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Increasing global demand for aluminum plates in automotive, aerospace and food and beverages industries would drive market revenue growth
NEW YORK, NY, UNITED STATES, May 18, 2022 /EINPresswire.com/ -- The global Aluminum Plate Market size is expected to reach USD 8.34 Billion in 2028 registering a CAGR of 5.5% over the forecast period, according to a latest report by Reports and Data. Major factor driving aluminum plate market revenue growth is increasing demand for aluminum plates in end use industries such as automotive and aerospace.
Aluminum metal plates are made by passing aluminum between rolls under pressure, which causes it to become longer and thinner in the direction of movement. Aluminum plates are one of the most common metalworking materials because they can be cut and bent into a variety of shapes and sizes. Aluminum plates are popular because of their versatility, affordability, and variety of alternatives.
Aluminum plates and sheet coils have replaced steel and other metals in the automotive industry due to favorable features such as light weight, non-corrosiveness, and high thermal conductivity. The automobile industry has seen a shift in preference toward lightweight vehicles for emission reduction, which is one of the key factors driving up demand for aluminum plates. Furthermore, aluminum plates are widely used in the architecture and construction industry because they have high conductivity and energy efficiency, making them ideal for creating environmentally friendly structures. Aluminum plates are also used for packaging and preservation in the food and beverage industries. As a result, the market for aluminum plates is expected to grow due to rising demand for ready-to-eat foods and improved lifestyles.
Aluminum plates, on the other hand, have a high friction coefficient and hence generate a lot of heat. As a result, their use in the automobile industry may be hazardous, because friction in a vehicle's gear is likely to produce a huge quantity of heat, which is thought to heat up the engine. This, in turn, can cause the car to malfunction. Aluminum plates and sheet coils are likewise poor vibration shock absorbers, hence their use in structures may be detrimental during earthquakes. Aluminum plate market expansion is expected to be hampered by such undesirable characteristics of aluminum plates.
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Key Manufacturers in the Global Aluminum Plate Market:
Binder, CSZ, Memmert, Angelantoni, TPS, CTS, CME, Envsin, Weiss Technik, Russells Technical Products, Climats, Scientic Climate Systems, Fentron Klimasimulation, Caron, Hastest Solutions, Komeg, EQUILAM, and Patriot Plant.
Some Key Highlights in the Report:
• Aluminum plates have gained demand in the automotive sector, replacing steel and other metals as the industry shifts its preference toward lightweight vehicles due to properties such as non-corrosive, lightweight, and high thermal conductivity. • In the food and beverage business, aluminum plates are used for packaging and preservation. The market for aluminum plates is likely to be fueled by a rise in the consumption of ready-to-eat food as a result of fast-paced lives. • Automotive and aerospace are two applications categories in the global aluminum plate market. Due to an increase in the production of lightweight cars and, as a result, an increase in the use of these plates, the automobile industry is expected to account for largest market revenue share over the forecast period. • Asia Pacific region is expected to lead the global aluminum plate market, which may be due to the region's substantial base of automobile manufacturing and consumption.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global aluminum market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
• Temperature & Humidity Chamber • Benchtop
Application Outlook (Revenue, USD Billion; 2018 – 2028)
The segmentation section covers detailed market share analysis for each product and application along with an accurate projection of the market growth during the forecast period. The report also explains in detail about the consumption rate of each product and application, along with an anticipated growth rate over the forecast period.
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Chapter 2: Summary of the Aluminum Plate Market
Chapter 3: Insights into Aluminum Plate Industry
Thank you for reading the report. The report can be customized as per the requirements of the clients. For further information or query about customization, please reach out to us, and we will offer you the report best suited for your needs.
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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