Saudi Arabia Aluminum Market By type (primary and secondary); By Processing Method (Casting, Extrusion, Forging, Pigments And Powder, Rods and Bar and Flat Rolled); By End User (Transport, Building and Construction, Electrical, Consumer Durable, Foil and Packaging and Others)and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
Saudi Arabia Aluminum Market size was registered at USD 1.81 billion in 2019 and is estimated to reach USD 3.8 billion by 2030, registering a CAGR of 6.90% from 2019 to 2030.
Aluminum is a chemical element that is a lightweight, silvery-white metal of main Group 13 or boron group of the periodic table. Within the Earth's crust, aluminum is the most common metal element and the most commonly used nonferrous metal. It is a non-magnetic and ductile metal with a dull luster due to a thin coating with aluminum oxide. Due to its chemical activity, aluminum rarely appears in the metallic form in nature, but its compounds are found in almost all rocks, plants, and animals to a reasonable extent. Usually, it is extracted from such mineral deposits as cryolite and bauxite. Once evaporated in a vacuum, it produces a reflective coating that is used to produce mirrors for telescopes, packaging goods, and toys. It is also used to manufacture a variety of products such as foils, window frames, kitchen utensils, and parts of aircraft as well as others.
Some of the properties of aluminum such as its low metal density, corrosion resistance, and thermal conductivity make it ideal for various industrial applications thereby spurring its growth in the forecasted period. Growth in the electrical industry is also a major factor driving the aluminum market to grow. Furthermore, technical developments and growing demand for aluminum from diverse end-user industries such as foil & packaging also accelerate market growth for Saudi Arabia Aluminum Market.
By type (in %), Saudi Arabia Aluminum Market, 2019
The primary aluminum segment is anticipated to register XX% of the market share during the forecasted period.
By type, it is categorized into primary and secondary. Due to its extensive use in electrical applications and foil and packaging, the primary aluminum segment holds the largest market share in the revenue. Additionally, for greater strength, it can be alloyed with other elements. This is one of the factors boosting the growth of the aluminum market in applications with high mechanical strength.
The extrusion processing method segment accounted for XX% of the nation’s volume in 2019
The processing method segment can be classified into casting, extrusion, forging, pigments and powder, rods, and bar, and flat-rolled. The segment of extrusion holds the largest market share and is projected to rise at a CAGR of XX%. Aluminum extrusions offer patio furniture, sports equipment, and other lightweight and durability. Flexible and low-cost extrusion tools allow manufacturers to experiment with new designs and applications
The electronics segment accounted for the largest market size in the global market during the forecast period
Saudi Arabia Aluminum Market can also be categorized by the end-user into transport, building and construction, electrical, consumer durable, foil and packaging, and others. In terms of revenues, the electric sector held more than one-fourth of the market share. Due to their performance, weight to strength ratio, thermal conductivity, corrosion resistance, safety, and environmental benefits, Aluminum products are widely used in the electrical industry.
Increased demand in transportation sector and its various properties to increase growth
Aluminum is commonly used in the manufacture of aircraft, motor engines, rail transport, and ships, as the metal is lightweight and provides tremendous strength. These applications of aluminum in transport result in increased demand and Saudi Arabia is one of the major exporters acts as a driving force for the growth of the aluminum industry. Some of the properties of aluminum such as its low metal density, corrosion resistance, and thermal conductivity make it ideal for various industrial applications thereby spurring its growth in the forecasted period. Growth in the electrical industry is also a major factor driving the aluminum market to grow. Furthermore, technical developments and growing demand for aluminum from diverse end-user industries such as foil and packaging also accelerate market growth for Saudi Arabia Aluminum Market.
Chinese goofs and increased competition to hinder the market growth in Saudi Arabia
Increased influx of Chinese goods on the international market is affecting Saudi Arabia's demand and supply on the export business. Also, making new customers is difficult, and when lower prices are offered, customers can easily be encouraged to switch suppliers, hampering the growth of the Saudi Arabia aluminum market.
In terms of value and volume, Saudi Arabia accounted for XX% of the total market volume share in 2019
In the year 2019, 965 thousand metric tons of aluminum by volume was produced by Saudi Arabia. This region-built smelter is highly cost-effective and possesses the latest manufacturing and processing technologies. In this way, the latest technologically advanced processes offer higher production efficiency. That drives the growth of Saudi Arabia's aluminum market. The country aims to diversify its economy by concentrating on developing non-petroleum industries, one of them being mining and quarrying. The country profits from various policies of the government, such as lower interest on loans, lack of corporate tax, lower taxes, and simple land grants driving the growth of the market.
Some factors that improve the role in the market of the key players within the Saudi Arabia Aluminum market have been the latest manufacturing and processing technologies in the field, the new government policies, and increased demand from end-users.
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