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Aluminum plate is made of aluminum, a ductile silver-white metal usually found in earth’s crust. It is layered with a variety of surface finishing, welding and forming as per the industry application. Aluminum plates are broadly accepted in the different sector attributed to its properties such as, lightweight, durability and recyclable nature that is gaining traction across the globe.
Aluminum plate is broadly utilized for heavy-duty applications including, food & beverage industry for packaging and preserving, transportation, military, aerospace, automotive product manufacturing, etc. The aluminum plates are machined to shape and forms the spacecraft fuel tanks and outer body of jets. It is also utilized for storage tanks across industries. The reason being, the aluminum alloy gain strength at extremely cold temperatures.
The industry players including, Arconic, Chalco Aluminum, Hindalco Industries Ltd., Logan Aluminum, Aleris and others are investing in R&D activities. Additionally, they are opting for Aluminium Stewardship Initiative (ASI) certification for aluminum to produce cars, aeroplane parts, smartphones and other products as per the standards to promote the protection of biodiversity, water management and low-carbon emissions.
The COVID-19 pandemic is adversely affecting the manufacturing activities across the automotive, aerospace, oil & gas sector with collapsed pricing, fallen demand and weaken operational activities. It has substantially impacted the global aluminum plate market. International Monitory Fund (IMF) anticipated that the global economy would shrink by 3%. This in turn, has adversely affected the metal industry, especially the aluminum. From January 2020, the aluminum price has downgraded with the multi-year low market. Because of country-wise lockdown, the demand for aluminum plates was impacted substantially provided the complex transportation routes across the globe. Moreover, the leading players such as, Arconic and Aleris have reduced production owing to, their large involvement in the automotive and aerospace industries.
However, post COVID-19 pandemic, the demand for aluminum plates is expected to witness bolstering growth owing to, its utilization across the automotive, aerospace, ship and other industrial sectors. Additionally, the manufacturers associated with ‘The International Aluminium Institute (IAI)’ have implemented swift measures across the working environment to ease the effects of the pandemic. Therefore, in the current scenario, the COVID-19 pandemic is adversely affecting the aluminum plate market in multiple ways. Nevertheless, on a long-term basis, the effect of COVID-19 on demand and supply chain process is expected to define the market growth in the future ahead.
Key Market Driver -
• Accelerated adoption of aluminum plates across industries • Utilization of recycled aluminum
Key Market Restraint -
• Restricted aluminum resources
Key players operating in the global aluminum plate market are Arconic, Hulamin Limited, Chalco Aluminum, Hindalco Industries Ltd., Constellium, Tajik Aluminum Company (TALCO), Guangzhou Xinghe Aluminum Composite Panel Co., Ltd., Logan Aluminum, China Hongqiao Group Limited, Aleris, Kaiser Aluminum, Diversified Ulbrich, China Mingtai Aluminum Technology Co., Ltd, SMS group GmbH, Norsk Hydro ASA, INOX STEEL INDIA, Shandong Weiqiao Pioneering Group Co., Ltd., RusAL, Rio Tinto, and others.
The Asia Pacific is leading the global market owing to, its production and consumption capacity. Countries including, China, India, Japan are amongst the leading contributors to the market in terms of high demand for aluminum plates across industries including, aircraft & automotive, construction, consumer packaging such as, beverage cans, etc. Additionally, key automotive manufacturers have established their manufacturing plants across the region that in turn, is fuelling the demand for aluminum plates. Moreover, rising disposable income, together with the increasing population, is expected to augment the demand for aluminum plate.
Following the Asia Pacific, North America is experiencing lucrative growth attributed to the rising demand for aluminum plates by electric vehicle (EV) manufacturers to reduce vehicle weight. Additionally, the presence of leading manufacturers is also boosting the market growth.
In Europe, factors such as, the accelerated demand from the solar panel and automotive sectors and upsurge in construction activities are enhancing the market growth.
The Middle East & Africa and Latin America are expected to witness moderate growth attributed to rising infrastructure advancement activities and increasing demand for aluminum plates across the consumer durables sector.
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