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WASHINGTON, Jan. 09, 2023 (GLOBE NEWSWIRE) — The Global Aluminum Market is valued at USD 167.5 Billion in 2021 and is projected to reach a value of USD 230.9 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Aluminum business, and consistent expansion is projected. Despite the industry’s turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report thoroughly analyzes international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Aluminum, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Aluminum Market growth over the forecast period. Increasing packaged goods sales and improving the usage of Aluminum by cars rather than stainless steel are the two main market drivers. Because of O.E.M. manufacturers and the rising demand for electric vehicles, the industry is growing. Though frequent mine openings are anticipated to cause a chain of distribution hiccups, this could limit the Aluminum Market growth over the forecast period.
The report forecasts that the Extrusion category in the Aluminum Market sales will account for more than 30% of total sales by 2028. Extruded Aluminum products are increasingly used in various applications, including condensation pipes, nuclear power technology, recording equipment, and communication systems.
The Asia Pacific region dominates the market throughout the projection period. Due to factors including quick and broad urbanization, quick and extensive industrialization, rising spending on infrastructure and infrastructure-related activities, and growth in the car sector. The rising Automotive and Construction in the area fuel the region’s demand for the metal.
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Top Players in the Global Aluminum Market
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Alcoa Corporation (US)
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Aluminum Corporation of China Limited (CHALCO) (China)
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Century Aluminum Company (US)
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China Hongqiao Group Limited (China)
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China Power Investment Corp. (China)
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China Zhongwang Holdings Limited (China)
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Dubai Aluminum Company Limited (UAE)
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East Hope Group (China)
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Emirates Global Aluminium (UAE)
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H.P. (Australia)
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Hindalco Industries Ltd. (India)
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Kaiser Aluminium (US)
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Norsk Hydro A.S.A. (Norway)
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Novelis (US)
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Rio Tinto Ltd. (UK)
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United Company RUSAL PLC (Russia)
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Vedanta Aluminium Limited (India)
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Xinfa Group Co. Ltd. (China)
For Additional Information on Aluminum Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Secondary Aluminum’s rising popularity in Developing Nations to Boost Market Growth
Secondary Aluminum’s rising popularity in Developing Nations to Boost Market Growth. Aluminum recycled or used again makes up a sizeable component of global use. Scrap from machines, cars, equipment, and Aluminum cans is repurposed and recycled because it is economical. Reprocessing recycled metal or scrap reduces environmental damage by using a fraction of the energy required to create new metal.
Numerous uses across several industries to Drive the Market Growth
Due to its distinct physical features, Aluminum has more applications and is in increasing demand across various industries. Because it is inexpensive and has good electrochemical performance, metal is employed for long-distance power transmission. Among them is Aluminum. This industry frequently employs Aluminum alloys like 6061 because they are easy to cast and form into the wings and cabins of small aircraft. Its superb corrosion resistance makes it the perfect material for use in aircraft. Due to its thermal characteristics, Aluminum is utilized in heat transfer, heating and cooling, and HVAC systems.
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Recent Developments
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April 2022, a high-tech company, PyroGenesis Canada Inc. announced a joint initiative with process optimization and applied engineering firm on its aluminum business offerings in the global industry. The focus of this venture is to use zero-emission plasma torches of PyroGenesis in carbon anode baking, which is a vital upstream step in the production process of aluminum. Use of plasma torches in scrap re-melting and furnace holding in the aluminum industry is expected to increase demand for aluminum in the market.
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May 2022, South32 Limited announced to acquire additional 16.6% share in Mozal Aluminium from MCA metals Holding GmbH (Mitsubishi) with final consideration of USD 2,002 million. This reflects working capital adjustments and elevated cash from continuous benefits from aluminum prices to continue increasing exposure to metals that is significant for a low carbon future. Eco-friendly developments are expected to support demand for aluminum in the market.
Top Trends in Global Aluminum Market
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One trend Vantage Market Research (V.M.R.) expects to see in the Aluminum industry is increased demand from the building and construction industry. Aluminum is the second most commonly utilized metal in the construction and building sector. It is widely used in skylights, curtain walls, decking and cladding, solar shade, photovoltaic arrays, railings, shelves, and other makeshift shelters. One of the main reasons propelling the market is an increase in construction activities worldwide.
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Another trend that V.M.R. predicts will continue in the Aluminum industry is the robust growth of end-use sectors. Construction and packaging are only two examples of the end-use sectors that support the industry. In the upcoming years, the expanding vehicle sector is anticipated to fuel an increase in Aluminum demand in other countries. Due to the rising consumption of aerospace companies, the demand for Aluminum is anticipated to increase further in various European and American countries.
Top Report Findings
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Based on Series, most of the Aluminum Market’s revenue is controlled by the Series I category. Series 1 Aluminum is used globally to fabricate foil, extruded cylinders, sheeting, chemical equipment, dishes, and metal kitchenware (sugar bowls, creamers, coffee pots, and others).
