USD 170.7 billion
Global Aluminum Market Size, Share, Growth Analysis, By Product(Extrusion, Flat Rolled), By End User(Construction, Transportation) - Industry Forecast 2024-2031
Report ID:
SQMIG15I2009 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|
Tables:
68 |
Figures:
75
Global Aluminum Market Insights
Aluminum Market size was valued at USD 170.7 billion in 2019 and is poised to grow from USD 179.9 billion in 2023 to USD 256.53 billion by 2031, growing at a CAGR of 5.2% in the forecast period (2024-2031).
The global aluminum industry has been growing due to China's quickly increasing need for this plentiful base metal. In China, the bulk of industries are owned by the government. Many of these companies are rapidly growing and evolving. Consequently, it increases the need for Aluminum. Aluminum is widely used in China's construction, packaging, transportation, and electrical sectors, to name a few. These four industries collectively use the majority of the Aluminum that the Chinese industry uses annually. The government is working very hard to make aluminum more available to industrialists. Its outcomes are expected to have a substantial impact on the growth of the global aluminum market.
Nevertheless, there are a few issues that are keeping the global aluminum sector from growing. One of them is the fact that producing aluminum from bauxite through mining and processing is not at all environmentally friendly. In response to this reality, several Aluminum refineries produce and market secondary Aluminum. Long- and short-term market growth for Aluminum are forecasted to be hampered by this.
US Aluminum Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Transportation
Fastest Growth
Packaging
Growth Rate
5.2% CAGR
Global Aluminum Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Global Aluminum Market By End-User 2021-2028 (%)
Global Aluminum Market By End-User 2021-2028 (%)
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Global Aluminum Market Segmental Analysis
The Global aluminum market is segmented based on product, end-user, and region. Based on product, the market is segmented into extrusion, flat rolled, castings, forgings, and rod & bar. On the basis of end-user, the market can be bifurcated into construction, transportation, packaging, electrical, consumer durables, machinery & equipment segments. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa.
Aluminum Market Analysis by End-User
In terms of end-use, the transportation sector held the biggest market share. This market's expansion is being driven by the growing use of metal in automobiles due to its less weight and superior physical characteristics. During the projection period, the packaging segment is anticipated to increase at a significant CAGR. This market is anticipated to grow due to rising demand for aluminum from producers of packaged foods due to its non-permeable properties.
Global Aluminum Market By End-User , 2021 (%), 2023 (%)
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Global Aluminum Market Regional Insights
The Asia Pacific market has a value of US$ 103.25 billion. As big consumers like China, Japan, and India are present, it is the main factor driving the market's expansion. The region's demand for metal is being driven by the expanding construction and automobile industries. The market is expanding in Europe as a result of factors like the introduction of legislation to reduce automobile emissions and the strong demand from end-use sectors like solar panels and packaging.
Rising demand from automotive and transportation industries dominates the market in North America. One significant reason fueling the market expansion in this region is the use of this metal by EV manufacturers to lighten their vehicles. The causes responsible for the rise in Latin America and the Middle East & Africa are the increased demand from end-users for equipment, consumer durables, and construction materials. The market is also expanding as a result of the expanding building and infrastructure development activities in these areas' growing nations.
Global Aluminum Market By Region, 2021-2028, 2024-2031
- Largest
- Fastest
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Global Aluminum Market Dynamics
Aluminum Market Driver
- Affordability and Wide Applications of Base Metal into Various Sectors Boosting Market Growth
A sizable portion of the world's usage of aluminum is secondary or recycled. Due to its affordability, scrap from machinery, automobiles, equipment, and beverage cans is recycled and reused. Reprocessing used metal or scrap causes less environmental harm because it uses a small amount of energy compared to mining new metal from ore. Additionally, initiatives like the creation of depollution centers and facilities for dismantling and shredding cars are anticipated to accelerate market expansion. The widespread use of the material in the transportation sector is also predicted to boost aluminum consumption.
Aluminum Market Restraint
- Governments and organizations' implementation of rigorous environmental rules will hurt the market. Numerous nations have had to adopt new regulations as a result of the expanding environmental problems and the population' growing expectations for government action to reduce pollution levels. The cost of goods has grown as a result of smelting operations being required to fulfill higher emissions requirements. It is also known to harm people, so that is another factor. Headaches, rashes, asthma, and sleeplessness are among the side effects of exposure to it. Inhaling the powdered form can result in lung fibrosis, and it can ignite or explode in the workplace. It is projected that the aforementioned reasons will impede market expansion.
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Global Aluminum Market Competitive Landscape
The nature of the global market is fragmented. To support different industries, these important players are funding R&D projects. To preserve their market supremacy, they are putting into practice a variety of growth tactics, such as providing extensive product portfolios, fortifying their distribution networks, expansions, and acquisitions.
Top Players Global Aluminum Market
- Aluminum Corporation of China Limited
- Emirates Global Aluminum
- Rio Tinto Group
- Alcoa Corporation
- China Hongqiao Group Limited
- Rusal
- Norsk Hydro ASA
- Chalco
- UC Rusal
- Constellium SE
- Arconic Inc.
- Hindalco Industries Limited
- China Power Investment Corporation
- Shandong Xinfa Aluminum Group Co., Ltd.
- Century Aluminum Company
- China Zhongwang Holdings Limited
- Vedanta Limited
- China National Building Material Company Limited
- Guizhou Aluminum Co., Ltd.
- China Aluminum International Engineering Corporation Limited
Aluminum Market Recent Developments
- In November 2021, following the publication of the findings of independent testing of its Enhanced Altered Aluminum Ion (Ea2I) battery chemistry, Saturnose disclosed intentions to commercialize a solid-state, rechargeable aluminum battery. It is anticipated to be the first commercial-grade aluminum-ion solid-state battery when it debuts the following year, opening the door for a protracted, gradual shift away from the riskier lithium-ion battery chemistry.
- In November 2021, to increase its low-carbon aluminum production in Canada with 16 new smelting cells, Rio Tinto invested USD 87 million in its AP60 smelter in the Saguenay-Lac-Saint-Jean region of Québec. A total of 86,500 metric tonnes of primary aluminum will be produced annually at the smelter thanks to the investment, an increase of nearly 45 percent, or 26,500 metric tonnes. The worldwide aluminum market will rise at a compound annual growth rate of 3.3% over the following ten years, according to Rio Tinto, driven by strong demand from the energy transition and decarbonization.
Global Aluminum Key Market Trends
- Despite being used in autos for a long time, many new cars are now made of aluminum. For its ability to lower emissions and improve fuel efficiency, this metal is highly favored by engineers and designers in the automotive industry. Manufacturers of electric vehicles use this metal to lighten the car and increase its operating range. Due to its lightweight nature and similar physical characteristics to stainless steel, automakers like Mercedes and BMW are replacing it more frequently. According to estimates, the aforementioned elements will fuel market expansion.
Global Aluminum Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global aluminum market is segmented based on product, end-user and regions. In terms of end-use, the transportation sector held the biggest market share. This market's expansion is being driven by the growing use of metal in automobiles due to its less weight and superior physical characteristics. The Asia Pacific market has a value of USD 103.25 billion. As big consumers like China, Japan, and India are present, it is the main factor driving the market expansion.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 170.7 billion |
| Market size value in 2031 | USD 256.53 billion |
| Growth Rate | 5.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Aluminum Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Aluminum Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Aluminum Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aluminum Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aluminum Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aluminum Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Aluminum Market Report Snapshots
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