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Rising Building Sector in Asia-Pacific to Accelerate Market Growth
India and the ASEAN region's construction industries are among the fastest-growing, and it is projected that they will hold a sizable portion of the global construction market. Building activity has grown significantly in the Asia-Pacific region, which includes Indonesia, Singapore, Thailand, Vietnam, the Philippines, and India. By 2030, the real estate sector in India is expected to grow to a GDP of USD 1 trillion, or roughly 13% of the total.
Additionally, between April 2000 and June 2020, the construction development and infrastructure activities sectors received foreign direct investment (FDI) of USD 25.69 billion and USD 16.97 billion, respectively, according to the Department for Promotion of Industry and Internal Trade (DPIIT). In the initial phase of its 300,000-unit housing project, which was finished by 2018, the South Korean government had stated plans to build 35,000 housing units. The region's demand for aluminum from the construction industry is expected to rise over the course of the projection period due to the previously mentioned factors.
Moreover, since aluminum is non-toxic, it preserves food for extended periods of time and prevents the spread of microbes. These factors are the main drivers of the aluminum market's growth, particularly from the food and packaging and pharmaceutical industries. In the manufacturing industry, packaging is one of the most crucial considerations for ensuring that their products are aesthetically pleasing to customers. Manufacturing, food processing, and industrial production facilities are growing quickly, which is driving up the worldwide packaging market. In addition, the e-retail sector and the food and beverage industry's demand have resulted in a large rise in packaging requirements.
The need for aluminum is also being fueled by the expansion of retail pharmacies in emerging nations and the pharmaceutical industry's rising emphasis on product differentiation and brand promotion. Furthermore, the demand for medicines is rising as a result of different governments' emphasis on bolstering healthcare infrastructure and insurance coverage, which is itself driving market expansion. Thus, driving the aluminum market revenue.
In February 2024, Vedanta Aluminium, the biggest aluminium manufacturer in India, introduces Vedanta Metal Bazaar, a groundbreaking online store for primary aluminium. This platform aims to revolutionize the purchasing and selling process of aluminium in India. During its inception, the superstore provides more than 750 different product variations, which include a wide range of items from Vedanta Aluminium. Additionally, it incorporates AI-driven price determination, providing clients with unparalleled value even when confronted with volatile commodity prices. Vedanta Aluminium has introduced Vedanta Metal Bazaar, an innovative e-commerce platform aimed at improving the customer experience and making it easier to conduct business.
This platform has the potential to transform the way customers purchase aluminium. This solution guarantees to streamline the entire procurement process, allowing buyers to concentrate on their business expansion instead of spending time on transactional follow-ups and monitoring the uncertainties of commodity pricing and order fulfillment. Vedanta Metal Bazaar provides buyers with timely delivery, AI-driven pricing discovery, and complete visibility of their purchase process, from placing the order to receiving the delivery. This enables the implementation of a strong and reliable production planning system, while also releasing their cash for other important expenditures.
Additionally, it empowers customers to make well-informed buying selections by considering their order history, dynamic market situations, and comparative prices with only a few simple clicks.
