(EnergyIndustry.Net, March 31, 2022 ) The report “Aluminum Systems Market by Alloy Type (Wrought Aluminum Alloy, Cast Aluminum Alloy), Alloying Element (Silicon, Manganese, Copper, Magnesium), Application (Transportation & Logistics, Packaging, Construction, Electrical &Electronics), & Geography - Global Forecast to 2020”, defines and segments the global aluminum systems market with analysis and forecasting of the global revenues for aluminum systems. It also identifies the driving and restraining factors of the market with analysis of trends, opportunities, and challenges.
The market is segmented and revenues are forecasted on the basis of the four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The key countries are covered and their market sizes have been forecasted for each region. Further, the market is segmented and revenues are forecasted on the basis of application.
The aluminum industry is influenced by the increase in population, consumer awareness, changing consumer lifestyle & preferences, urbanization, and development in economy which drives the demand for sustainable products. This has resulted in to rise in disposable income of consumers and the ability to purchase a range of new products from automobiles, personal technology, and packaged foods. These factors will drive the demand for aluminum from these regions. The increase in the demand for aluminum would eventually drive the aluminum systems market. Advancement in technology and economies of scale process has enabled the use of aluminum in wide range of applications and has lowered the production cost.
Growing demand for aluminum in emerging economies such as China is expected to drive aluminum systems market. Emerging countries such as China, India, Brazil, and countries in Southeast Asia are witnessing change in consumer preferences.
Browse in-depth TOC on “Aluminum Systems Market” 168 - Market Data Tables 57 - Figures 215 - Pages
The market for aluminum systems is observed to be matured in developing economies such as Europe and North America due to the high disposable income of the people in these regions. The Asia-Pacific region formed the largest market for aluminum systems, in terms of volume, having accounted for 17,151.5 KT in 2014. North America accounted for the second-largest market, with a share of 25% in 2014. The global market for aluminum systems is projected to grow at a CAGR of 5.65% from 2015 to 2020, to reach USD 147.13 Billion by 2020.
The development of economies plays an essential role in increasing the demand for aluminum systems in the global market. The key parameters that determine the growth of aluminum systems in developing economies are increase in consumption, changing consumer preferences, and rising middle class population. The growing GDP (PPP) in emerging markets such as China, India, and Brazil is estimated to drive the demand for aluminum systems.
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