Global Aluminum Market

Aluminum Market Size, Share, Growth Analysis, By Product(Extrusion, Flat Rolled, Castings, Forgings), By End User(Construction, Transportation, Packaging, Electrical), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15I2009 | Region: Global | Published Date: April, 2024
Pages: 165 | Tables: 68 | Figures: 75

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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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 nature of the 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. 'Aluminum Corporation of China Limited ', 'Emirates 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'

Affordability and Wide Applications of Base Metal into Various Sectors Boosting Market Growth

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.

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.

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Global Aluminum Market

Product ID: SQMIG15I2009