplane parts. It does not deteriorate, like a silver coating but versatile properties ensure high performance, durability and long life for its end products.
The first five-year cumulative revenue (2019–2023) is projected to be nearly US$ 28.0 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period. 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%.
Aluminum plates are used extensively in the manufacturing of consumer goods such as smartphones, tablets, TVs, modern tech gadgets, furniture, utensils, etc., owing to its appearance and flexible nature, which is also anticipated to boost demand from consumers. In addition, the availability of more effective, and cheaper aluminum products expected to fuel growth of the target market over the forecast period.
Diminishing expense of transportation as a result of lower shipping costs can likewise cut down the expense of aluminum production. The players in the market can either take benefit of this drop-down expenses or it may pass on to the customers to gain the market share.
Global Aluminum Plate Market: Segmental Snapshot
The market report has been segmented on the basis of type, application, and region. The type segment includes 2XXX, 5XXX, 6XXX, 7XXX, and Others. The application segment includes Aerospace & Automotive, Railway & Transportation, Ship Building & Ocean Engineering, and Others (consumer goods, electronics, etc.). The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Type: The 6XXX segment is expected to register highest CAGR of over 5.3% over the forecast period in the global market
By Application: The aerospace & automotive segment is expected to register highest CAGR of over 5% over the next 10 years
By Region: The market in Asia Pacific is expected to register highest CAGR of over 5.4% in the global aluminum plate market.
Global Aluminum Plate Market: Competitive Analysis
The research report on the global aluminum plate market includes profiles of some of the major companies such as Kobe Steel, Ltd., Constellium, 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., Hulamin, Jingmei aluminum Industry Co., Ltd., Alnan Aluminium lnc., and GLEICH Aluminumwerk GmbH & Co. KG