Aluminum Procurement - Sourcing and Intelligence Report on Price Trends and Spend & Growth Analysis
The aluminum will grow at a CAGR of 4.79% during 2021-2025. Prices will increase by (1.5)%-3.5% during the forecast period and suppliers will have a moderate bargaining power in this market. China Hongqiao Group Ltd., Aluminum Corp. of China Ltd., United Co. RUSAL International PJSC, Xinfa Group Co. Ltd, Rio Tinto Group, Emirates Global Aluminium PJSC, State Power Investment Corp. Ltd., Alcoa Corp., East Hope Group, and Norsk Hydro ASA are among the prominent suppliers in aluminum market.
Who are the Top Suppliers in the Aluminum Market?
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Leading global suppliers can assist buyers in realizing high-cost savings through their efforts on areas such as backward integration, supplier synergies, reducing total ownership cost, managing commodity price volatility, negotiate on pricing and contractual terms, manage ad hoc spend, adoption of automation, quality management, and reducing inventory shrinkage. Collaborations with global suppliers will also help buyers in cost-saving and ensuring high-quality procurement in the dynamic market.
This report offers key advisory and intelligence to help buyers identify and shortlist the most suitable suppliers for their aluminum requirements. Some of the leading aluminum suppliers profiled extensively in this report include:
- China Hongqiao Group Ltd.
- Aluminum Corp. of China Ltd.
- United Co. RUSAL International PJSC
- Xinfa Group Co. Ltd
- Rio Tinto Group
- Emirates Global Aluminium PJSC
- State Power Investment Corp. Ltd.
- Alcoa Corp.
- East Hope Group
- Norsk Hydro ASA
Supplier Selection and Evaluation
Profile and service capabilities of the service provider, industry specialization of the service providers, reputation of service providers, and assessment of value-added services are some of the most critical parameters that buyers use to shortlist the suppliers in aluminum.
This report evaluates suppliers based on product portfolio, financial stability, technical expertise, and production capacity. In addition, suppliers are also shortlisted based on business needs, technical specifications, operational requirements, regulatory mandates, legal requirements, quality control, pricing models, penalty clauses, SLA nuances, evaluation criteria, acceptance criteria, and change management procedures.
What are the Major Pricing Trends in Aluminum Procurement?
The pressure from substitutes and a moderate level of threat from new entrants has resulted in the moderate bargaining power of suppliers. This makes it extremely important to get the pricing and pricing model right. Buyers should align their preferred pricing models for aluminum with the wider industry and identify the cost-saving potential.
Volume-based pricing and spot pricing are the most widely adopted pricing models in the aluminum. Each pricing model offers optimum benefits and fitment in specific situations. Buyers should identify the model that suits their operations in the best manner and link supplier performance to the pricing models.
Price Strategies and Benchmark
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To optimize the value of the purchase it is crucial to keep a track of current and future price trends. Price forecasts are beneficial in purchase planning, especially when supplemented by the constant monitoring of price influencing factors. During the forecast period, the market expects a change of (1.5)%-3.5%.
- Identify favorable opportunities in aluminum TCO (total cost of ownership)
- Expected changes in price forecast and factors driving the current and future price changes
- Identify pricing models that offer the most rewarding opportunities
Will there be an Increase in the Spend Growth for Aluminum Procurement?
The report provides a complete drill-down on global aluminum spend outlook at a global as well as regional level. Current spend scenario, growth outlook, incremental spend, and other key information is available individually for North America, South America, Europe, Middle East and Africa, and APAC.
Spend Growth and Demand Segmentation
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The aluminum market will register an incremental spend of about 48.46 $ billion during the forecast period. Only a few regions will drive the majority of this growth. On the supply side, North America, South America, Europe, Middle East and Africa, and APAC will have the maximum influence owing to the supplier base.
The drivers and inhibitors that influence these global and regional outlooks are also elaborated in detail. Our in-depth growth decomposition analysis covers details on:
- Factors driving the growth (or lack of it) in individual geographies
- Regions that hold the most rewarding opportunities for buyers and suppliers
- Is the spend growth cyclical and when will the growth curve peak?
What are the Major Category Management Objectives for Aluminum Sourcing?
A targeted strategic approach to aluminum sourcing will provide several opportunities to buyers. However, in the absence of actionable intelligence on aluminum, buyers have resulted in a transaction-based approach towards the category. The buyers have moderate bargaining power in this market and a holistic category management approach will help buyers maximize the value on their aluminum procurement.
The report explains key category management objectives that should form the base for sourcing strategy, including:
- Top-line growth
- Scalability of inputs
- Demand forecasting and governance
- Green initiatives
- Supply base rationalization
- Minimalization of ad hoc purchases
- Adherence to regulatory nuances
- Cost savings
- Customer retention
- Reduction of TCO
- Supply assurance
- Category innovations
In addition to helping buyers in identifying the strategic goals and initiatives for category management, the report will also help create the necessary support structure to facilitate implementation. This report provides in-depth inputs on streamlining category management practices and provides detailed answers on:
- The strategic sourcing objectives, activities, and enablers for aluminum category
- Aluminum procurement best practices to promote in my supply chain
Category Pricing Insights
Category Management Strategy
Category Management Enablers
Suppliers under Coverage
US Market Insights
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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