Jersey City, NJ, July 19, 2023 (GLOBE NEWSWIRE) -- The Global Low-Carbon Aluminum Market is estimated to reach over USD 117.33 billion by 2031, exhibiting a CAGR of 4.1% during the forecast period.
Low-carbon aluminum is being used more frequently in a number of sectors, including foil and packaging, building and construction, electrical engineering, and transportation. It is projected that the industry will gain from the increased demand for lightweight materials over heavy metals because this will allow for weight reduction and promote market expansion.
A growing number of lightweight electric vehicles are on the road today, which has increased demand for low-carbon aluminum in the automotive industry. The automotive industry has been focused on decarbonization more than any other sector, and low-carbon aluminum is being widely used. Particularly when compared to conventional aluminum production methods, which restrict market expansion, the higher production costs associated with these technologies can represent a problem for market competitiveness.
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The demand for lightweight materials in the automobile industry has increased due to the global transition toward electric mobility. Due to its small weight, aluminum is frequently utilized in EVs, which increases battery range and boosts overall vehicle economy. Automakers choose low-carbon aluminum because it reduces the carbon footprint of the entire supply chain, which fuels market expansion.
List of Prominent Players in the Low-Carbon Aluminum Market:
• Vedanta Aluminum and Power
• Emirates Global Aluminium PJSC
• Capral Limited
• Rio Tinto
• China Hongqiao Group Limited
• EN+ Group
• Century Aluminum Company
• Norsk Hydro ASA
• Alcoa Corporation
• China Hongqiao Group Limited
• South32
• PT Indonesia Asahan Aluminium
• EN+ Group
• Century Aluminum Company
• Emirates Global Aluminium PJSC
• Norsk Hydro ASA
• Constellium SE
• Aluminium Dunkerque
• Norsk Hydro ASA
Low-Carbon Aluminum Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 82.43 Bn |
| Revenue Forecast In 2031 | USD 117.33 Bn |
| Growth Rate CAGR | CAGR of 4.1 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | End Users, Production Sources and Products |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
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Market Dynamics:
Drivers:
Worldwide incentives and financial assistance are being provided by governments and organizations to promote the use of low-carbon solutions, which is causing the market to expand. It is now more commercially scalable and economically viable thanks to ongoing improvements in low-carbon aluminum production methods and processes. These developments have decreased the carbon intensity of aluminum production, enabling companies to more easily afford low-carbon alternatives.
Consumer preference and awareness of sustainable products are rising. Numerous customers actively look for goods and companies that value sustainability and environmental responsibility.As businesses and consumers place more value on environmentally friendly and sustainable practices, these factors combined lead to the growth and expansion of the low-carbon aluminum market.
Challenges:
The demand for and awareness of consumers are very important for the market for low-carbon aluminum. Although there is a growing interest in environmentally friendly products, it's possible that the general public is unaware of the advantages or accessibility of low-carbon aluminum. Market expansion may be hampered by low consumer demand for these goods.
Market players may encounter difficulties as a result of unclear or inconsistent regulations and policies because they may be hesitant to make long-term investments. Regulations that are inconsistent or change frequently might have an impact on how competitive and profitable low-carbon aluminum goods are, which limits market expansion. It can be difficult to meet the rising demand for low-carbon aluminum in different industries. Lack of scale and general availability could limit market expansion and adoption.
Regional Trends:
The North America Low-Carbon Aluminum market is expected to register major market share in terms of revenue and projected to grow at a high CAGR in the near future. Growing population, rapid urbanization, increasing industrialization, coupled with increasing R&D activities by prominent players are factors expected to proliferate growth of the Low-Carbon Aluminum market in the region. Besides, Europe had a substantial share in the market.
In Asia Pacific , region demand for sustainable products is rising as a result of corporate sustainability programs and ecologically conscious customers. With its lower carbon emissions, low-carbon aluminum supports these sustainability objectives and provides a more eco-friendly substitute for conventional aluminum. The market for low-carbon aluminum in the area is being helped by this need.
Segmentation of Low-Carbon Aluminum Market:
By End User
- Transportation
- Building and Construction
- Electrical Industry
- Consumer Goods
- Foil and Packaging
- Machinery and Equipment
- Others
By Source of Production
- Solar Energy
- Wind Energy
- Hydro Energy
- Recycling
- Carbon Capture and Storage (CCS)
- Others
By Product
- Flat-Rolled
- Castings
- Extrusion
- Forgings
- Rod and Bar
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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