Ottawa, July 17, 2024 (GLOBE NEWSWIRE) -- The global aluminum market size is predicted to grow from USD 169.02 billion in 2023 to approximately USD 311.36 billion by 2033, According to Precedence Research. The aluminum market is driven by a rise in the automobile sector, changing consumer preferences, and advanced technologies.
The aluminum market encompasses the global industry involved in the production, processing, distribution, and consumption of aluminum, a versatile and widely used metal. Aluminum is a lightweight, highly functional metal that can be molded, melted, machined, and extruded, among other uses. Because of its low weight, it is simple to transport and assemble, making it appropriate for a wide range of uses. Along with alternatives for surface treatment and a protective coating, aluminum is also resistant to corrosion. It is impermeable, odorless, and a good reflector, in addition to being a great heat and electrical conductor. Utilizing recycled material is economical since it is also entirely recyclable.
Aluminum is utilized in transportation, packaging, food processing, building, energy production, and electrical transmission, among other sectors. Its lightweight nature makes it appropriate for shipbuilding, maritime buildings, and food packaging, while its strength-to-weight ratio and resistance to corrosion make it perfect for automotive components. It is a well-liked option because of its impermeability and resistance to corrosion.
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Aluminum Market Key Insights
- Asia Pacific dominated the global market with the largest revenue share of 65.14% in 2023.
- By series, the series 1 segment has recorded the biggest revenue share of 20.5% in 2023
- By series, series 7 is expected to grow at a notable CAGR of 7.2% during the forecast period.
- By processing method, the rod & bar segment is expected to grow at a CAGR of 7.1% over the forecast period.
- By end-user insight, the transport segment has captured more than 33% revenue share in 2023.
Asia Pacific Aluminum Market Size and Forecast 2024 to 2033
The Asia Pacific aluminum market size accounted for USD 117.28 billion in 2024 and is expected to be worth around USD 207.05 billion by 2033, growing at a CAGR of 6.5% from 2024 to 2033.
Asia-Pacific dominated the aluminum market in 2023. One of the world's largest economies, Japan, is a vital market for skyscrapers and other tall structures. Because there will be more money invested in both public and private commercial projects, the construction sector is predicted to rise quickly. Innovations and Internet of Things technology are projected to fuel growth in the automobile sector as well.
- The 'Make in India' campaign and other government efforts in India are anticipated to bolster the growth of the aluminum industry. The demand for aluminum is predicted to rise because of these programs and others like the Pradhan Mantri Awas Yojna and Smart Cities, especially in the building and construction industry.
North America is observed to grow at a notable rate in the aluminum market during the forecast period. Governments in North America have implemented supportive policies and regulations that encourage the use of aluminum, such as incentives for recycling and sustainability initiatives. This regulatory environment fosters growth in the aluminum sector. The region benefits from a well-established aluminum supply chain, including mining, refining, smelting, and fabrication industries. This integrated supply chain ensures a reliable and efficient flow of aluminum products to meet growing market demands.
There is a growing demand for aluminum across various industries in North America, including automotive, aerospace, construction, packaging, and consumer goods. This demand is driven by factors such as lightweighting in automotive and aerospace sectors, sustainable packaging solutions, and the versatility of aluminum in construction and consumer products.
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Aluminum Market Coverage
| Report Attribute | Key Statistics |
| Market Size by 2033 | USD 311.36 Billion |
| Market Size in 2024 | USD 179.67 Billion |
| Market Size in 2023 | USD 169.02 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 6.3% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Year | 2024-2033 |
| Segments Covered | Series, Type, Processing Method, and End-Use Industry |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Aluminum Market Segments Outlook
Series Outlook
The series 1 segment dominated the worldwide aluminum market. With an ultimate tensile strength ranging from 10 to 27 ksi and a 99.99% pure aluminum composition, the pure aluminum series is normally weldable but cannot be heat-treated because of its susceptibility to high temperatures. It is perfect for chemical tanks and pipelines due to its exceptional electrical and thermal conductivity and corrosion resistance.
