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The latest report prepared for the International Aluminium Association by international research firm CM Group shows that global aluminum demand will shrink by 5.
4% by 2020, followed by a slow recovery
.
The impact of the COVID-19 pandemic on global economic activity will be profound, and a deep recession and a potential long-term recession seem inevitable
.
Global aluminum demand has already taken a hit, with the automotive and aerospace industries in particular feeling the power of
the economic downturn.
"The rapid and overwhelming nature of the COVID-19-induced demand shock is likely to result in a slow and phased recovery in the future, with global aluminium demand slowly recovering
on a segment-by-segment, sub-regional basis," the report argues.
”
The impact on China's aluminum demand outlook could be severe in the near term, although demand growth is expected to recover strongly through 2021, followed by a return to pre-COVID-19 growth rates
after 2022.
Demand growth will contract in all regions of the Rest of the World (ROW) market, with previously strong demand forecasts for Southeast Asian countries replaced
by lower short-term figures.
In addition to being used in the manufacture of cables, aluminum is mainly used in the construction, construction and transportation fields
.
The latest report prepared for the International Aluminium Association by international research firm CM Group shows that global aluminum demand will shrink by 5.
4% by 2020, followed by a slow recovery
.
The impact of the COVID-19 pandemic on global economic activity will be profound, and a deep recession and a potential long-term recession seem inevitable
.
Global aluminum demand has already taken a hit, with the automotive and aerospace industries in particular feeling the power of
the economic downturn.
"The rapid and overwhelming nature of the COVID-19-induced demand shock is likely to result in a slow and phased recovery in the future, with global aluminium demand slowly recovering
on a segment-by-segment, sub-regional basis," the report argues.
”
The impact on China's aluminum demand outlook could be severe in the near term, although demand growth is expected to recover strongly through 2021, followed by a return to pre-COVID-19 growth rates
after 2022.
Demand growth will contract in all regions of the Rest of the World (ROW) market, with previously strong demand forecasts for Southeast Asian countries replaced
by lower short-term figures.
In addition to being used in the manufacture of cables, aluminum is mainly used in the construction, construction and transportation fields
.
