Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global aluminum market size was USD 156 Billion in 2023 and is expected to register a rapid revenue CAGR of 5.9 % during the forecast period. The escalating demand for aluminum in construction activities and the burgeoning preference for aluminum packaging are primary drivers of this market growth.
Aluminum, hailed as a modern building material, is the second most widely used metal in the construction industry after steel. As per the United Nations (UN), 55% of the global population currently resides in urban areas, a figure expected to rise to 68% with 2.5 billion individuals living in urban areas by 2050. This urbanization trend is fueling the use of aluminum in external facades, roofs, walls, windows, doors, and various other construction applications.
The escalating demand for aluminum packaging further propels market growth. Aluminum foil, a favored packaging material in consumer goods and the Food & Beverage (F&B) industry, is considered the safest option for food and pharmaceutical packaging. Acting as a barrier against light, oxygen, and moisture, aluminum packaging ensures extended shelf life for drugs, tablets, and other medicinal products. The surging demand for electric vehicles is a notable contributor to the aluminum market. According to the International Energy Association (IEA), EV sales have tripled from 4% in 2020 to 14% in 2022. Aluminum plays a pivotal role in enhancing energy efficiency and extending an EV's driving range by reducing the vehicle's weight, leading to lower overall energy consumption and improved performance.
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Despite the market's promising growth, stringent regulations and environmental concerns related to aluminum processing pose challenges. According to the IEA, aluminum processing emitted 270mt of direct Carbon Dioxide (CO2) emissions in 2022, accounting for about 3% of the world’s direct industrial CO2 emissions. The cast products segment dominated the global aluminum market in 2022, driven by the rising demand for aluminum casting products in the transportation industry. Aluminum casting products, including alloys and pistons, find increased applications in the aerospace and automotive sectors.
The cast alloy segment is expected to hold a significant revenue share, owing to its use in industrial applications, including aircraft structures and engines. Technological advancements in the wheel industry, such as flow form technology, contribute to the segment's growth.
Wrought alloy segment is set to register a steady growth rate, attributed to its diverse applications in transport, civil engineering, electrical engineering, electronics, machinery, and packaging.
The Asia Pacific market led the global aluminum market in 2022, driven by a surge in demand for aluminum in large-scale infrastructure projects, particularly in China. The region accounted for 59% of global aluminum production.
Notable investments by companies like Tianshan Aluminum Group and Shandong Nanshan Aluminum Co., Ltd. in aluminum production facilities indicate a sustained growth trajectory.
The North America market is poised for the fastest revenue growth rate during the forecast period, fueled by increasing investments in manufacturing aluminum products. Growing demand for aluminum in Battery Electric Vehicles (BEV) further propels market growth.
Europe is expected to account for a considerable revenue share in the global aluminum market, driven by the rising usage of aluminum in the automotive sector. European companies are significantly procuring aluminum for various components in Electric Vehicles (EVs). The global aluminum market reflects a dynamic landscape, with growth opportunities fueled by construction, packaging, and the electric vehicle revolution. As market players navigate environmental challenges, innovation and sustainable practices will be critical in shaping the industry's future.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 156 Billion |
| CAGR (2023–2032) | 5.9 % |
| revenue forecast to 2032 | USD 279 Billion |
| base year of estimation | 2022 |
| historical data | 2019–2021 |
| forecast period | 2023–2032 |
| quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| segments covered | By product type, alloy type, processing, end-use, and region |
| regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| country scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| key companies profiled | RusAL, Rio Tinto, Aluminium Corp, Alcoa Corporation, Emirates Global Aluminium PJSC, Norsk Hydro ASA, Hindalco Industries Ltd, Vedanta Aluminium & Power, Arconic, Century Aluminum Company, and JW Aluminum |
| customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global aluminum market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.
Some major players included in the global aluminum market report are:
- RusAL
- Rio Tinto
- Aluminium Corp
- Alcoa Corporation
- Emirates Global Aluminium PJSC
- Norsk Hydro ASA
- Hindalco Industries Ltd.
- Vedanta Aluminium & Power
- Arconic
- Century Aluminum Company
- JW Aluminum
Strategic Development
- On 13 July, 2023, Norsk Hydro ASA acquired Alumetal S.A., a Polish recycled-content aluminum producer, a move that widens its product offering in the low-carbon and scrap-based foundry alloy market. The global aluminum producer's tender offer for Alumetal applies to over 97% of the company shares. Hydro will increase its competence in the recycling of aluminum scrap materials.
- On 24 Feb 2023, Glencore, a Switzerland-based commodities trading company partnered with Kentucky-based Zeb Metals to build an aluminum dross and scrap recycling plant in South Carolina. Zeb Metals is a buyer and trader of nonferrous scrap with a full-service scrap recycling facility, and is engaged in the shredding, sorting, screening, shearing and torching of scrap metal.
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For the purpose of this report, Emergen Research has segmented the global aluminum market on the basis of product type, alloy type, processing, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Sheet
- Plate
- Caste products
- Extrusion
- Others
- Alloy type Outlook (Revenue, USD Billion; 2019-2032)
- Cast alloy
- Wrought alloy
- Processing Outlook (Revenue, USD Billion, 2019-2032)
- Rolling
- Extruding
- Drawn
- Casting
- Forging
- Others
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Construction
- Transportation
- Packaging material
- Consumer durables
- Machinery and equipment
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
-
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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