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 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.

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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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