The global aluminum market holds the second largest market in the consumption volumes among all the metals, surpassed only by steel. In the coming decades, the demand for aluminum will consistently be increasing at unstoppable rates. Recent developments in the motor industry, the rapid growth of cities, new potential uses of aluminum as a substitute to copper in the power industry – these and many other trends mean that the winged metal is well placed to strengthen its dominant position as a key structural material of the 21st century.
The size of the global market for Aluminum is expected to reach US$ 283,506.6 Million by 2032, expanding at a compound annual growth rate (CAGR) of 4.3%.
The growth of the global aluminum market trends is mainly driven by development in the technological advancements, transport industry, processing equipment, and increase in usage of aluminum in various industries such as foil and packaging, building and constructions.
Geographically, Asia Pacific is one of the leading regions in the market, in terms of massive urbanization, rapid industrial development, and income of people residing in urban areas. The aluminum products provide lucrative opportunities in the aluminum market share due to the growing demand from emerging economies from China and India. Lowering energy requirement is one of the major challenges faced by the aluminum industry.
The aluminum is a chemical element depicted by AI and has an atomic no 13. It is silvery, ductile, soft and nonmagnetic. Corrosion resistance, reflectivity, and recyclability are other characteristics of aluminum, which makes it a favorable choice for various industrial applications.
Key company profile in the Global Aluminum Market are BHP Billiton Ltd., Vedanta Resources plc, Norsk Hydro ASA, United Co., RUSAL, Dubai Aluminum Co. Ltd., Hindalco Industries, Xinfa Group Co. Ltd, Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., China Power Investment Corp. (CPI), East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Rio Tinto Alcan Inc., United Company RUSAL Plc., and Xinfa Group Co., Ltd.
Aluminum market outlook is segmented based on the processing method, end user, and region. On the basis of the end user, the market is majorly categorized by transport, electrical engineering, building & construction, consumer goods, foil & packaging, machinery & equipment, and others. On the basis of the processing method, the market is divided into flat-rolled, extrusions, pigments & powder, forgings, rod & bar.
The major drivers are the development in the transport industry, technological advancements in aluminum manufacturing technologies and processing equipment, and increase in usage of aluminum in various industries such as building & construction and foil & packaging.
The rise in the aluminum market forecast is estimated to witness the economic growth rate due to increase in the construction spending of customers in advanced and emerging economies, which in turn assists in the aluminum market expansion.
Aluminum Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||End-User, processing method, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Alcoa Corporation, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., China Power Investment Corp. (CPI), East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Rio Tinto Alcan Inc., United Company RUSAL Plc., and Xinfa Group Co., Ltd|
Key segments of the Aluminum Market
by Type, 2022 to 2032 (USD million)
- Primary aluminium
- Secondary aluminium
By product, 2022 to 2032 (USD million)
By end user, 2022 to 2032 (USD million)
- Building & Construction
- Electrical Engineering
- Consumer Goods
- Foil & Packaging
- Machinery & Equipment
Region Overview, 2022 to 2032 (USD million)
- North America
- United States of America
- the Netherlands
- The United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America