Transport Industry to Witness Significant Growth in India Aluminium Market During Forecast Period
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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