Aluminum Market to Surge from USD 189.25 billion in 2023 to USD 256.53 billion in 2030, at a rate of 5.20% between 2023 and 2030 – Report by Market Research Future (MRFR)
Aluminum Market Research Report Information By Product (Flat-Rolled, Castings, Extrusions, Forgings, Pigments & Powder, Rod & Bar), By Type (Primary, Secondary), By Application (Building & Construction, Transportation, Electrical, Machinery & Equipment,Foil & Packaging, Solar Industry, Utensils, Hardware & Accessories, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.
New York (US), April 27, 2023 (GLOBE NEWSWIRE) — Aluminum Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), “Aluminum Market Information by Product Type, Operating Platforms, and Region – Forecast till 2030″, The market for aluminum can soar from USD 189.25 billion in 2023 to USD 256.53 billion in 2030, growing at a solid rate of 5.20% between 2023 and 2030.
In the periodic table, aluminum (Al) is the 13th element and is a silvery-white, non-magnetic, and ductile metal. It makes up more than 8% of the mass of the Earth’s core, making it the most common metal on the planet. Al is the symbol for this metal, which is mostly used in consumer durables, automotive, electronics, packaging, and construction. The market is anticipated to be driven by the rising demand for packaged foods and the increasing use of aluminum in place of stainless steel in the aerospace and automotive sectors. The market is expanding due to the increasing demand from OEM producers and electric car manufacturers.
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Market Competitive Landscape:
The affluent companies in the aluminum industry are
- Alcoa Corporation (U.S.)
- Rio Tinto (Australia)
- RUSAL (Russia)
- Norsk Hydro A.S.A. (Norway)
- Dubai Aluminum Company Limited (U.A.E.)
- Aluminum Bahrain B.S.C. (Bahrain)
- Century Aluminum Company (U.S.)
- Vedanta Ltd. (India)
- Among others.
|Market Size in 2030||USD 256.53 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Product Type, Operating Platforms, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growing demand for Aluminum in the construction industry|
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Market USP Covered:
Aluminum is the sixth most highly flexible substance on the globe and the second most malleable. It is exceedingly light, dust-resistant, and highly conductive with a density of only 2.7g/cm, and when alloyed, it exhibits excellent strength. It is widely used in the food, packaging, and pharmaceutical sectors since it has no harmful effects by nature, keeps food fresh for a long time, and inhibits the growth of microorganisms. China’s rapidly rising demand for this abundant base material has contributed to the growth of the global aluminum sector. In China, the government owns the vast majority of the industries. As a result, it raises the need for aluminum.
China uses aluminum extensively in a variety of industries, including electrical, packaging, transportation, and building. The majority of the yearly aluminum consumption in the Chinese industry is accounted for by these four companies. The accessibility of aluminum to industrialists is being improved by government officials. On the expansion of the global aluminum sector, its results are predicted to have a significant influence.
Aluminum is one of the non-ferrous transition metals that are more frequently found in the Earth’s crust. It is corrosion- and oxidation-resistant, malleable, robust, flexible, and light in weight. It is often utilized in a variety of applications because it readily creates combinations with the other chemical components. For instance, modern vehicles’ wheels, engines, chassis, and other parts are constructed of aluminum mixed with silicon and magnesium. It is also used to create refrigerators, laptop computers, tablets, telephones, and other electrical appliances all over the world.
A few problems are preventing the global aluminum sector from expanding. One of them is the fact that extracting bauxite and processing it to make aluminum is not at all an ecologically friendly procedure. Numerous aluminum refineries generate and sell secondary aluminum in response to this reality. This is expected to limit the market growth for aluminum over the long and short terms.
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Secondary or recycled aluminum is used extensively across the world. Scrap from vehicles, equipment, machinery, and beverage cans is recycled and repurposed because it is economical to do so. Reprocessing recycled or scrap metal causes less environmental damage than producing new metal from ore since it only requires a modest amount of energy.
Initiatives to expand the market are also envisaged, such as the establishment of facilities for environmental safety, shredder, and automobile disassembly. Aluminum consumption is expected to increase as a result of the material’s extensive use in the transportation industry.
COVID 19 Analysis
The demand for aluminum declined by double digits in numerous nations in 2020, despite a favorable worldwide figure. The tighter controls, declining raw material costs, drops in tourism, and insufficient budgetary assistance in emerging countries made them more susceptible to the epidemic.
Both the developed world and the developing world saw a good comeback in 2021. The pre-pandemic level of aluminum demand was reached in 2021 in emerging nations, which had a stronger recovery than developed ones. It required more time in sophisticated economies. With some slowdown of growth, a solid rebound was seen throughout 2022. The pandemic’s development and vaccination’s efficacy were both unknowns, which increased dangers on both ends of the spectrum.
Primary and secondary are the types of aluminum in the market. In 2022, the aluminum market revenue is anticipated to grow at the quickest rate for the secondary type share. Recycling and reusing scrap from machinery, vehicles, equipment, and beverage cans is cost-effective. Recycling used Metal or scrap reduces environmental harm since it uses a small portion of the energy needed to mine new Metal.
Aluminum is segmented into flat-rolled, castings, extrusions, forgings, pigments & powder, rod & bar, and other products, depending on the product segmentation. Cast products accounted for the greatest portion of market growth in 2022, and it is predicted that they will continue to lead the market for the whole anticipated time.
Applications covered in the study include cutlery, hardware & accessories, electrical, machinery & equipment, the solar industry, building & construction, transportation, foil & packaging, and others. The transportation industry held the largest market share in 2022.
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The market for aluminum in North America, which reached USD 82.39 billion in 2022, will be capturing a substantial CAGR over the research period. The market in North America is performing extremely well owing to the heavy demand from the automotive and transportation sectors. The usage of aluminum by E.V. makers to lighten their automobiles bolsters the regional industry size.
From 2023 to 2030, the Asia Pacific market will see the quickest CAGR growth. The key driver of the market’s development is the presence of large end-users in rapidly developing nations like China, Japan, and India. The market in the region will also be fostered by accelerating infrastructure development and expanding technological advancements.
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