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Processing Method Outlook
The extrusion segment is anticipated to increase at a significant rate during the forecast period. For molding, aluminum extrusion provides twelve key benefits. It works well for both cold extrusion, which happens at lower temperatures, and hot extrusion, which happens at higher temperatures.
The procedure uses less energy, needs less pressure, and might work best at a moderate temperature. It may be produced in a long time since it can take on a range of sizes and forms. It can be used with other metalworking techniques such as drilling, cutting, bending, stamping, and pressing. Machines for milling and turning with digital controls enable large-scale form modifications with excellent dimensional precision.
End-Use Industry Outlook
The transport segment dominated the aluminum market in 2023. Aluminum is a thin material that may be made lighter by up to 50% without losing strength. Additionally, it is impact-resistant, absorbing twice as much energy in a collision. Because lighter automobiles are more fuel-efficient and may lower the weight of important systems like engines, gearboxes, and suspensions, lighter cars are the main market for automotive manufacturers. Because of its strength and less weight, aluminum can stop more rapidly and has fewer joints, which increases safety in public transportation. Furthermore, the corrosion resistance of aluminum increases its longevity and vehicle life cycle.
Browse More Insights:
- Aluminum Extrusion Market Size and Forecast: The global aluminum extrusion market was estimated at USD 78 billion in 2022 and is expected to reach over USD 149.88 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 6.80% during the forecast period 2023 to 2032.
- Automotive Aluminum Extrusion Market Size and Forecast: The global automotive aluminum extrusion market size was valued at USD 64 billion in 2022 and is expected to reach over USD 141.40 billion by 2032 with a registered CAGR of 8.30% from 2023 to 2032.
- Aluminum Cable Market Size and Forecast: The global aluminum cable market size was exhibited at USD 55.73 billion in 2022 and is projected to hit around USD 87.91 billion by 2032, growing at a CAGR of 4.66% during the forecast period 2023 to 2032.
- Metallocene Polyethylene Market Size and Forecast: The global metallocene polyethylene market size was valued at USD 8.12 billion in 2023 and is anticipated to reach around USD 15.88 billion by 2033, growing at a CAGR of 6.94% from 2024 to 2033.
- Advanced Ceramics Market Size and Forecast: The global advanced ceramics market was valued at US$ 59.09 billion in 2022 and is anticipated to reach USD 95.79 billion by 2032, with a compound annual growth rate (CAGR) of 5% during the estimated period 2023 to 2032.
- Stainless Steel Market Size and Forecast: The global stainless steel market was estimated at US$ 111.4 billion in 2022 and is predicted to surpass around US$ 214.07 billion by 2032 and is poised to grow at a CAGR of 6.8% during the forecast period 2023 to 2032.
- Polymers Market Size and Forecast: The global polymers market size reached USD 716.83 billion in 2022 and is expected to reach around USD 1,207.11 billion by the end of 2032, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2032.
- Polypropylene Compounds Market Size and Forecast: The global polypropylene compounds market size was estimated at USD 20.4 billion in 2022 and it is expected to reach around USD 42.63 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 7.70% from 2023 to 2032.
- Wire and Cable Market Size and Forecast: The global wire and cable market was valued at USD 202.7 billion in 2023 and is expected to reach USD 372.27 billion by 2033 and is poised to grow at a compound annual growth rate (CAGR) of 6.31% during the forecast period 2024 to 2033.
- Building and Construction Sealants Market Size and Forecast: The global building and construction sealants market size was valued at USD 10.29 billion in 2023 and is anticipated to reach around USD 18.65 billion by 2033, growing at a CAGR of 6.13% from 2024 to 2033.
- Green Steel Market Size and Forecast: The global green steel market size was estimated at USD 196.84 million in 2022 and it is projected to hit around USD 6,24,414.85 million by 2032, growing at a CAGR of 123.94% between 2023 and 2032.
Aluminum Market Dynamics
Driver: Natural anti-corrosion property
The natural anti-corrosion property of aluminum is a key driving factor for the growth of the aluminum market. Solutions for the aluminum industry are essential for sectors subjected to high temperatures, dampness, and abrasives. They aid in preventing corrosion brought on by moisture, sea spray, and salty air. Without further processes like painting, anodizing, or powder coating, aluminum oxide, which is produced when exposed to oxygen, offers a naturally occurring thin layer of protection. This makes the product longer-lasting, less maintenance-intensive, and more aesthetically beautiful. Unlike steel, which becomes brittle in low temperatures, aluminum gets stronger in cold temperatures, making it perfect for winter or polar regions.
