According to BlueWeave Consulting, The global Aluminum Systems market has reached USD 143.4 Billion in 2019 and expected to reach USD 218.6 Billion in 2026 and anticipated to grow with CAGR of 6.2% during the forecast period from 2020-2026 owing to rising technological advancements in the market across the globe.
Aluminum Systems are used across different industries, including building, automotive, and construction. Also, aluminum systems are used in construction materials, electronics and consumers of raw materials. Up-gradation in technologies and economies of scale process has propelled the demand for aluminum in a wide variety of applications and has lowered the cost of production. Although, due to its characteristics such as lightweight, high strength, flexibility, good thermal & electrical conductivity, corrosion resistance, and barrier properties, the demand for aluminum is estimated to increase during the forecast period across the globe.
Transportation and Logistics segment in global Aluminum Systems market estimated to have the fastest growth during the forecast horizon
The Transportation and Logistics market segment is dominating the application segment in the Aluminum Systems market during the forecast period from 2020-2026. The transportation segment is estimated to have the highest share of the aluminum market owing to the growth of the automotive, marine, transportation, and rail industries. The transportation sector will bring in healthy gains adding major momentum to the global growth of the aluminum systems market. The growth in the transportation segment is also supported by increasing demand for aircraft, as aluminum is used in manufacturing jet or aircraft engines. A study published by Airbus in 2018 stated that the demand for new aircraft is estimated to reach nearly 39,000 over the next ten years. The rising demand for new aircraft is projected to propel the need for modern jet engines, thereby positively influencing the aluminum systems market over the forecasting period.
The increasing demand of lightweight materials propelling demand of aluminum system in the global market
The rising demand for lightweight materials is helping in the growth of aluminum across the in aluminum systems market. Aluminum is about a third of the weight of the steel, which makes it cheaper and easier to transport than other metals. The strength of aluminum can be adapted using different alloying elements to provide benefits which includes higher strength or easier formability. Due to its lightweight nature, ease of fabrication, corrosion resistance, and aluminum sheets are the firm for projects such as vehicle paneling, building cladding, artwork and kitchen fitting among other applications.
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The vast applications of aluminum casting in equipment manufacturing booting growth trend of market
The application scope of aluminum casting is widening in agricultural equipment, construction equipment, mining equipment, and other heavy-duty machinery. The growth in these types of machinery is largely attributed to developing economies such as India and Brazil, where there is a high need for modernizing equipment to attain greater levels of productivity and efficiency. India is among the largest manufacturers of farm equipment like tractors, tillers, and harvesters.
Asia-Pacific is expected to grow at remarkable rate in Aluminum Systems market during the anticipated period.
Geographically, the Global Aluminum Systems market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. Asia-Pacific is expected to have the fastest as well as the largest regional market during the forecast period of 2026. The increasing GDP in emerging markets such as India, China, and Brazil is expected to propel the demand for aluminum systems across the globe. The market for aluminum systems is estimated to be growing in developed economies such as North America and Europe owing to the high disposable income of the people across the region. North America is anticipated to have the second-largest market. The development of economies plays a vital role in growing the demand for aluminum systems across the globe. The vital parameters that drive the growth of aluminum systems in developing economies are changing consumer preferences, growth in consumption, and increasing the middle-class population.
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