Dublin, Dec. 30, 2022 (GLOBE NEWSWIRE) -- The "Aluminum Market - Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2030)" report has been added to ResearchAndMarkets.com's offering.
The publisher finds that the global aluminum market is expected to grow from its 2021 valuation of US$ 245.7 billion and reach US$ 498.5 billion by 2030. This growth will occur at a sound CAGR of 5.8% between 2022 and 2030.
Companies Mentioned
- 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
Aluminum is one of the most widely used metals in the world. From airplanes to utensils, aluminum's use cases are far-reaching. Its qualities such as lighter weight, durability, corrosion resistance, and heat and electricity conductivity have diversified its end-use applications.
The ability to use aluminum in a wide range of industries, rapid industrialization, and tech-driven developments in the automotive industry are expected to augment the demand for aluminum in the coming years.
Moreover, secondary aluminum is also gaining tremendous traction owing to its application in construction materials, transportation, packaging foils and cans among others. The cumulative force of these factors is poised to unlock new revenue avenues in the global aluminum market.
Key Insights and Trends Across Global Aluminum Market
- The rolled and extruded aluminum segment accounted for a share of over 60% in the global aluminum market in 2021. This is due to its diverse applications in aerospace, automotive, electrical, consumer goods, and packaging industries.
- As of 2021, the Asia Pacific commanded a staggering 69% of the total value share. APAC's automotive, construction, and manufacturing sectors are expected to maintain their status as the key demand pools within its aluminum market.
- In terms of volume, secondary aluminum held an overall share of 29% in the aluminum market owing to its advantages, such as lower production costs and lesser energy consumption.
Rolled and Extruded Aluminum to Garner Promising Demand Amidst Extensive Application in Diverse Industries
Aluminum semis are available in a wide range of shapes and sizes including extruded, rolled, forged, cast, and cable forms. Among these, rolled and extruded aluminum generate significant demand in the overall aluminum market. Flat-rolled aluminum finds considerable application in industries such as aerospace, electrical, automotive, consumer goods, and packaging.
The growing focus on building lightweight and fuel-efficient automobiles are creating promising market trends for rolled aluminum. It is used in the car's body, interior and exterior panels, and heat exchangers. Meanwhile, extruded aluminum is in high demand owing to its strength, durability, and flexibility.
This makes it an excellent product for usage in construction, transportation, and consumer goods industries. Such widespread applications are set to maintain the global aluminum market growth during the study period.
Asia Pacific to Lead Aluminum Market Amidst Flourishing Manufacturing Industry
The thriving manufacturing sector and high consumption of aluminum in the Asia Pacific are set to establish the region as the leading aluminum market in the projection period. Major economies such as China and India are contributing significantly to such market growth.
Notably, promising advancements in China's automotive and aerospace industries are scaling the expansion of APAC's aluminum market. Furthermore, favourable construction and automotive manufacturing activities in India are enabling the Asia Pacific to sustain its dominance in the global aluminum market.
For more information about this report visit https://www.researchandmarkets.com/r/cgfzr3
