London, Nov. 18, 2022 (GLOBE NEWSWIRE) -- One of the most extensively used metals, aluminum finds application across a host of areas, spanning from utensils to airplanes. While the lighter weight and greater endurance will keep aluminum consumption sustained, strong corrosion resistance, and superior conductivity remain the most significant attributes driving demand worldwide. Global aluminum market has been thoroughly assessed for growth forecast in a newly published report of Fairfield market Research. According to the report, jumping up from the revenue of around US$245.7 Bn recorded in 2021, global aluminum market is expected to reach US$498.5 Bn toward the end of 2030. Unprecedented pace of industrialization, and frequent tech innovations across automotive industry will especially accelerate the demand surge in aluminum market. Growing demand from transportation, packaging, and construction industries are projected to boost revenue growth of global aluminum market, says the report.
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Key Research Insights
- Worldwide aluminum market is all set for around 5.8% expansion during 2022 – 2030
- Demand for rolled and extruded aluminum accounted for more than 60% market share in 2021
- Asia Pacific continues led the pack with a whopping 69% share in total market valuation recorded in 2021
Insights into Segmental Analysis
Currently accounting for nearly 29% market value share, secondary aluminum continues to be in demand on the back of its favourable production costs, energy efficiency, and sustainability quotient against its primary counterpart. In addition to the key application areas like transportation, paints, transmission lines, construction materials, kitchen utensils, and packaging, secondary aluminum has been discovering newer application areas that would account for its sustained sales in global aluminum market. Secondary aluminum remains the focal point for several manufacturers that are eyeing capacity expansions. On the other hand, the rolled and extruded aluminum segment is likely to surge ahead with more than 60% share in overall market valuation. Both flat-rolled and rolled aluminum products have a distinct set of applications, which will continue to drive their demand growth in long term. The key application areas include automotive and aerospace, consumer goods, electricals, and packaging, marks the report. The design flexibility of extruded aluminum products on the other hand is expected to receive the maximum tailwinds from industries like electricals, construction, automotive and transport, and consumer goods. The extruded aluminum segment represented a volume share of around 69% in the market in 2021 and the report projects fastest growth for the segment between through 2030.
Key Report Highlights
- The swelling electric vehicle production is likely to largely benefit aluminum market as the metal finds wide application owing to lighter weight. Potential applicability of aluminum across the progressing new energy vehicle infrastructure components further upholds the performance of aluminum market
- With packaging industry’s accelerating journey toward building a circular economy model through embracing a sustainable economy, aluminum will continue to gain the status of a green packaging material that also possesses high-barrier attributes
Insights into Regional Analysis
Amidst the thriving construction industry, Asia Pacific is likely to maintain the top spot in global aluminum market throughout the forecast period. In addition, the growth of manufacturing industry across the Asian subcontinent will heavily contribute toward the primacy of the region. Led by China, and India, the market here is projected to reap the clear benefit from stupendous expansion of high-potential industries like automotive, and aerospace. While Asia Pacific currently captures more than 65% share in total market value, China alone contributes around 50% to this, being the world's largest aluminum producer, and consumer. Construction industry’s rampant growth is also expected to work to the advantage of market. Research expects the key demand pools especially for extruded aluminum emerging across the automotive, construction, and manufacturing industries of Asia Pacific. The report also highlights Europe as a significant market.
Notable Players in Global Aluminum Market
China Hongqiao Group Co. Ltd., Aluminum Corporation of China Limited (Chalco), Shandong Xinfa Aluminium Group, United Company Rusal IPJSC, Emirates Global Aluminium, Alcoa Corporation, Hindalco Industries Limited, Norsk Hydro ASA, China Hongqiao Group Ltd., Alcoa Corporation, and Rio Tinto Plc
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2030 | |
| Market Size in 2021 | US$245.7 Bn | |
| Estimated Market Size in 2030 | US$498.5 Bn | |
| CAGR | 5.8% | |
| Key Players | China Hongqiao Group Co. Ltd., Aluminum Corporation of China Limited (Chalco), Shandong Xinfa Aluminium Group, United Company Rusal IPJSC, Emirates Global Aluminium, Alcoa Corporation, Hindalco Industries Limited, Norsk Hydro ASA, China Hongqiao Group Ltd., Alcoa Corporation, and Rio Tinto Plc | |
Market Segmentation
Source Coverage
- Primary
- Secondary
Product Coverage
- Flat
- Extruded
- Forged
- Cast
- Wires & Cables
- Misc. (Pastes, Pigments, etc.)
End-user Coverage
- Automotive
- Conventional Vehicles
- Electric Vehicles
- Transportation
- Aerospace
- Rail
- Marine
- Packaging
- Construction
- Consumer Durables
- Machinery & Equipment
- Electrical
- Misc. (Sport Goods, Defence, etc.)
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- Aluminum Corporation of China Limited (Chalco)
- China Hongqiao Group Co. Ltd.
- United Company Rusal IPJSC
- Shandong Xinfa Aluminium Group
- Rio Tinto Group
- Emirates Global Aluminium
- Alcoa Corporation
- State Power Investment Corporation Limited (SPIC)
- Norsk Hydro ASA
- Hindalco Industries Limited
- Vedanta Limited
- South32 Limited
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Source-wise Analysis
- Product-wise Analysis
- End User-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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