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Global Aluminum Market size is predicted to reach $120 Million tons by 2030, growing at a CAGR of 4.2 % during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Escalating Construction Sectoris poised to propel the market growth, finds IndustryARC in its recent report, titled “Aluminum Market – By Product Type (Billet, Ingot, Aluminum Profiles, Fitting and Others), By Processing ( Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder and Rod & Bar), By End-Use Industry (Transportation, Construction, Electrical and Consumer Durables, Foils and Packaging, Machinery and Equipment and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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Europe to Register Highest Growth:
The demand for metal in the European market is closely tied to its increasing use in the automotive industry. As Europe strives to reduce carbon emissions and promote the transition to electric vehicles, the automotive sector is expected to play a crucial role. The lightweight properties of metals are vital for achieving fuel efficiency and reducing the carbon footprint, making them a preferred choice in automotive manufacturing. Automakers are employing advanced processes and techniques to incorporate lightweight metals into various vehicle parts, including complex structural designs. Additionally, the high demand for applications such as packaging and solar panels is further propelling market growth in Europe.
Aluminum Market 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2023–2030 |
|
CAGR |
4.2% |
|
Market Size in 2030 |
$120 Million |
|
Segments Covered |
Product Type, Processing, End-Use Industry and Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
Alcoa Corporation Rio Tinto Alcan CHALCO (Aluminum Corporation of China Limited) RUSAL Emirates Global Aluminum Hongqiao Group Limited Norsk Hydro ASA Shandong Xinfa Aluminum Group Co. Ltd. East Hope Group Company Limited BHP Group |
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Aluminum Market Report – Key Takeaways:
Based on the processing method, the castings segment held the largest market share in 2023, representing less than one-third of the global aluminum market revenue, and is projected to continue leading during the forecast period. Aluminum casting processes provide substantial design flexibility and complexity, enabling the production of intricate shapes and geometries with minimal machining. This reduces material waste and overall production costs. The versatility of aluminum casting is especially beneficial for industries that require detailed components or customized designs, such as in the manufacturing of engine blocks, transmission cases, and structural components.
The transportation segment is projected to grow at a CAGR of 4.3% from 2024 to 2030. Aluminum, being a lightweight and fuel-efficient metal, is widely used in car bodies. Its use in automobiles is advantageous due to its recyclability; over half a million tons of automotive aluminum are recycled annually. This recycling process saves the equivalent of 21 barrels of oil that would be required to produce new aluminum, according to The Aluminum Association. Furthermore, global fuel-economy regulations are expected to increase the application of aluminum in the automotive industry. The anticipated rise in the production of electric vehicles, semi-autonomous and autonomous vehicles, and self-driving cars and trucks will also drive the demand for aluminum.
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Key Opportunity Analysis:
Packaging Industry Expansion
The packaging industry is another area where aluminum has strong growth potential. Aluminum is extensively used in beverage cans, food packaging, and pharmaceutical packaging due to its excellent barrier properties, recyclability, and ability to preserve product integrity. The increasing consumer preference for sustainable and recyclable packaging solutions is driving demand for aluminum packaging, particularly in regions focusing on reducing plastic waste.
Aerospace and Defense Applications
The aerospace and defense industries are significant consumers of high-performance aluminum alloys. Aluminum’s high strength-to-weight ratio and resistance to extreme conditions make it a preferred material for aircraft structures, components, and military equipment. The ongoing advancements in aerospace technology and increased defense spending in various countries create opportunities for aluminum producers to supply these high-value, specialized materials.
Technological Advancements and Innovation
Innovation in aluminum production and processing technologies can lead to improved product quality and cost efficiencies. For instance, advancements in recycling technologies can reduce production costs and environmental impact, enhancing the market’s sustainability credentials. Additionally, the development of new aluminum alloys with superior properties can open up new applications in various industries, including aerospace, packaging, and electronics.
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The report also covers the following areas:
Aluminum Market 2023-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in the Aluminum Market:
The Global Aluminum Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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