Top 3 Emerging Trends Impacting the Global Aluminum Plates & Sheets Market for the Automobile and Transportation Industry: Technavio
Technavio’s latest report on the global
aluminum plates and sheets market for automobile and transportation
industry provides an analysis of the most important
trends expected to impact the market outlook from 2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the aluminum plates & sheets market for the automobile and transportation industry from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global
aluminum plates and sheets market for automobile and transportation
industry for 2017-2021 provides a detailed industry analysis
based on the product (aluminum sheets and aluminum plates), end-user
(automobile industry and marine industry), and geography (APAC, North
America, Europe, and ROW).
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Aluminum plates and sheets for automobile and transportation is
widely used due to their multiple advantages like flexibility,
durability, sustainability, and non-combustible, and recyclable
properties. Technavio analysts forecast the global aluminum plates
and sheets market for automobile and transportation industry to grow
to 1,329.17 thousand metric tons by 2021, at a CAGR of close to 5%
over the forecast period.
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The top three emerging trends driving the global aluminum plates and
sheets market for automobile and transportation industry according to
Technavio chemicals
and materials research analysts are:
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Increase in strength and formability of aluminum sheets
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Increasing demand for public transport
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Aluminum in ship building
Increase in strength and formability of aluminum sheets
Alcoa, a key vendor in the market, has started producing aluminum sheets
that are 30% stronger and 40% more formable than regular aluminum sheets
available in the market today. These new sheets are also resistant to
dents. The company is expected to reach approximately USD 1.1 billion of
revenue by 2018 in automotive aluminum sheet business alone.
“Alcoa has also entered into a joint development agreement with
Ford Motor to develop the next generation aluminum alloy for the
automotive industry. Such developments are expected to boost the market
growth,” says Mahitha Mallishetty, a lead analyst at Technavio
for metals
and minerals research.
Increasing demand for public transport
The constantly increasing global population is resulting in an
ever-increasing demand in various industries, including public
transport. High-speed metro trains and local trains are gaining
popularity due to convenience and time-efficiency that they provide to
the users. The use of aluminum in the mass transportation public
transport vehicles is increasing due to its advantages such as light
weight, efficiency, easy maintenance requirements, and reduced fuel
consumption and carbon emission. Aluminum embossed and checkered sheet
coils are used for flooring and paneling applications in the
transportation segment.
Aluminum in ship building
The usage of aluminum in shipbuilding is growing year-over-year due to
its non-corrosive characteristics. It also reduces the weight of the
ship by half in comparison to those made using steel. Steel corrodes
approximately at a pace of 120 micrometers per year, whereas aluminum
corrodes at a pace of one micrometer per year, which reduces life cycle
maintenance and painting costs.
“In the case of liquefied natural gas, the demand for aluminum
increased by nearly ten thousand tons between 2015 and 2016. Also,
Austal, a global leader in aluminum shipbuilding, is planning to execute
new improvements in building aluminum carriers, further boosting market
growth,” says Mahitha.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
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