Restraint: Component complexity
Component complexity is a major concern in the aluminum market. The major engine component, the cylinder block, produces power and contains a variety of moving elements. Aluminum alloys, once built of cast iron alloys, are now often used in passenger automobiles to reduce weight. Roughening and finishing are two difficult, time-consuming steps in the manufacturing of cylinder blocks. The aluminum cylinder head also contains fuel injectors, spark plugs, and valves and transports fuel and air to the combustion chamber. Both parts must be expertly machined, so there must be more setup and coolant to dissipate heat.
Opportunity: Integrated purification process
Novel advanced purification process has a great opportunity in the aluminum market. Large aluminum continuous casting and rolling factories frequently utilize integrated purification, a method that includes adsorption and non-adsorption purification. Melt purity and product quality are greatly enhanced. Nevertheless, the cost and complexity of the existing composite purification techniques may outweigh the benefits of lowering hydrogen concentration and enhancing alloy characteristics. Most integrated purification systems are still in the experimental phase, and further research is required to guarantee their viability and dependability. Through purifying procedures, researchers have improved the characteristics of aluminum alloys, yet most procedures still have flaws. Further investigation is required to create more effective procedures to improve performance and raise application value.
Aluminum Market Top Companies
- China Hongqiao Group Limited
- Alcoa Corporation (U.S.)
- Emirates Global Aluminium (UAE)
- Aluminum Corporation of China Limited (CHALCO) (China)
- Hindalco Industries Ltd. (India)
- Century Aluminum Company (U.S.)
- China Power Investment Corp. (cpi)
- China zhongwang holdings limited (china)
- East Hope Group (China)
- Novelis (U.S.)
- H.P. (Australia)
- Kaiser Aluminium
- Rio Tinto Ltd.
- Vedanta Aluminium Limited (India)
- Norsk Hydro A.S.A. (Norway)
- Dubai Aluminum Company Limited (U.A.E)
- United Company RUSAL Plc, (Russia)
- Xinfa Group Co. Ltd.
Recent Developments:
- In June 2024, three patents were obtained by Chinalco Materials Institute, Chinalco High-end, and Chinalco Aluminum Foil concerning microcrystalline aluminum foil, a new and exciting class of aluminum goods that have a homogeneous structure, fine grain, and easy processing. This technology provides decreased expenses, more efficiency, and fewer processing stages.
- In June 2024, Using the first technological license from Elysis, Rio Tinto intends to deploy carbon-free aluminum smelting cells at its Arvida smelter in Québec. Rio Tinto and the Québec government will contribute $179 million and $106 million, respectively, to a joint venture that will own the factory.
- In June 2024, Hydro Extrusion Sweden and Habo-based Fagerhult are collaborating to recycle abandoned aluminum luminaires. The company's goal is to guarantee maximum recycling without sacrificing the material's quality. Although the lighting industry is shifting toward a "reuse" paradigm, it is not always possible to reuse older luminaires.
- In June 2024, with a 1.43-inch AMOLED display, Snapdragon W5 and BES2700BP CPUs, 2GB RAM, 32GB internal storage, and eSIM compatibility for solo calling, OnePlus has introduced the OnePlus Watch 2 in China. The watch runs on ColorOS Watch 6.0 and is compatible with both iOS and Android devices. An aluminum alloy casing takes the place of the stainless steel one.
Market Segmentation
By Series
- Series 1
- Series 2
- Series 3
- Series 4
- Series 5
- Series 6
- Series 7
- Series 8
By Type
- Primary
- Secondary
By Processing Method
- Flat Rolled
- Castings
- Extrusions
- Forgings
- Pigments and Powder
- Rod and Bar
By End Use Industry
- Transport
- Building and Construction
- Electrical Engineering
- Consumer Goods
- Foil and Packaging
- Machinery and Equipment
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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