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 News

  • 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.
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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

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