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The global aluminium market size is projected to reach USD 242.44 billion by 2027. The increasing usage of this metal as a substitute for stainless steel would propel growth in the coming years. At the same time, the increasing demand for packaged food items worldwide would affect growth positively. This information is given by Fortune Business Insights™ in a new report, titled, “Aluminium Market Size, Share & COVID-19 Impact Analysis, By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery & Equipment, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 164.23 billion in 2019. But, it is set to exhibit a CAGR of 5.7% during the forecast period between 2020 to 2027.
Krasnoyarsk Aluminium Smelter Completes Transition to EcoSoderberg Technology
In July 2020, RUSAL, the world's second-largest aluminium company headquartered in Russia announced the completion of the transition of its Krasnoyarsk Aluminium Smelter (KrAZ) to the EcoSoderberg technology. The technology was developed by the company’s Engineering and Technology Centre. It also consists of the ‘Reference of the Best Available Technologies’ approved by Rosstandard in the Aluminium Production section. As per various experts, EcoSoderberg is considered to be the most environmentally-friendly and efficient production processes in the industry.
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Rising Number of Car Dismantling Facilities to Spur Demand
Nowadays, recycled or secondary aluminium is being consumed more worldwide. This is because the reprocessed scrap obtained from machinery, automotive, beverage cans, and equipment are cost-effective. The process also requires only a fraction of energy and hence reduces environmental harm. In addition to this, the increasing number of depollution centers and car dismantling facilities across the globe would propel growth. Besides, the extensive usage of this metal in the transportation industry is expected to bolster the aluminium market growth in the near future. However, the COVID-19 pandemic may hinder growth backed by the declining demand from the automotive and construction industries.
Key Players Focus on Introducing New Products & Acquisitions to Intensify Competition
The market is fragmented in nature. Most of the reputed companies are trying to expand their footprints by investing huge sums. At the same time, they are using various strategies, such as mergers & acquisitions, the launch of novel products, and broadening their distribution networks to gain a competitive edge in the market.
Fortune Business Insights™ lists out the names of all the prominent manufacturers operating in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) and Volume (Million tons)