Aluminum Market Size to Surpass Around USD 277.5 Billion by 2030

Tokyo, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Recently Published Report on “Aluminum Market - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

The most prevalent metallic element in the crust of the Earth is aluminum (Al), a lighter silver-white alloy that is also the most used nonferrous metal. The aluminum market is divided into regions, end-user industries, and processing types. The market is divided into casting, billets, weldments, pigment and powders, rods and bars, sheets and plates, and processing types.

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The automobile, aerospace and defense, engineering and construction, electricity and electronics, packaging, manufacturing, as well as other end-user industries are the market's main subsectors. The research also includes market statistics and projections for 15 nations in the world's key geographic areas. The market size and forecasting for each category have been done using volume.

Regional Snapshots:

Due to the closure of the main end-user industries, including construction and automobile, the COVID-19 pandemic hurt a negative effect on the market. But the industry has now recovered to pre-pandemic levels, and over the projected period, it is anticipated to develop steadily. In the medium term, rising construction activity in Emerging economies is likely to be a key factor driving the market under study.

On the other hand, the downturn in the worldwide car sector is anticipated to impede market expansion between 2022 and 2030. The biggest market is in the Asia pacific countries, which is also predicted to develop at the highest rate over the projection period because of rising demand in nations like India, China, and Japan.

Key Takeaways:

• The series 7 segment is growing at a CAGR of 7.2% from 2022 to 2030.
• The series 1 segment has captured revenue share of 20.5% in 2021.
• The rod & bar processing method segment is growing at a CAGR 7.1% during the forecast period.
• The transport end-use segment has captured 33% market share in 2021.
• The Asia Pacific region has captured of over 65% market share in 2021.
  
  

Report Highlights

• Aluminum seems to be the second most commonly utilized metal in the construction and building sector. It is widely used in windows, external cladding, roofing, sheathing, solar cells, shelves, solar shade, railings, and other temporary structures. The market has recently been researched, and one of the main elements driving it is an increase in housing construction internationally.
• The greatest construction market in the world is in the Asia-Pacific region, and it is expanding at a steady rate as a result of population growth, middle-class income growth, and urbanization. This has increased sales of hotels, shops, high-rise structures, arenas, and stadiums (both indoor and outdoor), which has boosted the country's construction sector and driven aluminum consumption.
• In addition, Asia-Pacific does have the biggest market for low-cost house building, with China, India, and other Southeast Asian nations leading the way. The US is one of the highest growing markets on the planet and the biggest market for residential development in North America. Overall, it is anticipated that the market for aluminum from of the construction industry will be driven by the rebounding construction activity around the globe during the projected period.
  
  

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Scope of the Report

Market Dynamic

Drivers

Aluminum that has been recycled or used again makes up a sizeable component of the metal's global use. Scrap from machines, cars, equipment, and beverage cans is recycled and reused because it is economical. Reprocessing recycled metal or scrap minimizes environmental damage since it utilizes a small fraction of the energy required to create new metal from mining. Initiatives to support market expansion include the establishment of car dismantling, shredder, and environmental safety facilities. The material's widespread use in the transportation industry is also anticipated to increase aluminum consumption.

Aluminum has more uses and is more in demand across a larger range of sectors as a result of its unique physical properties. Metal is used for long-distance power transmission because it is inexpensive and it has strong electrical properties. Aluminum is one such metal. Aluminum such as 6061 is often used in this industry because they are simple to shape and manufacture into the wings and fuselage of light planes. It is an excellent product for the construction of aircraft because of its strong corrosion resistance. Aluminum is used in heat exchange, climate control, and refrigeration because of its thermal properties.

Restraints

One of them is the fact that producing aluminum from bauxite through mining and processing is not in any way environmentally friendly. In response to this reality, several aluminum refineries produce and market secondary aluminum. The issue is that this can impede both short-term and long-term development in the aluminum industry.

