The global aluminum plate market is predicted to rise as a result of development activities in the automotive sector, technological developments in aluminum products, and increased use of aluminum sheets in various industries such as construction, automotive, and aerospace.
The global Aluminum Plates market is projected to reach USD 8.34 Billion by 2028, growing at a CAGR of 5.5%
Impact of Covid-19
The Covid-19 epidemic has had a negative impact on the aluminum plate market. The demand for aluminum plates steeply declined due to strict lockdown restraining activities in several industries such as construction and automotive. This affected the supply-chain market too. However, post-pandemic the market is predicted to grow steadily to meet the demands for the aluminum plates during the forecast period.
APAC Market is expected to be a High Growth Rate during the forecast period
Some of the primary reasons driving the expansion of the target market in the Asia Pacific are an increase in the number of manufacturing industries and increased demand for aluminum plates from various end-use industries for a variety of applications.
Furthermore, rising automobile production and demand from developing nations like India and China are propelling the industry forward. North America's market is predicted to rise rapidly, followed by Europe.
The Middle East and Africa market is expected to grow at a modest pace, owing to rising urbanization and rising disposable income, both of which are expected to contribute to increased demand for aluminum plates in the region.
Furthermore, increased disposable income combined with an expanding population is likely to boost demand for aluminum plates and propel the global market forward.
The rapidly expanding automotive, aerospace and building and construction market promotes steady growth for the aluminum plates market.
Aluminum (Al) is an easily sourceable featherlight metal found in the Earth's crust. Aluminum plates are made by rolling Aluminum into thin plates under high pressure. It is highly flexible, thermally conductive, and lightweight. It is easily available and can be molded and bent in favorable shapes and sizes. Therefore, it is used in various user industries such as Construction and Building, Automotive, Aerospace and Defence, Electronics, and others.
Aluminum plates have multiple good quality uses such as non-corrosive, feather-light, and high thermal conductivity resulting in their greater demand in various industries. As there is a growing desire for lightweight automobiles, aluminum plates have replaced steel and other metals in the automobile sector. Additionally, Aluminum plates are widely used in building and construction industries owing to their various benefits such as durability, flexibility, ability to withstand high temperatures, and sustainability.
Adding further, growing population needs and fast-paced lifestyles have further augmented the growth of aluminum plates as they are used for packaging and preservation of the ready-to-eat food market.
Aluminum plates are used in the electronics and electrical industry in several end-user applications like gadgets, domestic and commercial electronic items, and furniture, among others. Furthermore, governments across the globe have implemented rules and regulations to exercise the control of the carbon emission from the vehicle. This has paved way for the use of aluminum plates in the automotive and aerospace industry as lightweight vehicles reduce carbon emissions by 20%.
The difficulty in recycling layered aluminum could be a stumbling block for the global aluminum sheet market since the components in laminated aluminum require a lengthy separation process. Metals such as laminated steel or copper, on the other hand, may be easily recycled, whereas aluminum cannot. Another restriction for the global aluminum sheet market could be the fluctuating price of aluminum sheets.
Growing penetration of alternative materials such as fiber and plastics owing to high durability and easy maintenance is expected to interrupt growth. The worldwide aluminum sheets market is expected to be hampered by the growing usage of composite materials.
On the other hand, aluminum plates cause friction and produce heat. This could pose a risk in its usage in the automobile industry as it could heat the vehicle's engine. Along with it, aluminum plates are not efficient in absorbing vibration shocks which could pose a risk in their use in the building and construction industry during hazards like earthquakes. These factors can slow the growth of the aluminum plate market.
Some of the leading players identified in the global aluminum plates market comprise Shandong Sino Steel (Aluminum) Co. Ltd., Alcoa Inc., UACJ Co. Ltd., Zhejiang Hanlv Aluminum Industry Co. Ltd., Novelis Inc.,, Norsk Hydro ASA, Hangzhou Yonghong Nonferrous Metal Materials Co. Ltd., besides others. Using innovative business strategies with an in-depth study of the market is keeping the major players sustained in their game to dominate the market.
In January 2021, an agreement was undersigned between the CPI (China Power Investment) and Alcoa to develop aluminum and energy developments.
Aluminum Plates Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 8.34 Billion|
|Growth Rate||CAGR of 5.5 % during 2021-2028|
|Segment Covered||Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Binder, CSZ, Memmert, Angelantoni, TPS, CTS, CME, Envsin, Weiss Technik, Russells Technical Products, Climats, Scientic Climate Systems, Fentron Klimasimulation, Caron, Hastest Solutions, Komeg, EQUILAM, and Patriot Plant.|
Type Overview, 2019-2029 (USD Billion)
- Rods and Bars
- Sheets and Plates
- Processing Types
Application Overview, 2019-2029 (USD Billion)
- Flat-Rolled Products
- Casting And Forging
User-End Overview, 2019-2029 (USD Billion)
- Aerospace and Defense
- Building and Construction
- Electrical and Electronics
- Packaging, Industrial
- Other End-user Industries
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa