Aluminium Market Size to Reach USD 255.91 Billion by 2029 | Fortune Business Insights™
The global aluminium market covered major segments By Product (Sheet, Plate, Cast Products, Extrusion, and Others), By Alloy Type (Cast Alloy and Wrought Alloy), By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery & Equipment, and Others) and Regional Forecast, 2023-2029.
Pune, India, Dec. 11, 2023 (GLOBE NEWSWIRE) — The global aluminum market with a valuation of USD 159.32 billion in 2021 which is anticipated to achieve USD 168.84 billion in 2022 and is poised to further expand to USD 255.91 billion by 2029, exhibiting a CAGR of 6.1% throughout the forecast period. The upsurge in the use of aluminum in the automotive and transportation sectors is expected to be a key driver for market expansion. Additionally, the increasing adoption of secondary aluminum (Al) is anticipated to fuel market growth.
The rising demand for packaged foods and the ongoing shift from stainless steel to aluminum in the aerospace and automotive industries present lucrative opportunities for market development. These insights are derived from the report titled “Aluminium Market Size, Share, Growth, and Forecast Report 2023-2029“ by Fortune Business Insights™.
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Report Scope & Segmentation:
|2029 Value Projection
|USD 255.91 Billion
|Market Size in 2021
|USD 159.32 Billion
|No. of Pages
|Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
|Global Aluminium Market Growth Drivers
|Increasing Preference for Secondary Aluminium to Drive Market Expansion
|Asia Pacific to Lead Market Share Due to High Consumption of the Metal
Acquisition Strategies by Key Market Players to Set Market Development
Major players of the market are UC RUSAL, CHALCO, Alcoa Corporation, China Hongqiao Group, and Rio Tinto. Key players have been adopting acquisition strategies for enhancing their market share. In December 2021, Hindalco Industries Limited signed an agreement for the acquisition of Norsk Hydro ASA’s aluminium extrusions business in India. With this acquisition, Hindalco will improve an integrated facility located in Andhra Pradesh with an experienced team of employees, expertise in value-added, and customized products. This move will also support the company’s presence in South India.
Key Industry Development:
February 2022- Emirates Global Aluminium announced its plans to make its first Al recycling facility in the UAE. The plan is set to add 150,000 tons per year in the recycling facility. The company has a goal to market recycled Al under the product name EternAL.
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Leading Players Featured in the Aluminium Market Research Report:
- RusAL (Russia)
- Aluminium Corporation of China Limited (CHALCO) (China)
- Rio Tinto (U.K.)
- Alcoa Corporation (U.S.)
- Emirates Global Aluminium (UAE)
- Norsk Hydro ASA (Norway)
- Hindalco Industries Ltd. (India)
- Vedanta Aluminium & Power (India)
- China Hongqiao Group Limited (China)
Asia Pacific to Lead Market Share Due to High Consumption of the Metal
Asia Pacific is anticipated to head the aluminium market share due to the presence of significant consuming countries including China, Japan, and India. Due to Increasing technological advancements and rapid infrastructure development, the region is growing its metal recycling and expanding its packaging industry in developing countries.
In North America, the aluminum market is influenced by the robust demand from the automotive and aerospace industries. The region is witnessing a shift towards lightweight materials in manufacturing, driving the use of aluminum in vehicles and aircraft. Stringent environmental regulations also play a role in promoting aluminum as a sustainable alternative.
Europe‘s aluminum market is characterized by a focus on sustainability and recycling, with a growing emphasis on the circular economy. Increasing applications of aluminum in construction and packaging contribute to the market’s growth in this region. Automotive manufacturers in Europe are adopting aluminum-intensive designs to meet emission standards.
Latin America experiences steady growth in the aluminum market, driven by construction activities and the automotive sector. Increasing urbanization and a rise in consumer spending contributed to the demand for aluminum products in the region.
Cast Products Segment Accounted for Largest Share due to Easy Molding Processing
On the basis of product, the market is divided into sheet, plate, cast products, extrusion, and others. The cast products segment accounted for the largest market share in 2021 and is estimated to maintain the leading position throughout the forecast period. The products manufactured using cast Al are highly versatile and range from simple personal hand held devices to complex parts in automobiles.
Wrought Alloy to Lead Due to its Usage in Various Processes
On the basis of alloy type, the market is bifurcated into cast alloy and wrought alloy. Wrought alloy is anticipated to have the dominant share due to mechanical processes such as forging, rolling, and extrusion.
Transportation Segment to Lead Due to Wide Adoption in Automotive Industry
On the basis of the end-use, the market is divided into construction, transportation, packaging, electrical, consumer durables, machinery & equipment, and others. The transportation segment is anticipated to have the dominant part due to growing metal adoption in the automotive industry due to its lightweight feature.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints:
Increasing Preference for Secondary Aluminium to Drive Market Expansion
Increasing preference for secondary Al such as in tractor-trailers and car bodies is anticipated to drive the aluminium market growth. AI is used to develop new cans from the same metal and quality can be still maintained. Recycling cans saves natural resources and energy and reduces the pressure on landfill sites. The production of new metals requires only 5% of the energy required for making new AI metal.
Rising emphasis on consuming sustainably sourced products is expected to propel market development. Rising product incorporation in the automotive & transportation industry is set to boost market growth. However, the implementation of strict environmental regulations is expected to hamper the market growth.
Detailed Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries/Region
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Aluminium Industry
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Aluminium Industry Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Product(Value)
- Cast Products
- By Alloy Type (Value)
- Cast Alloy
- Wrought Alloy
- By End-Use
- Consumer Durables
- Machinery & Equipment
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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