Global Aluminum Market is Expected to Grow at a CAGR of 7.6% over the Forecast Period (2024 – 2034): A Report by TNR, The Niche Research

Wilmington, Delaware, July 26, 2024 (GLOBE NEWSWIRE) -- Aluminum, a lightweight, corrosion-resistant metal, has seen extensive use across various industries due to its versatile properties. As a key player in the global market, aluminum's applications range from aerospace and automotive to construction and packaging. Its inherent characteristics—such as high strength-to-weight ratio, excellent thermal and electrical conductivity, and recyclability—make it indispensable in modern manufacturing and infrastructure.

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The aluminum market has experienced robust growth driven by several factors. The expanding automotive industry, with its increasing emphasis on fuel efficiency and reduced emissions, has significantly contributed to aluminum demand. The metal's lightweight nature aids in producing more fuel-efficient vehicles, aligning with global sustainability trends and stricter emissions regulations. Similarly, the aerospace sector leverages aluminum for aircraft manufacturing, where its strength and weight advantages are critical for performance and efficiency.

Global Aluminum Market: Key Datapoints

The construction industry also plays a pivotal role in the market. Aluminum's durability and aesthetic appeal have made it a preferred material for architectural applications, including facades, window frames, and roofing. The growing trend towards green building and energy-efficient designs further propels the use of aluminum, as it contributes to sustainable construction practices.

In addition to these established sectors, emerging opportunities within the aluminum market are significant. The rise of electric vehicles (EVs) presents a new frontier for aluminum demand, driven by the need for lightweight components to enhance battery performance and overall vehicle efficiency. Moreover, advancements in aluminum recycling technology are poised to bolster the market, as recycled aluminum requires less energy compared to primary production, aligning with global sustainability goals.

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Overall, the aluminum market is set for continued expansion, fueled by innovation and the increasing adoption of aluminum in diverse applications. As industries prioritize efficiency and sustainability, aluminum's role as a critical material is expected to grow, presenting substantial opportunities for market participants.

The COVID-19 pandemic had a profound impact on the aluminum market, disrupting global supply chains and causing significant production delays. Lockdowns and restrictions led to reduced industrial activity and halted construction projects, resulting in decreased demand for aluminum in sectors like automotive and construction. However, the pandemic also accelerated shifts towards digitalization and sustainability, fostering growth in sectors such as e-commerce and renewable energy, which partially offset the initial decline. Additionally, supply chain disruptions prompted a reevaluation of inventory management and sourcing strategies, leading to a greater emphasis on local production and recycling. As industries adapt to the post-pandemic landscape, the aluminum market is poised for recovery, driven by renewed demand and evolving market dynamics.

Global Aluminum Market: Key Takeaways: 

• Primary segment by aluminum type is expected to grow at a CAGR of 3.4% in the aluminum market due to increasing applications in high-performance industries such as aerospace and automotive. The superior strength-to-weight ratio and corrosion resistance of primary aluminum make it ideal for critical components requiring high durability and efficiency. Additionally, advancements in production technologies and rising demand for lightweight, fuel-efficient vehicles are driving sustained growth in this segment.
• Cast aluminium products segment by product type dominated the aluminum market with a substantial revenue share of 28.7% due to its versatility and superior performance in various applications. Cast aluminum's excellent castability, strength, and lightweight properties make it ideal for automotive parts, industrial machinery, and consumer goods. Its ability to be molded into complex shapes efficiently and its durability under stress further contribute to its significant market share and widespread adoption.
• Series 5 segment in the aluminum market is anticipated to be the second largest with a revenue share of 16.4% in 2023 due to its high strength and excellent corrosion resistance, making it ideal for demanding applications. Primarily composed of aluminum-magnesium alloys, Series 5 is extensively used in marine, automotive, and structural applications where durability and resistance to environmental factors are crucial. Its versatility and performance advantages drive significant demand across various industries.
• The machinery and equipment segment, categorized by end-use industry, is expected to experience the fastest growth during the forecast period, driven by rising demand for lightweight, durable, and corrosion-resistant materials in advanced machinery and equipment. Aluminum's excellent thermal conductivity, strength, and ease of fabrication make it ideal for high-performance applications. Additionally, ongoing technological advancements and the push for energy-efficient solutions further drive the adoption of aluminum in this sector, supporting rapid growth.
• In 2023, North America is anticipated as second leading region in the global aluminum market due to its strong industrial base and substantial demand in key sectors such as automotive, aerospace, and construction. The region's advanced manufacturing capabilities, coupled with ongoing investments in infrastructure and sustainable technologies, drive significant aluminum consumption. Additionally, regulatory support for recycling and environmental sustainability further bolsters North America's prominent position in the market.

Following are the major companies active within the aluminum market:

• Aluminum Corp. of China Ltd.
• BHP Billiton Ltd.
• Emirates Global Aluminum PJSC
• Hindalco Industries
• Jindal Aluminium Limited
• Norsk Hydro ASA
• Rio Tinto Alcan Inc.
• RUSAL
• United Co.
• Vedanta Resources plc
• Xinfa Group Co. Ltd.
• Other Industry Participants

Browse Related Category Reports

Global Aluminum Market

By Aluminum Type

• Primary
• Secondary

By Product Type

• Extruded Aluminium Products
• Cast Aluminium Products
  • Sand casting
  • Die casting
• Rolled Aluminium Products
• Forged Aluminum Products
• Anodized Aluminium Products
• Others

By Series

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

By End Use Industry

• Building & Construction
• Automobile
• Electrical and Electronics
• Medical
• Marine
• Aerospace
• Textile
• Consumer goods
• Machinery & equipment
• Others

By Region

• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)  

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