USD 170.7 billion
Report ID: SQSG15I2001 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 68 | Figures: 75
Global Aluminum Market size was valued at USD 170.7 billion in 2021 and is poised to grow from USD 179.9 billion in 2022 to USD 256.53 billion by 2030, growing at a CAGR of 5.2% in the forecast period (2023-2030).
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.
Global Market Size
USD 170.7 billion
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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.
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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.
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Aluminum Market Driver
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
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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 Market Recent Developments
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.
|Market size value in 2021||USD 170.7 billion|
|Market size value in 2030||USD 179.9 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aluminum Market:
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Product ID: SQSG15I2001