Aluminum flat products market is projected to record a substantial growth rate over the coming years owing to the ongoing technological advancements and increasing usage in several industries like building & infrastructure, packaging, consumer goods, and automotive & transportation.
Theoretically, aluminum is completely recyclable, it takes lower amount of energy to recycle scrap aluminum than it takes to create new aluminum. It is the third most abundant element in the world. Aluminum is also extremely popular because it is durable, strong, conductive, ductile, odorless, malleable, strong, and corrosion resistant properties.
Products and applications which use flat rolled aluminum are abundant, which includes caps, aircrafts, bullet train cars, building exteriors and interiors, caps, roofs, cans, household utensils, refrigeration, freezing, subways and outer packages.
The most common uses of aluminum could be seen in consumer goods, construction, electrical, and transportation sectors. It is also used in manufacturing of glass.
The aluminum flat products market is bifurcated in terms of product, end-use, and regional landscape.
With respect to product, the market is classified into foil stock, sheets, circles, flat bars, plates, fin stock, and others. The others segment includes litho sheets and aluminum strips. The segment held a share of around 3% in 2018 and is expected to register continuous growth during the analysis timeframe.
Aluminum strip is a strip that is obtained by embossing the aluminum ingot. These strips are used for many purposes like aluminum strip for cable, transformer, blinds, heater, composite pipe and optical cable.
Presently it is a global trend where aluminum strips are substituting copper strips across several industries, primarily because aluminum can compete with copper in conductivity and comes at a much lower price. Aluminum is the best material for lithographic sheet since its recyclable and is lightweight as well. An electrochemical process gives these aluminum sheets the surface roughness suitable for lithographic sheet. These sheets are thus mostly used as supports for lithographic or litho sheets.
Based on end-use, the market is bifurcated into building & infrastructure, consumer goods, packaging, equipment & machinery, automotive & transportation, electrical & electronics, and others. Among these, the others include defense tanks and printed circuit boards and held a share of over 2.0%.
Aluminum printed circuit boards are a distinctive metal-based copper covered laminate with exceptional thermal conductivity and electrical insulation. Aluminum based printed circuit boards have several features like high durability, environmentally friendly, heat dissipation, as well as lightweight.
From a regional frame of reference, the LATAM aluminum flat products market held a share of over 3.5% in the overall industry and is likely to show appreciative growth.
Increasing expansion of industrial sector in the Middle East & Africa region is expected to foster product demand for the MEA aluminum flat products market. The region will witness around 3.0% CAGR.