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Based on the Processing Methods, the Extruder category controls most of the Aluminum Market’s revenue. A multitude of design options is available for extruded goods. Because of their good mechanical strength, sturdiness, and flexibility, extruded items are increasingly in demand in the construction, electrical, automotive, transport, and consumer goods industries. Extruded Aluminum is anticipated to develop at the fastest rate in the global Aluminum Market in terms of volume.
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Based on end users, most of the Aluminum Market’s revenue is controlled by the transport category. The increased use of Aluminum in automobiles due to its reduced weight and better physical properties is fueling this market’s growth. Many developing nations are investing heavily to expand their infrastructure.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Aluminum Market Forecast Report (2022-2028).
Top 10 Players Generate More Than 45% of the Global Aluminum Market Revenue
The report also found that the largest players in the Aluminum Market are technology providers such as Alcoa Corporation (US), Aluminum Corporation of China Limited (CHALCO) (China), Century Aluminum Company (US), China Hongqiao Group Limited (China), China Power Investment Corp. (China). These companies are expected to benefit from increased demand for their products and services and investments in new products. Other major players include China Zhongwang Holdings Limited (China), Dubai Aluminum Company Limited (UAE), East Hope Group (China), Emirates Global Aluminium (UAE), H.P. (Australia), Hindalco Industries Ltd. (India), Kaiser Aluminium (US), Norsk Hydro A.S.A. (Norway), Novelis (US), Rio Tinto Ltd. (UK), United Company RUSAL PLC (Russia), Vedanta Aluminium Limited (India), Xinfa Group Co. Ltd. (China). As per the latest report published by Vantage Market Research, the top 10 companies generate more than 45% of the market revenue.
Transport Category in Aluminum Market to Generate Over 30% Revenue
Aluminum is an expensive investment. Vantage Market Research has analyzed the market for Aluminum to understand its current state and potential future growth factors. For a better understanding, based on the end users, the Aluminum Market is divided into transport, building and construction, electrical engineering, consumer goods, foil and packaging, machinery and equipment, and others.
During the forecast period, the Aluminum Market is estimated to experience the highest CAGR for the transport category. The quickly expanding transportation sector is boosting the demand for Aluminum. The Transportation industry dominates the Aluminum Market since more people drive cars worldwide. Several developing nations are making considerable expenditures to expand their networks. These nations are also developing swiftly. The global Aluminum Market is expected to expand alongside the automobile industry worldwide as more people buy cars.
On the other hand, the building and construction category is estimated to grow significantly over the forecast period. The Aluminum Market is anticipated to expand positively as customer preference for green and sustainable devices grows. More and more Aluminum manufacturers are providing cutting-edge and excellent alloys. As a result, the use of metal in intricate design solutions for consumer devices is increasing. Additionally, the market is projected to grow due to the increasing use of Aluminum as a replacement for plastics and steel due to its dependability, adaptability, mechanical strength, expense, and lightweight.
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Global Aluminum Market Segmentation
By Series
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Series 1
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Series 2
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Series 3
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Series 4
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Series 5
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Series 6
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Series 7
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Series 8
By Type
By Processing Method
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Flat Rolled
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Castings
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Extrusions
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Forgings
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Pigments and Powder
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Rod and Bar
By End Use Industry
By Region
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
Regional Analysis
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Based on regional analysis, the Asia Pacific market accounted for largest revenue share in 2021. APAC countries specifically China, and India are largest primary producers of aluminum encompassing entire gamut of operations such as bauxite mining, aluminum smelting, alumina refining, downstream rolling, extrusions, recycling.
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In India, Hindalco has a leadership position with a wide range of production of aluminum and aluminum-based products. Also, China is the largest consumer of refined aluminum. In 2020, consumption was around 39 million metric tons, which is expected to increase further and drive demand for aluminum in this region.
Scope of the Report:
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Report Attributes |
Details |
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Market Size in 2021 |
USD 167.5 Billion |
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Revenue Forecast by 2028 |
USD 230.9 Billion |
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CAGR |
5.5% from 2022 to 2028 |
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Base Year |
2021 |
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Forecast Year |
2022 to 2028 |
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Key Players |
Alcoa Corporation, Aluminum Corporation of China Limited, Century Aluminum Company, China Hongqiao Group Limited, China Power Investment Corp., China Zhongwang Holdings Limited, Dubai Aluminum Company Limited, East Hope Group, Emirates Global Aluminium, H.P., Hindalco Industries Ltd., Kaiser Aluminium, Norsk Hydro A.S.A., Novelis, Rio Tinto Ltd., United Company RUSAL PLC, Vedanta Aluminium Limited, Xinfa Group Co. Ltd. |
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