COVID-19 Impact on Saudi Arabia Aluminum Market-Know Latest Trends & Forecast for Long-Term Business Planning Up to 2026
Pune, Maharashtra, India, September 10 2020 (Wiredrelease) Allied Analytics :According to the report published by Allied Market Research, Saudi Arabia aluminum market generated $1.7 billion in 2018, and is expected to garner $2.4 billion by 2026, growing at a CAGR of 6.8% from 2019 to 2026. The report offers a detailed analysis of changing market trends, market size estimations, top investment pockets, key segments, and business performance.
Development of the transport industry, technological developments, and supportive government regulations drive the growth of the Saudi Arabia aluminum market. However, developing China and Russia aluminum industry hinder the market growth. On the other hand, surge in focus on recycling and reusing aluminum scrap create new opportunities in the next few years.
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Based on processing method, the extrusion segment contributed to nearly one-third of the total share in 2018, and is estimated to maintain its dominant position in terms of revenue during the forecast period. However, the casting segment is expected to portray the highest CAGR of 7.8% from 2019 to 2026. The research also analyzes segments including forging, pigments powder, rods bar, and flat rolled.
Based on series, the series 1 segment contributed to the highest market share with more than one-fifth of the total share in 2018, and is estimated to maintain its lead status throughout the forecast period. On the other hand, the series 7 segment would witness the largest CAGR of 8.5% from 2019 to 2026. The report also analyzes segments such as series 2, series 3, series 4, series 5, series 6, series 8, and series 9.
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Based on end-use industry, the electrical segment accounted for the largest market share with more than one-fourth of the total market share in 2018, and is expected to maintain its largest contribution by 2026. However, the foil packaging segment is estimated to maintain the highest CAGR of 7.3% from 2019 to 2026. The research also analyzes segments such as building construction, transportation, industrial, consumer durable, and others.
Leading market players analyzed in the research include Aboura Metals, Al TaiseerAluminium Company, Al Saudia metal scrap trading LLC, Aluminum Product Company (Alupco), Alcoa Corporation, Nesma Recycling Co. Ltd., Maaden Saudi Arabian Mining Company, Star Steel Factory Co. Ltd., Saudi Aluminium Recycling Company Ltd., and Tawfiq Al Saleh Trad. Co.
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