Aluminum Market Size And Forecast

Aluminum Market size was valued at USD 150 Billion in 2021 and is projected to reach USD 188.98 Billion by 2030, growing at a CAGR of 2.60% from 2023 to 2030.

A rise in disposable income, which gives way to improved standards of living, has resulted in an upswing in the demand for Aluminum, the consequence of which is the growth of the Aluminum Market. Also, growth in urbanization, which leads to increasing demand for Aluminum s in places like corporate houses and hypermarkets is also an important reason for the growth of the Global Aluminum Market. The Global Aluminum Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Aluminum Market Definition

Aluminum is an electronegative metal, which has a strong empathy for oxygen. It is the sixth most ductile and second most malleable metal present on earth. It is surprisingly light has a density, is waterproof to dust, possesses a high degree of conductivity, and exhibits significant strength when alloyed. Aluminum smelting is referred to as the industrial activity in the non-ferrous metal processes. It is broadly used in food & packaging and pharmaceutical industries, as it is nontoxic in nature, protects the food for long-lasting, and inhibits the growth of microorganisms.

Aluminum is a good electrical conductor and thus is used routinely in electrical transmission lines. Moreover, it is used as the principal energy for solid rocket booster motors in space shuttles due to its high volumetric energy density. Corrosion resistance, recyclability, and reflectivity are other features of Aluminum, which makes it an advantageous choice for various industrial applications. It is amply used in the fitness and sports equipment such as baseball nets, soccer goalposts, exercise machines, and archery equipment. Refrigerators Air conditioning condensers and other home appliance trim and components also use aluminum owing to its ability to improve product efficiency.

Therefore, the rising application scope in consumer durable and other consumer goods is anticipated to drive the Aluminum Market growth. Increasing demand for flat-rolled products such as sheet, plate, and foil owing to features of strength, durability, and lightness is giving a boost to the global Aluminum Market. With the help of the rolling process, the product can be rolled to the desired thickness, making it more versatile for diverse industrial applications. Furthermore, in the packaging industry, these sheets are used to manufacture packaging foils and cans, by working as a barrier against bacteria, oxygen, light, and moisture.

Global Aluminum Market Overview

The rise in disposable income acts as a primary growth driver in the Global Aluminum Market. The global Aluminum Market is mainly galvanized by rising demand from the automotive and building & construction industries. Asides from this, the swift increase in construction spending in developed and developing countries as a result of rapid urbanization and economic growth has increased the demand for aluminum. Furthermore, the enlarged demand for lightweight and high-strength materials to refine the fuel efficiency of vehicles and reduce the carbon footprint is expected to further foster market growth.

Besides, savage competition from alternative materials such as glass and plastics might stagnate the market growth. Aluminum is a budget-friendly material and is extensively used in the automotive industry. Aluminum processors around the world realize this and are investing a significant share of their revenue in r&d activities for the development of newer generations of aluminum products. Rigorous government regulations on aluminum products to decrease the environmental effect have shifted the industry focus toward sustainability.

Aluminum use in packaging will advance due to the rapid addition of processed food and beverage products in developing countries. Also, aluminum is used in pharmaceuticals. Aluminum blister foils find application in pharma packaging for packing tablets and capsules. The blister packaging includes a molded plastic that has voids separate from a tablet made from aluminum foils. The reason 90% of aluminum in building and automotive parts are recycled at end of life and 75% that has historically been produced is still in circulation today is due to the ease of recycling of aluminum and its relative value. Domestically, aluminum is the most valuable item put into a recycling bin.

Global Aluminum Market Segmentation Analysis

The Global Aluminum Market is segmented on the basis of Type, Product, End User, And Geography.

Aluminum Market, By Type

• Pure Aluminum
• Aluminum Alloys

Based on Type, The market is segmented into Pure Aluminum and Aluminum Alloys. The Pure Aluminum segment holds a big share in the market. Pure aluminum is a ductile, soft, and non-magnetic metal that belongs to the boron group and is identified by atomic number 13 because its atoms contain 13 electrons and 13 protons. To be considered pure aluminum, the metal needs to consist of 99% aluminum. The aluminum alloy contains aluminum is the major metal. Other alloy elements include copper, magnesium, manganese, silicon, tin, and zinc.

Aluminum Market, By Product

• Plates
• Sheets & Foils
• Cables and Wires
• Others

Based on Product, The market is segmented into Plates, Sheets & Foils, Cables and Wires, and Others. The Cables and Wires Aluminum is a very cost-effective alternative to sterling silver- or silver-plated wire. As it is non-toxic, aluminum is used in packaged food. The aluminum sheet has expanded its application from aerospace to beverage packaging, and even to home roofing.

Aluminum Market, By End User

• Transportation
• Electrical
• Construction
• Foils & Packaging
• Others

Based on End User, The market is segmented into Transportation, Electrical, Construction, Foils & Packaging, and Others. The Transportation segment holds a big share of the market. The rising utilization of aluminum in vehicles due to its less weight and superior physical properties is propelling the growth of this segment. The Packaging segment also grow in upcoming years. The rising demand for aluminum from packed food production due to its non-permeable nature is projecting the growth of this segment.

Aluminum Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Aluminum Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia-Pacific is the leading region, in terms of growth, due to massive urbanization, growth in income of people living in urban areas, and rapid industrial development. The growing construction sector and automotive industry are the major growth key drivers of this market.

Key Players

The “Global Aluminum Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Novelis Inc, Alcoa Corporation, Emirates Global Aluminum PJSC, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., United Company RUSAL Plc., China Power Investment Corp. (CPI), East Hope Group Company Limited, Rio Tinto Alcan Inc., and Xinfa Group Co., Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In January 2021, Alcoa and China Power Investment Corporation (CPI) have signed a memorandum of understanding (MOU) to collaborate on projects worth more than USD 7.5 billion for a96luminum and energy projects over the years.
• In April 2020, Novelis Inc., the world leader in aluminum rolling and recycling, announced that it had completed the acquisition of Aleris Corporation, a global supplier of rolled aluminum products.
• In December 2019, Aluminum Corp of China Ltd, known as Chalco, paid CNY 1.29 billion (USD 183 million) for a 10% stake in regional aluminum producer Yunnan Aluminum via a share offering.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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