India Aluminum Market is Expected to Register a High Cagr During the Forecast Period
Rising product incorporation in the automotive &
transportation industry and increasing popularity of secondary Aluminum is driving
the growth of the India Aluminum Market during the forecast period, 2024-2028.
According to
TechSci Research report, “India Aluminum Market - By Region, Competition, Forecast & Opportunities, 2028”, the India Aluminum Market
is expected to grow during the forecast period owing to lightweight, corrosion
resistance, rising investment in urban infrastructure by the government in the
budget 2023. additionally, the government invested approximately USD 2841
million in Infrastructure projects, lightweight
and Corrosion resistance across the country.
In the periodic table, Aluminum
(Al) is the 13th element and is a silvery-white, non-magnetic, and ductile
metal. It makes up more than 8% of the mass of the Earth's core, making it the
most common metal on the planet. Al is the symbol for this metal, which is
mostly used in consumer durables, automotive, electronics, packaging, and
construction. The market is anticipated to be driven by the rising demand for
packaged foods and the increasing use of Aluminum in place of stainless steel
in the aerospace and automotive sectors. The market is expanding owing to the
increasing demand from OEM producers and electric car manufacturers.
Around 3% of the
world's Aluminum output is contributed by India. All Indian players employ
Bayer Hall Heroult technology. Electricity, coal, and furnace oil are the
energy inputs required, and each plant has a captive power unit for a low-cost
and reliable power supply. Even though local Aluminum output outpaces domestic
demand, India on average still imports, , 15–25% of the world's Aluminum
supply. Owing to a lack of domestically made ingots, imports are required. The
majority of the Aluminum and aluminum-related products imported by India are
unwrought materials such as ingots, billets, scrap, bars, and rods. Less than
10% of local consumption is accounted for by imports of items made of primary Aluminum.
India also exports Aluminum scrap, powder, flakes, bar rods, foil, pellets,
sheets, tubes, and pipes, among other items.
Government initiatives such
as the "Smart Cities mission," "Housing for All," and
"Pardhan Mantri Awas Yojana - a national housing scheme" are also driving
the residential and commercial building sectors, which is anticipated to play a
crucial role in boosting the Aluminum market over the course of the forecast
period.
The Indian government has prioritized
the construction of regional airports, the enhancement of regional
connectivity, and the decrease of flight fares. As part of the Center's Udan
project, 100 more airports were suggested to be built by 2024 in the Union
Budget, which was published in February 2020.
India's developing
construction and infrastructure sectors, as well as the country's rising real
estate investments, are also encouraging industrial expansion. The market's
growth is anticipated to coincide with the rise of the housing and real estate
sectors, and the locations are probably going to present a lot of prospects for
market expansion. Residential real estate makes up 40% of project development
in the sector, followed by the construction of public spaces (36%), commercial
real estate (21%), and industrial parks/zones (3%), according to India Investment
Grid (IIG). As a result, it is projected that the demand for Aluminum is
expected to rise during the forecast period.
Based on alloy types, the
market is further bifurcated into cast alloy and wrought alloy. In the upcoming
years, the wrought alloy category is anticipated to have the highest market
share in India and is expected to maintain a high CAGR over the projection
period of 2024–2028. Metal is put through mechanical operations including
forging, rolling, and extrusion to make wrought alloys. As a result, wrought
alloys are more ductile and mechanically robust than cast alloys. As wrought
alloy usage expands, more high-strength materials are needed for pressure
vessels, welding rods, aircraft, and motorcycle frames, among other
applications. As a result, it is projected that this alloy category would
expand significantly throughout the projection period.
Browse over xx market data Figures
spread through xx Pages and an in-depth TOC on the "India Aluminum Market"
Key market
players in the India Aluminum Market include:
- Bharat Aluminum Company Ltd
- Hindalco Industries Limited
- National Aluminium Company Limited
- Jindal Aluminium Limited
- Vedanta Limited
- Gujarat Foils Limited
- Alcoa India Private Limited
- Universal Prime Aluminium Limited
- Sudal Industries Limited
- Synthiko Foils Limited
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“ The
lightweight, corrosive resistance, electrical & thermal conductivity, and
rising investment in infrastructure development capex—which was increased by
33% in the 2023–2024 period in the budget for 2023—all contribute to the
expectation that the Indian aluminum market is expected to grow in the
upcoming coming years. In addition, the Swach Bharat Mission anticipates
building 11.7 crore toilets for residential usage. By the fiscal year 2047, the
domestic Aluminum demand is predicted to exceed 20 million tonnes (MT),
according to recently released data. India needs 60 million new homes by 2023,
and there are more than 90 smart cities in the development stages. Therefore,
the market growth of Aluminum in India is expected to rise in the upcoming
years” said
Mr Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India Aluminum Market, By Product Type (Mill Finished, Anodized,
Powder Coated, Sheets & Foils, Cable & Wire, Others), By Alloy Type
(Wrought Alloys and Cast Alloys), By Processing Method (Flat rolled, Castings,
Extrusions, Forgings, Pigments & Powder and Rod & Bar), By Application
(Automotive & Transportation, Aerospace & Defence, Marine, Building
& Construction, Others), By
Region, Competition, Forecast & Opportunities, 2028”, has evaluated the future growth potential of India Aluminum Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the India Aluminum Market.
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