According to a new report published by Allied Market Research, titled βNorth America Aluminum Market by Processing Method and End-Use Industry: Opportunity Analysis and Industry Forecast, 2015β2023,β the market was valued at $12.08 billion in 2015 and is projected to reach $17.99 billion by 2023, growing at a CAGR of 5.1% from 2016 to 2023. The transportation segment led the market in 2015, accounting for nearly one-third of the total revenue.
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Market Dynamics
Aluminum, a nonmagnetic and ductile metal, is characterized by its low density, corrosion resistance, and high thermal conductivity, making it suitable for diverse industrial applications. The expanding transport sector remains a key growth driver for the aluminum market across North America.
Further, technological advancements, rapid urbanization, and increasing demand from end-use industries such as foil and packaging are fueling North America aluminum market growth. Manufacturers are focusing on enhancing aluminum can designs for improved hygiene and are pursuing vertical integration strategies to gain greater control over the supply chain and reduce production costs.
However, market growth is constrained by fluctuating raw material prices, stringent energy regulations, and the emergence of substitutes such as carbon fiber. On the other hand, rising adoption of recycled aluminum products and growing applications in emerging economies present lucrative opportunities for market expansion.
Segment Insights
Processing Method:
The extrusions segment accounted for the largest revenue share in 2015 and is anticipated to grow at a CAGR of 4.8% during the forecast period. Aluminum extrusions are widely used in patio furniture, sports equipment, and other products, offering superior lightweight strength and design flexibility.End-Use Industry:
The transportation segment dominated the market, representing 31.9% of the regional market share in 2015. Aluminum is extensively utilized in the automotive sector due to its strength-to-weight ratio, thermal conductivity, and corrosion resistance. North American automakers plan to increase aluminum usage in light vehicles by over 40% by 2025 to enhance fuel efficiency and reduce COβ emissions.
Country Insights
The United States is expected to remain the dominant market in North America throughout the forecast period, both in terms of volume and revenue, driven by strong demand from the automotive and construction sectors.
Key Market Players
Prominent players operating in the North America aluminum market include:
– Alcoa, Norsk Hydro, Rio Tinto Alcan, Arconic, Century Aluminum, Novelis, Access Industries, United Company RUSAL, Kaiser Aluminum, and JW Aluminum.
Other notable participants include United Aluminum, GYFORDPRODUCTIONS, LLC, ALUMINERIE ALOUETTE INC., Extrudex Aluminum, and Almag Aluminum.
Key Findings
The flat rolled segment accounted for 29.4% of the regional market value.
The transportation segment held 31.9% of the market share in 2015.
The U.S. is projected to maintain market leadership through 2023.
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About UsΒ
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.Β
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.Β
