What are the Historical Developments and Current Growth Metrics of the Aluminum Billets Market?
The aluminum billets market has seen considerable growth due to a variety of factors.
• In recent times, the scale of the aluminum billets market has seen a substantial increase. It is projected that the market value will escalate from $104.47 billion in 2024 to $113.43 billion in 2025, marking a compound annual growth rate (CAGR) of 8.6%.
Factors behind the growth in the historical period include increased demand from the automotive and aerospace industries, an upward trend in construction and infrastructural development, and government schemes.
What Is The Projected Growth Of The Aluminum Billets Template Market?
The aluminum billets market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of aluminum billets is anticipated to experience robust growth in the upcoming years, reaching $153.91 billion in 2029 with a compound annual growth rate (CAGR) of 7.9%.
The expansion in the projection period can be linked to various factors such as growing urbanization and infrastructure improvement, the development of renewable energy infrastructure, an escalating demand for aluminum in the packaging industry, increased disposable incomes, and the launch of aluminum-based products. Key trends emerging in the projected period consist of technological innovation in aluminum manufacturing, advancements in transportation, and capital infusion in aluminum production.
What Are The Key Drivers Fueling Growth In The Aluminum Billets Market?
The anticipated upsurge in the use of billets within the automotive sector is predicted to leverage the expansion of the aluminum billet market in the future. The term automotive industry comprises of all activities, industries, and organizations engaging in designing, manufacturing, promotions and sales of vehicles. Aluminum billets are increasingly being used in this industry owing to their high strength-to-weight ratio, robustness and adaptability, essential in creating varying components, such as the engine, wheels and transmission parts. According to a study by a Belgium-based industry association, the European Aluminum, published in May 2023, the average aluminum used per vehicle is expected to increase from 205 kilograms in 2022 to 237 kilograms in 2026 (+15.6%), and further to 256 kilograms by 2030 (+24.9%). Consequently, the growing utilization of billets in the automotive industry will accelerate the expansion of the aluminum billet market. The remarkable surge in the deployment of aluminum billets in construction activities is also anticipated to stimulate the growth of the aluminum billet market. Construction involves the process of assembling various elements, following a specific design, to erect infrastructure at a designated location. Aluminum billets, with their versatility, contribute significantly to the creation of lightweight, durable and corrosive resistant components in construction. The US Census Bureau, a US government agency, revealed in July 2023 that the total value of construction activities escalated from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, marking a growth rate of 10.2%. Therefore, the mounting application of aluminum billets in construction activities will propel the aluminum billet market's expansion.
What Are The Principal Market Segments In The Global Aluminum Billets Industry?
The aluminum billets market covered in this report is segmented –
1) By Type: Aluminum Billets Series 1000, Aluminum Billets Series 3000, Aluminum Billets Series 6000, Other Types
2) By Manufacturing Process: Continuous Casting, Direct Chill Casting, Semi-Continuous Casting
3) By Size: Small-Diameter Billets, Large-Diameter Billets
4) By Purity: High Purity, Standard Purity
5) By Application: Automotive, Building And Construction, Transportation, Electrical And Energy, Other Applications
Subsegments:
1) By Aluminum Billets Series 1000: 1050 Aluminum Billets, 1100 Aluminum Billets
2) By Aluminum Billets Series 3000: 3003 Aluminum Billets, 3105 Aluminum Billets, 3004 Aluminum Billets
3) By Aluminum Billets Series 6000: 6061 Aluminum Billets, 6063 Aluminum Billets, 6082 Aluminum Billets
4) By Other Types: Specialty Aluminum Billets, Aluminum Billets Series 5000, Aluminum Billets Series 7000
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What New Trends Are Influencing The Aluminum Billets Market?
Leading firms in the aluminum billet market are shifting their focus towards the development of innovative goods such as low-carbon aluminum value-added items to maintain their competitiveness. These aluminum value-added products are essentially aluminum materials that undergo additional processing after the primary stage to augment their attributes, thus making them ideal for specific uses in sectors like automotive, aerospace, packaging, and construction. For instance, Fastmarkets, a firm based out of the UK, unveiled two distinctive aluminum low-carbon differentials for VAP in September 2023. These newly introduced aluminum low-carbon differentials aim to boost transparency and fulfill the changing market demands. The first differential will prioritize low-carbon aluminum billet within a three-month timeline, whereas the second one will cater to low-carbon aluminum value-added products (excluding billet) within a 12-month timeline.
Who Are the Key Players In The Aluminum Billets Market?
Major companies operating in the aluminum billets market are:
• Glencore PLC
• BHP Group Limited
• Rio Tinto PLC
• Hindalco Industries Ltd.
• Norsk Hydro ASA
• Vedanta Resources
• Novelis Inc.
• China Hongqiao Group Limited
• Alcoa Corporation
• United Company RUSAL
• South32 Ltd.
• Arconic Inc.
• Constellium SE
• Emirates Global Aluminium (EGA)
• Aluminum Bahrain (Alba )
• Shandong Nanshan Aluminum Co. Ltd.
• Kaiser Aluminum Corporation
• Century Aluminum Company
• National Aluminium Company Limited15
• Kamensk-Uralsky Metallurgical Works
• Aluar Aluminio Argentino S.A.I.C
• Guangxi Liuzhou Yinhai Aluminum
• Aluminum Corporation of China (CHINALCO)
• Gulf Aluminium Rolling Mill Company (GARMCO)
• Vista Metals Corp.
• Matalco Inc.
• FutureX Holding Limited
• Jiangyin Comat Metal Products
• Shawinigan Aluminium Inc.
What Are The Regional Insights Into The Aluminum Billets Market?
Asia-Pacific was the largest region in the aluminum billets market in 2024. The regions covered in aluminum billets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
