Aluminium systems market to be valued at $147.13 billion by 2020

In a recently published market research report, it is projected the global market for aluminium will grow at a CAGR (compound annual growth rate) of 5.65% from 2015 to 2020, to reach USD 147.13 billion by 2020.

As per the report, rising demand for aluminium in emerging economies will be the main growth driver for aluminium systems market. Consumer preferences across emerging nations including China, India, Brazil, and other Southeast Asian countries are witnessing a vast change. This will eventually get transformed into money backed want for goods that are utilitarian, high on functionality and environment friendly.

The market for aluminium systems in developing economies such as Europe and North America is observed to be matured due to the high disposable income of the people in these regions. The Asia-Pacific region has been identified as the largest market for aluminium systems, in terms of volume, having accounted for 17,151.5 KT in 2014. North America accounted for the second-largest market, with a share of 25% in 2014.

The development of economies plays an essential role in increasing the demand for aluminium systems in the global market, the report says. The parameters identified as the key determinants for the aluminium systems market growth in developing economies are- increase in consumption, changing consumer preferences, and rising middle class population. The growing GDP (PPP) in emerging markets such as China, India, and Brazil is estimated to drive the demand for aluminium systems.

Aluminium systems market has been segmented in the report on the basis of alloy type: wrought aluminium alloy, cast aluminium alloy; alloying element: silicon, manganese, copper, magnesium; application: transportation & logistics, packaging, construction, electrical &electronics; and geography.