The downstream aluminium sector witnessed various events in the week started from August 21, 2023. The global aluminium foil market is expected to grow from $26.3B in 2022 to $42.3B in 2032 due to its effective packaging properties. The US witnessed a continuous rise in aluminium imports, reaching 407,000 tonnes in May 2023. China's Innovation New Material invests $197M in a Mexican factory for aluminium alloy bars.
The global aluminium foil market is poised for strong growth, predicted to rise from $26.3 billion in 2022 to $42.3 billion in 2032, mainly due to its effective barrier properties that cater to packaging needs. The United States and Europe, with a 2022 market value of $8.69 billion, are expected to maintain a 5 per cent CAGR till 2030.
The United States experienced a continuous increase in aluminium crude metals and alloys imports, reaching 407,000 tonnes in May 2023, marking an 8.53 per cent rise from April's 375,000 tonnes, as reported by the US Census Bureau. This trend follows a drop in February but shows a year-to-date growth. Notably, Australia is emerging as a significant supplier, exporting 59,100 tonnes to the US in May, a substantial increase from earlier months. Despite this growth, Canada remains the largest supplier with a slight month-on-month decrease in May.
Hangzhou is gearing up to lead in advancing premium alloy materials, particularly high-performance aluminium alloys, as directed by the Hangzhou Municipal People's Government. The aim is to expedite research, innovation, and industrialization in the new material industry, focusing on pioneering high-end alloy materials, specialized aluminium foils for power batteries, superalloys, and advanced magnetic materials.
The 14th International ZAK Aluminium Extrusion Expo is set to take place from November 23 to November 26 in Mumbai. This four-day event at the Bombay Exhibition Centre will bring together global experts to showcase advancements in aluminium extrusion, applications, and products. With representation from over 15 countries, the expo will particularly focus on aluminium's significance in construction.
Australian home improvement products manufacturer and distributor, Ozroll, is adopting sustainable practices by utilizing Capral's LocAl Green lower carbon aluminium for their Elipso louvres and plantation shutters. This move aligns with Ozroll's commitment to environmental stewardship and sustainability, driven by the demand for eco-friendly aluminium products in the construction sector.
Gurgaon-based Sandhar Engineering, a key supplier of automotive locking & security systems, zinc and aluminium die-casted components, and structural parts to major vehicle manufacturers, has successfully launched a state-of-the-art parts manufacturing plant in Mysore, Karnataka. The plant is set to enhance the production of aluminium alloy die-casted components for cars, commercial vehicles, and two-wheelers.
China's Innovation New Material Technology, the largest producer of aluminium alloy bars in the country, plans to invest $197 million in a factory in Mexico. Through its Hong Kong subsidiaries, Drayton Management and Gloucester Management, the parent firm intends to establish a project business responsible for the new plant's investment, construction, and management.
Hindalco Industries Limited, India's largest metals company, has announced plans to invest approximately INR 2,000 crore to introduce new extrusion and fabrication technologies crucial for constructing Vande Bharat trains with aluminium bodies, a project aimed at partnering with the Indian Railways and the passenger coach manufacturing ecosystem.
Sandvik Coromant, a global cutting tool solutions provider, is hosting an interactive educational event titled "Accelerating Into the Future of Aluminium Machining" aimed at enhancing automotive aluminium machining techniques. The event, scheduled for August 24, 2023, at the Sandvik Coromant Center Mebane, North Carolina, targets professionals in the automotive and related industries.
Switzerland-based Montana Aerospace, a subsidiary of Montana Tech Components AG, has established itself as a prominent player in the aerospace industry by excelling in the creation of structural aluminium parts for aircraft. After acquiring its rival Asco's operations in Belgium in early 2022, Montana Aerospace's revenue surged by an impressive 123 per cent, solidifying its position among the top 100 aircraft parts producers globally.
Sourceh: https://www.alcircle.com/news/downstream-weekly-recap-the-global-aluminium-foil-market-is-poised-for-strong-growth-the-us-witnessed-a-continuous-rise-in-aluminium-imports-99014
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