New York, United States, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Aluminum has a silvery-white sheen and is non-magnetic and ductile by nature. It is the most prevalent metal in the earth's crust, and its symbol is Al. The metal is in high demand in the aerospace, electrical, and packaging industries. “The global aluminum market size is projected to reach USD 255 billion by 2030, growing at a CAGR of 6.1% during the forecast period (2022–2030).,” quoted by the Research Manager at Straits Research P. Ltd.
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Rising Trends
The construction sector in ASEAN and India is one of the fastest-growing markets and is expected to account for a significant share of the global construction market. In Asia-Pacific, countries such as Indonesia, Singapore, Thailand, Vietnam, the Philippines, and India have seen rapid expansion in construction activity. Furthermore, by 2030, the Indian real estate business is expected to be worth USD 1 trillion, contributing nearly 13% of the GDP.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000 and June 2020, the construction development and infrastructure activities sectors attracted FDI inflows totaling USD 25.69 billion and USD 16.97 billion, respectively. In South Korea, the government announced plans to construct 35,000 housing units in the first phase of its 300,000-unit housing project, which was completed by 2018.
Growth Opportunities
Aluminum is completely recyclable and retains all its qualities. Due to the virtue of recyclability, the world's rising stock of aluminum will operate as a resource bank, delivering more practical use and value from the energy embodied in the metal at its production. Furthermore, recycling the currently stored metal would equal up to 24 years of current annual primary aluminum output. This quality of aluminum distinguishes it from other non-recyclable replacements and gives chances to expand the market under consideration.
Regional Insights
Asia-Pacific accounts for the largest market share and is estimated to grow at a CAGR of 3.7% during the forecast period. According to the Civil Aviation Administration of China (CAAC), China is one of the largest aircraft producers and domestic air passenger market. For the past five years, the country's civil aircraft fleet has likely increased market demand for aluminum. China's packaging sector is predicted to expand dramatically. This strong momentum in the packaging business is projected to fuel the demand of aluminum market in Asia-Pacific.
Europe is the second-largest region. It is estimated to grow at a CAGR of 5.7% by 2030. Construction is a high-priority business for the United Kingdom's government. The government had promised to construct approximately 1,000,000 dwellings by 2020. Again, new building orders increased by 12.2 percent, to roughly GBP 1,227 million in the first quarter of 2021, compared to the previous year's fourth quarter.
North America is the third-largest region. The US electronics market is the world's largest and will likely remain so throughout the forecast period, owing to advanced technology, increased R&D centers, and rising consumer demand. Furthermore, with corporations continually investing in the country's electronics industry, the market will continue to grow, increasing aluminum demand in the US. With growing demand from various end-user industries, the aluminum market is predicted to expand at the quickest rate in the country throughout the forecast period.
Key Highlights
- The Extrusion segment dominated the global aluminum market and is expected to grow at a CAGR of 6.9% during the forecast period
- By processing type, the global aluminum market is segmented into Castings, Extrusion, Forgings, Pigments & Powders, Rod & Bar, and Sheet & Plate.
- By end-user, the global aluminum market is segmented into Automotive, Aerospace & Defense, Building & Construction, Electrical & Electronics, Packaging, Industrial, and Others. The Building & Construction segment dominates the global aluminum market and is expected to grow at a CAGR of 7% during the forecast period.
- By region, the global aluminum market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the rest of the world.
Competitive Players
The prominent players in the global aluminum market are
- Alcoa Corporation
- Aluminium Bahrain BSC (Alba)
- Aluminum Corporation of China Limited (CHINALCO)
- China Hongqiao Group Limited
- East Hope Group
- Emirates Global Aluminum PJSC
- Novelis Inc.
- Norsk Hydro ASA
- Rio Tinto
- Rusal
- State Power Investment Corporation (SPIC)
- Xinfa Group Co. Ltd.
Market News
- In May 2022, Aluminum Bahrain B.S.C. (Alba), the world's largest aluminum smelter outside of China, started construction for its fourth additional block in Power Station 5.
- In May 2022, Aluminum Bahrain B.S.C. (Alba) strengthened its presence in the Asia-Pacific market by inaugurating its newest Sales office in Singapore.
Global Aluminum Market: Segmentation
By Processing Type
- Castings
- Extrusions
- Forgings
- Pigments & Powders
- Rod & Bar
- Sheet & Plate
By End-User
- Automotive
- Aerospace & Defense
- Building & Construction
- Electrical & Electronics
- Packaging
- Industrial
- Others
By Regions
- North America
- Asia-Pacific
- Europe
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/aluminum-market/segmentation
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