Here Are The Top Trends Influencing The Aluminium Market Size

Aluminum is a silvery-white colored metal with the chemical symbol ‘Al’ and atomic number 13. It can be produced in two ways: primary aluminum, which is produced using bauxite, and secondary aluminum, which is recycled from aluminum scrap. As per the latest market research report published by Technavio, the global aluminum market size will grow by 23.88 million tonnes during 2019–2023.
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Manufacturers seek materials that meet weight reduction goals without compromising on the required strength of automobiles, aircraft, and construction structures. Aluminum in car parts helps in reducing weight by up to 24% and has a specific gravity of 2.7–3, which offers better strength-to-weight ratio to help improve performance.
Automobile manufacturers such as Ford Motor Company to luxury car manufacturers, including Daimler and Audi, are replacing ferrous materials with aluminum in various parts of vehicles.
Aluminum is also increasingly being used in the aerospace industry as its shift from the use of steel and iron.
The airframe of modern commercial aircraft is 801% aluminum. Aluminum is also used in spacecraft as its lightweight and can withstand the stress of launching operations in space. NASA’s Orion MPCV (Multi-Purpose Crew Vehicle) has its primary structures made from aluminum-lithium alloy.
Hence, the increasing use of lightweight materials in the various end-user industry is expected to drive the aluminum market at a CAGR of 4.71% during the forecast period.
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Location: United States

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