Aluminum Spacers Market to Garner $866.4 Million, Globally, By 2031 at 4.7% CAGR, Says Allied Market Research
Increase in use of aluminum spacers as a substitute for metal in several end-use sector including machineries, building & construction, and transport have boosted the growth of the global aluminum spacers market.
PORTLAND, Ore., Aug. 12, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Aluminum Spacers Market by Product Type (Bendable, Non-Bendable), by End Use (Transport, Building and Construction, Machinery and Equipment): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global aluminum spacers industry was accounted for $550.0 million in 2021, and is expected to reach $866.4 million by 2031, growing at a CAGR of 4.7% from 2022 to 2031. The report offers a detailed analysis of top segments, changing market trends, value chain, key investment pockets, regional landscape, and competitive scenario.
Major determinants of the market growth
Increase in use of aluminum spacers as a substitute for metal in several end-use sector including machineries, building & construction, and transport have boosted the growth of the global aluminum spacers market. Moreover, increase in number of manufacturers, arrival of local players, and availability of feedstock at reduced prices have supplemented the market growth. However, inhalation of tiny material of aluminum metal has adverse effects on health, such as upper respiratory infection, eye irritation, breathing problems, cough, throat infection, and skin irritation, which hamper the market growth. On the contrary, surge in urbanization, rise in demand for housing infrastructure, increase in population, modulation in construction projects, and upgradation in technology would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic had a moderate impact on the market due to disrupted supply chain and challenges in the procurement of raw materials.
- In addition, delays in infrastructure investments and shutdown of transportation hampered the demand for aluminum spacer.
The bendable segment dominated the market
By product type, the bendable segment held the largest share in 2021, accounting for more than three-fifths of the global aluminum spacers market. Furthermore, the segment is expected to dominate the market in terms of revenue by 2031. The segment would showcase the highest CAGR of 5.1% from 2022 to 2031. This is attributed to the fact that growing demand for double glazed insulating glasses in residential and commercial industry. The report includes analysis of the non-bendable segment.
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The transport segment to portray the highest CAGR through 2031
By end use, the transport segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031. In addition, the segment held the largest share in 2021, accounting for nearly two-fifths of the global aluminum spacers market. This is attributed to the increase in the transport, infrastructure, and logistics activities has led to the growth of the aluminum spacers. The report includes analysis of the building and construction segment.
Asia-Pacific held the highest share
By region, the global aluminum spacers market across Asia-Pacific dominated in 2021, accounting for nearly two-fifths of the market, and is expected to maintain the leading position during the forecast period. In addition, the region is anticipated to showcase the highest CAGR of 5.3% during the forecast period, due to Aluminum spacers are used widely in drinking cans due to its flexibility, high strength, and resistivity to corrosion. These factors have put more emphasis on manufacturing of aluminum in China. The report also includes market analysis across North America, LAMEA, and Europe.
Major Market Players
- Allmetal, Inc.
- ALU-PRO Srl
- AM Industries, Inc.
- Avantus Aerospace
- Bokers Inc
- Fenzi North America
- Keystone Electronics corp
- LISI Aerospace
- Jinsheng New Energy Technology Group
- Merk KGaA
- MW Industries
- Phoenix Specialty
- Nedex
- Ramapoglass
- SMC electric.
The report analyzes these key players of the global aluminum spacers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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