Opportunities

Aluminum is resilient, malleable, and resistant to melting or distortion at high temperatures. Additionally, it is an excellent heat and electrical conductor is lightweight, and won't rust or corrode easily. Aluminum is becoming more and more preferred by the global auto industry since it is relatively inexpensive. Processors of aluminum all over the world are aware of this. They are investing a lot of money in research and development to try to produce automobile components in the future that are superior in all of the aforementioned aspects and at a substantially lower cost point.

Challenges:

One of the key challenges that the global aluminum industry must face is decarbonization. The bulk of companies in the aluminum industry is under great pressure to run more sustainably. They can only achieve this by using moderate amounts of low-quality steel. The adoption of strict environmental regulations by organizations and governments will harm the market. Because of the worsening environmental issues and rising public expectations of government action to lower pollution levels, several nations have been forced to implement new rules. As a result of smelting facilities having to meet stricter emission standards, product prices have increased. Another element is the fact that it is also known to hurt humans. Its adverse effects include headaches, asthma, rashes, and insomnia.

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Recent developments:

• October 2021, Saturno’s announced plans to produce a solid-state, rechargeable aluminum battery after the results of scientific testing of their Enhanced Modified Aluminium Ion (Ea2I) battery technology were published. When it emerges the next year, it is predicted to be the first commercial for aluminum-ion solid-state batteries, paving the way for a protracted, progressive shift away from the risky rechargeable battery technology.
• In November 2021, Rio Tinto invested million at its AP60 smelter in the Saguenay-Lac-Saint-Jean region of Quebec to expand the number of smelting cells (16 new ones) that it uses to produce low-carbon aluminum in Canada. With the investment, primary aluminum smelter production will rise by roughly 45%, or 26,500 mt, to 86,500 mt annually. According to Rio Tinto, high demand from the energy revolution and decarbonization would propel the global aluminum market upward at a 3.3% compound annual growth rate during the ensuing 10 years.
• As part of the most recent advancements on COVID's exterior inactive, The Centre for Biological Technology at the University of Queensland (CBT-QUT) successfully wet-etched nanoparticles onto an aluminum 6063 alloy plane with a thickness of 21–25 nm in December 2020. This proved that COVID-19 stayed latent on strong antiviral nanostructured surfaces for six hours. To keep public areas free of COVID-19, Cicada's Antimicrobial Nanoparticles Solutions for COVID-Free Surface has demonstrated incredible promise. It also serves as an excellent foundation for future research should the next epidemic break out.
• Dec 2020 Hindalco Industries Limited has reactivated a million-dollar strategy to develop new aluminum products with value-added as the Indian market recovers from the coronavirus outbreak. The corporation will start its continuous downward investing plan by establishing a 34,000-ton extruded aluminum project in Silvassa's west Indian metropolis. Within two years, production is projected to start.
• Novelis, a part of Hindalco Industries Limited, acquired Aleris Corporation, a significant global provider of rolled aluminum products, in April 2020. Novelis' position in the market has strengthened thanks to the combination of complementary resources, including casting, rolling, recycling, and finishing technologies. This decision will help the company meet important customer demands.
• According to UC RUSAL's release from July 2020, the conversion to EcoSoderberg technologies at the Krasnoyarsk Aluminum Refinery (KrAZ) is now complete. The firm spent USD 74 million on the renovation. A minimum of 1954 reducing cells were needed for the EcoSoderberg process modification. The process was developed by the Technology and Engineering Center at UC RUSAL.

Market Segmentation

By Series:

• Series 1
• Series 2
• Series 3
• Series 4
• Series 5
• Series 6
• Series 7
• Series 8

By Type

• Primary
• Secondary

By Processing Method:

• Flat Rolled
• Castings
• Extrusions
• Forgings
• Pigments and Powder
• Rod and Bar

By End Use Industry:

• Transport
• Building and Construction
• Electrical Engineering
• Consumer Goods
• Foil and Packaging
• Machinery and Equipment
• Others
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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