The Aluminum Flat-Rolled Products Market is projected to be valued at USD 80,589.5 Million by the end of 2024 and expected to exhibit a CAGR of 7.26%.
The prominent factor driving the growth of the global market is the growing demand for aluminum foils and aluminum cans in the packaging industry. More than 7 billion aluminum foil containers are produced annually, and this number is expected to grow rapidly in the coming years. Aluminum foil can be merged with flexible films to create lightweight packages and is used in the packaging of tuna, pet food, coffee, and soups. Aluminum packaging is lightweight, flexible, and easily recyclable as well as hygienic and keeps the food fresh for a long time. Moreover, medicinal packaging is another important application segment for aluminum foils, wherein it is used for packaging all types of medications such as capsules, creams, pills, lotions, liquid and powder medications. Aluminum foil offers complete protection against light, moisture, oxygen, and other gases as well as against microorganisms and bacteria. The increasing demand for aluminum foils in medical packaging coupled with the healthy growth of the medical industry is likely to favor the market growth.
The automotive and aerospace industries are the other major consumers of aluminum flat-rolled products. Aluminum flat-rolled products are used in the automotive industry as a substitute for steel, plastics, and other materials as they are cost-effective, lightweight, and durable; they help to reduce the overall weight of vehicles and increase fuel efficiency. Increasing adoption of aluminum in automobile manufacturing by the leading automobile manufacturers is likely to drive the demand for rolled products in the near future. Furthermore, the expanding construction sector in the emerging economies of Asia-Pacific and the Middle East & Africa is expected to boost demand for the rolled aluminum products in the construction of commercial building components, e.g., windows and doors, skylights, photovoltaic panel framing, sunrooms, demountable interior walls, light-deflecting shelves, and rain screens, among others.
However, the environmental hazards associated with the mining of bauxite, which is the raw material for aluminum production, is expected to hamper the growth of the global market to an extent during the forecast period. In addition, the fluctuations in the prices of aluminum metal is likely to pose a challenge for the manufacturers to maintain their profit margins.
The Global Aluminum Flat-Rolled Products Market has been segmented on the basis of product type, end-use industry, and region.
Based on product type, the market has been divided into foil stock, standard GEQ, sheets, can stock, plates, circles, fin stock, and others. The foil stock segment held the largest share of over 26% and valued at USD 13,790.6 million in 2018. The foil stock aluminum is used to produce aluminum foil (which is between 0.006 mm and 0.2 mm in thickness). The foil is largely used in wrapping food products, pharmaceuticals, and other products. The growth of the food & beverage industry and increased consumption of packaged food products is expected to boost demand for aluminum foil and hence favor the growth of the segment in the years to follow.
By end-use industry, the global aluminum flat-rolled products market has been segmented into packaging, automotive & transportation, industrial, building & construction, consumer goods, electrical & electronics, and others. The packaging segment accounted for the largest market share of over 30% in 2018 and is projected to be valued at over USD 25,546.5 million by the end of 2024. The packaging industry is the major consumer of the flat-rolled products, wherein these products are used to manufacture beverage cans and bottles, food cans, beverage screw caps, and packaging foils. Beverage cans are one of the major applications of aluminum-rolled products.
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MRFR recognizes the following companies as the key players in the global aluminum flat-rolled products market—Alcoa Corporation (US), Norsk Hydro ASA (Norway), Hindalco Industries Limited (India), Aluminum Corporation of China (Chalco) (China), Constellium (The Netherlands), Arconic (US), UACJ Corporation (Japan), Elvalhalcor Hellenic Copper and Aluminum Industry S.A. (Greece), JW Aluminum (US), and NALCO (India), among others.
The global aluminum flat-rolled products market is studied with respect to five key regions, namely Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. The Asia-Pacific market was the dominant regional market in 2018 with a market share of around 50% in 2018 and is expected to register a CAGR of around 8% during the forecast period. This is mainly attributed to the robust growth of the packaging, automotive, and building and construction industries in China, India, and Indonesia, which is fueling the demand for aluminum flat-rolled products.
The North American market held the second-largest share of the global market and is projected to be valued at over USD 17,000 million by the end of 2024. The regional market in the Middle East & Africa is likely to witness robust growth during the forecast period on account of the growing popularity of aluminum over steel in the construction industry and the expanding automobile manufacturing sector in the GCC.
Key Findings of the Study:
Global Aluminum Flat-Rolled Products Market is projected to be valued at over USD 80 billion by the end of 2024 with a CAGR of over 7% during the forecast period of 2019–2024
Asia-Pacific dominated the global market with a share of over 49% owing to the increasing demand for aluminum flat-rolled products in the major economies of China, India, Thailand, and Indonesia
The foil stock segment held 26% of the global market share in 2018 and is expected to be valued at over USD 21.5 billion by the end of 2024
Packaging is estimated to be the dominant end-use industry segment in the global aluminum flat-rolled products market during the forecast period
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