WHAT IS ALUMINIUM FRP & APPLICATIONAluminum flat rolled products include sheet, plate and foil. Aluminium FRPs are usually made by rolling thick aluminium between rolls that reduce the thickness and lengthen it through hot and cold rolling processes. Due to distinctive advantages, aluminium flat rolled products have been widely used in many industries, such as transportation, packaging, building and construction, machine and equipment, electrical and so on. Among various applications, demand from packaging industry accounts for the largest consumption share with 35.29% in 2017 globally.
The global Aluminium Flat Rolled Products market is valued at 99 billion USD in 2020 is expected to reach 151 billion USD by the end of 2026, growing at a CAGR of 6.2% during 2021-2026.
REGIONAL INSIGHTS – ASIA
The global aluminium flat rolled products (FRP) sector is dominated by Asia pacific in terms of volume and value market share. Aluminium FRP demand in the Asia Pacific region in 2017 was 2969 KT which was projected to reach 4429 KT by 2024, with a CAGR of 5.9%. Demand across Asia is continuously increasing owing to the phenomenal economic activity in the region, particularly in China and India:
IMPACT OF COVID19The aluminum FRP market in Southeast Asia is expected to be immensely impacted by the COVID-19 outbreak. Aluminum Index prices have weakened globally during Q1 2020, London Metal Exchange (LME) prices have dropped exponentially since January 2020 and reported prices now stand at $1,450/t as of April 2, currently at a three-year low. Due to the LME drop, there will be a sequential impact on the upstream and downstream industry in the next few quarters. However, the market demand for aluminum FRP is expected to recover in the second half of 2020, with major manufacturers of aluminum in China and other parts of the world restarting operations in Q3 2020.
COMPETITIVE SCENARIOChoil Aluminum (South Korea), Novelis Korea, PT Alumindo (Indonesia), Hindalco (India), and UACJ (Japan & South Korea) are some of the major suppliers of aluminum FRP in Southeast Asia. They cater to about 60% of the region's demand and dominate the market production of aluminum FRP in the region, which has grown rapidly since 2015. The production in Japan is driven by the expansion of major players like UACJ. For instance, UACJ (Thailand) Co., Ltd. was established as Southeast Asia's first flat-rolled aluminum manufacturing facility, integrating all processes from casting to finishing. Since then, the company has steadily boosted annual production capacity to 320,000 tons. Similarly, Novelis Korea, a major manufacturer of aluminum FRP in the region, has made continuous investments to promote sustainability in the aluminum industry. Initiatives from suppliers to expand capacity utilization and enhance sustainability will promote market growth during 2020-2024.
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