Rapid urbanization, growth in transport industry and technological advancements in aluminum manufacturing to drive India aluminium market through 2024
According to TechSci Research report, “India Aluminium Market By Type, By Application, By Processing Method, Competition, Forecast & Opportunities, 2024”, India aluminium market is expected to grow at a CAGR of around 10% during the forecast period owing to its superior properties such as ductility, durability, high strength, corrosion resistance, reflectivity, among others, which make it a material fit for use in various end-use industries. Additionally, aluminum also has the advantage of a practically infinite capacity for recycling, making it a preferable choice in terms of environmental protection. However, high cost of production is a major issue, led by high power costs that account for 20-30% of production can hamper the growth of market during forecast period. Additionally, challenges such as delayed clearances, bad connectivity, land acquisition issues, among others faced during mining can further restrict the growth of market. Further, increasing competition from substitutes such as carbon fiber and fluctuation in prices of raw materials is anticipated to obstruct the market growth during the forecast period.
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The India aluminium market is segmented based on type, application, processing method, region and company. Based on application, the market can be categorized into transport, building & construction, electrical engineering; consumer goods, foil & packaging, machinery & equipment and others. The transport segment is expected to dominate the market since the average amount of aluminium used in the production of a vehicle is more than 100Kgs, which is thereby driving the consumption rate of aluminium. Based on processing method, the market can be fragmented into flat rolled, castings, extrusions, forgings, pigments & powder and rod & bar. The extrusions segment is expected to dominate the market attributable to the high demand for aluminium products in a wide range of commercial applications such as construction, machinery and equipment application, consumer goods, among others.
Bharat Aluminium Company Ltd., Hindalco Industries Ltd, National Aluminium Company Limited, JINDAL ALUMINIUM Ltd, MALCO (Vedanta Aluminium Co. Ltd.), Gujarat Foils Limited, Alcoa India Pvt Ltd. and others are some of the leading players operating in India aluminium market.
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“India aluminium market is expected to register substantial growth during the forecast period owing to growth in income of people in urban areas, rapid industrial development, and massive urbanization. Additionally, India holds a fair advantage in cost of production and conversion costs in steel and alumina. Its strategic location enables convenient exports to the developed and developing countries. Furthermore, supportive Government schemes like Make in India and Smart Cities are further propelling the market in the country.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Aluminium Market By Type, By Application, By Processing Method, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India aluminium market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India aluminium market.
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