The Aluminum Flat Products Market is expected to grow at > 5.0% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Aluminum Flat Products Market
Aluminum Flat Products Market is likely to witness an impressive CAGR of 5.0% during the forecast period. Major factors such as increasing trends towards lightweight electric vehicles for performance advantages and decreasing greenhouse emission, growing demand in construction due to its maintenance free and corrosion resistive features, and many initiatives taken by the government, such as plastic recycling, imposing rules and regulations to cause deficiency of plastic waste generation attributed to the rising awareness regarding plastic pollution and its adverse effects on the environment are expected to fuel the growth of the market during the forecast period.
Europe is estimated to register a high growth rate during the forecast period, attributed to the growing penetration of electric vehicles so as to decrease the emission of greenhouse gas and to contribute towards climate change in the regional market. The lightweight nature of aluminum gives advantage of reducing both of the manufacturing and operational cost of electric vehicles as lighter the car, lesser the need for batteries and power for traveling the same distance. This factor is one of the reasons for shifting of automobile manufacturers from steel to aluminum flat products for battery enclosures, fueling the growth of the market in the upcoming years. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Aluminum Flat Products Market Share: By Product Type
Based on the product type, the market is segmented as flat bars, foil stock, fin stock, sheets, plates, circles, and others. Foil stock is estimated to witness significant growth rate in the market during the forecast period, attributed to the growing consumer preference toward convenient & lightweight packaging, safe packaging of products accompanied by increasing shelf life. These foil stocks are also used in the pharmaceutical industry because of their insulation properties as they provide resistance to light, oxygen, and moisture, protecting the drugs from any kind of contamination and deterioration, offering higher security to patients which is eventually fueling the aluminum flat products market.
Aluminum Flat Products Market Share: By End-Use Type
Based on the end-use type, the market is segmented as building & infrastructure, automotive & transportation, consumer goods, equipment & machinery, electrical & electronics, packaging, and others. Aluminum flat products are lightweight in nature which provides better fuel efficiency as less energy is required for moving the vehicle owing to which, its usage in the automotive & transportation industry is estimated to increase in the coming years. Factors such as growing demand for public transport such as metro trains, buses, bullet trains, and other industrial transportation vehicles using these products so as to increase its efficiency, and the utilization of aluminum sheets in fuel tanks which prevents corrosion and chemical reaction with external materials are expected to accelerate the growth of the aluminum flat products market during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.