The aluminum market has shown significant growth, increasing from $167.14 billion in 2023 to $179.64 billion in 2024, with a CAGR of 7.5%. This historical growth is driven by the industrial revolution's impact, aluminum's adoption in the automotive and aerospace industries, its role in packaging, and electrical transmission. The market is expected to expand further, reaching $235.8 billion by 2028, at a CAGR of 7.0%. Key drivers for future growth include advancements in aluminum recycling, green manufacturing initiatives, the rise of electric vehicles, expansion in construction and infrastructure, packaging industry trends, and ongoing demand from the aerospace sector. Major trends include aluminum's integration into 3D printing, innovations in aluminum alloys, urbanization effects on construction, renewable energy projects, and a shift toward aluminum packaging.
Major Driver In The Aluminum Market
The aluminum market is set to expand further, driven by rising demand from the automotive industry. High volumes of aluminum are utilized in automobiles for durability and aesthetic purposes. For example, in May 2022, the Society of Indian Automobile Manufacturers reported 22.9 million automobiles produced in India in 2021, while the European Automobile Manufacturers' Association noted 79.1 million automobiles produced globally in the same year. This rapid growth in automotive production fuels the aluminum market. The market size for 2023, 2024, and the projected figure for 2028 reflects the continuous expansion driven by automotive demands.
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Aluminum Market Competitive Landscape
BHP Group Limited, Hulamin Limited, Rio Tinto plc, Hindalco Industries Limited, Norsk Hydro ASA, Aluminum Corporation of China Limited, China Hongqiao Group Limited, Vedanta Resources Limited, Novelis Inc., Reliance Steel & Aluminum Co., Alcoa Corporation, United Company RUSAL Plc, Arconic Inc., Constellium SE, Emirates Global Aluminium PJSC, Orkla ASA, Vimetco N.V., Kaiser Aluminum Corporation, Century Aluminum Company, Aluminium Bahrain B.S.C., Alumetal S.A., Hydro Extrusion USA LLC, Alumina Limited, Metal Exchange Corporation, Gulf Aluminium Rolling Mill B.S.C., Assan Aluminyum Sanayi ve Ticaret A.S., East Hope Group Company Limited, Dubai Aluminium Company Limited, Shandong Xinfa Aluminum Co. Ltd., China Zhongwang Holdings Limited
Key Aluminum Market Trend
Innovations in material development are a key trend gaining popularity in the aluminum market. Major players are concentrating their efforts on creating innovative materials to sustain their position in the aluminum market. For instance, in February 2022, Vedanta Aluminum Limited, an India-based metal mining company specializing in aluminum production, launched Restora. Restora is a green aluminum with a low carbon footprint. It provides an aluminum smelter using renewable energy and prevents environmental pollution.
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Aluminum Market Segmentation
The aluminum market covered in this report is segmented –
1) By Product Type: Primary Aluminum, Secondary Aluminum
2) By Processing Method: Flat rolled, Castings, Extrusions, Forgings, Pigments and Powder, Rod and Bar
3) By End-user: Construction, Transportation, Packaging, Electrical, Consumer durables, Machinery and Equipment, Other End-users
By Geography:The regions covered in the aluminum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the aluminum market in 2023 and is expected to be the fastest-growing region in the forecast period.
The Aluminum Global Market Report 2024 furnishes information about the global aluminum market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
