What Are The Key Factors Driving the Global Aluminum Systems Market?
Aluminum systems are used as building materials and building sector is the biggest consumer of raw materials and energy. Environmental concerns regarding the design and construction of building applications is getting much significant and in the construction field, the building consumes a great amount of energy. Therefore, as a measure to provide sustainable forms and methods to reduce consumption of energy certain alternatives are to be taken into consideration. On the basis of alloy type, the global Aluminum Systems Market is segmented into wrought aluminum alloy and cast aluminum alloy.
Aluminum being a lightweight material offers the construction industry to design a safe, energy-efficient and an eco-friendly framework. These materials can be used for a wide range of design and manufacturing process and in engineering terms, aluminum is classified as a metal whose basic ingredient is either aluminum or aluminum alloy.
Pure aluminum is a metal commonly used for structural purpose in construction. It becomes high in tensile strength when it is added to other metals such as magnesium or with metalloids. Aluminum alloys are formed with the metals; whose strength is high and reaches a higher threshold. Structural aluminum alloys are categorized in various segments with reference to their chemical composition and the processes. Further, their physical properties such as lightness are much advantageous to the erection phases and can be simplified minimizing the loads and the heavy physical labor.
From the commercial point of view, the global aluminum systems market is anticipated to grow at a higher CAGR as aluminum alloy accounts for a larger share in the global construction business. Thus, with the market dynamics and driving factors the global market is anticipated to grow at a higher CAGR during the forecast period.
The key driving factors responsible for the growth of aluminum systems market includes growing demand from the end-use industry and technological developments. Additionally, economic development plays a crucial role in augmenting the demand for aluminum systems market. Moreover, the prime factors that enhance the growth of aluminum systems market account as rise in consumption and demand for value-added and sustainable products.
On the basis of alloying element, the global aluminum systems market is segmented into silicon, magnesium, manganese, copper and zinc. Silicon is anticipated to grow at a higher CAGR during the forecast period owing to rise in demand for end-user industries. On the basis of application, the global aluminum systems market is segmented into transportation & logistics, construction, packaging, electrical & electronics and manufactured and machined components.
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On the basis of geographic segmentation, the global aluminum systems market spans North America, Europe, Asia-Pacific, and Middle-East & Africa. North America dominates the global market owing to highly disposable income of people. APAC regions exhibit a trajectory growth during the forecast period owing to large volume production. The key players in the global aluminum systems market include United Company Rusal, Alcoa Inc, Aluminum Corporation of China, Rio Tinto and BHP Billiton.
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