Selbyville, Delaware, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global aluminum market size is anticipated to exceed USD 280 billion by 2032. Key factors proliferating the demand for aluminum metals include rapid urbanization and industrialization, especially in the Asia Pacific region.
With the growing population, spending on residential and commercial construction projects is also on the rise in developed nations. Based on data from the U.S. Census Bureau, during the first 9 months of 2022, construction spending reached USD 1,353.7 billion, 11.4% above the value for the same period a year earlier. Factors such as these will escalate the use of aluminum alloys and semi-finished products including aluminum sheets and extrusion for construction applications.
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Aluminum market share from the forged products segment is poised to exhibit over 5% CAGR through 2032. Major attributes of forged aluminum products include cost-effectiveness, durability, and ability to withstand high pressure, strain, stress, and other intense conditions. These features make them ideal for a range of industries including marine, aerospace and defense, transportation, and commercial and military aviation. Additionally, forged aluminum can be manufactured in different sizes and shapes and at low costs and faster production times to suit the needs of customers, further contributing to product consumption.
Based on the processing method, the aluminum industry value from the forging segment will be worth over USD 12 billion by 2032, owing to the robust use of aluminum in applications where strength and performance parameters are critical. The forging process is also leveraged to produce lightweight aluminum parts for car manufacturing companies. As the adoption of high-performance car parts continues to surge, aluminum is emerging as a key material in the auto industry, further driving production using the forging method.
Browse key industry insights spread across 320 pages with 258 market data tables and 67 figures & charts from the report “Aluminum Market Statistics By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), Processing Method (Rolling, Extruding, Drawn, Casting, Forging), By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aluminum-market
Aluminum market share from the electrical & electronics applications is projected to exhibit over 6.5% CAGR by 2032, given the rise in consumption of laptops, smartphones, and other electronic gadgets. The rising number of homebound consumers during the COVID-19 lockdowns has been a major driver for electronics consumption. Compared to other metals such as copper, aluminum is lightweight and stronger, making it suitable for use in switchgear and main electrical system applications. This will, in turn, enhance product development and promote its use in the manufacture of electronic components.
Europe aluminum market size is set to be valued at over USD 45 billion by 2032. The increasing demand for semi-fabricated aluminum and flat-rolled products from the packaging and automotive industries is one of the key growth drivers. As per statistics from Alupro, in 2021, aluminum recycling rates have achieved a 68% record in the UK, making it one of the most recycled beverage packaging materials. The report reveals that this will fuel aluminum production for use in food and beverage industry applications across the region.
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The strategic landscape of the aluminum market Rio Tinto, Rusal, Norsk Hydro, Shandong Xinfa Aluminium Group, South 32, Emirates Global Aluminum, SPIC, Alcoa Corporation, Vedanta Limited, Arconic, Century Aluminium, JW Aluminium, Aleris Rolled Products, Hindalco, and Novelis are some of the key market players. These companies are focusing on new product launches, acquisitions, partnerships, and other strategies to expand their business in the global industry.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
