London, April 06, 2023 (GLOBE NEWSWIRE) -- Poised to demonstrate nearly 5.8% growth in valuation during 2022 – 2030, global aluminum market is expected to thrive up to revenue worth US$498.5 Bn, up from the valuation of US$245.7 Bn attained in 2021. Increasing demand from sectors like construction, transportation, and packaging predominantly drives growth of the aluminum industry, suggests a new report of Fairfield Market Research. “Aluminum has been among the most extensively employed metal across industries as it finds application in a range of areas. In addition to the exceptional endurance, aluminum gains largely from attributes like lighter weight, higher conductivity, and corrosion resistance. Consumption will sustain at a promising pace,” remarks an analyst at Fairfield.
Key Research Insights
- Between 2022 and 2030, global aluminum market valuation will witness 2x expansion
- The rolled and extruded aluminum segment accounts for 60% revenue share in market
- With 69% revenue share, Asia Pacific will continue to spearhead through 2030 end
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Insights into Segmental Analysis
Based on the source of aluminum, the secondary aluminum segment is likely to account for around 29% share in the total aluminum market valuation. While this category reigns supreme on the back of its greater energy efficiency, high sustainability, and expedient production costs, it finds extensive application across industry verticals such as construction materials, transportation, transmission lines, paints, packaging, and kitchen utensils. Secondary aluminum remains the focal point for several manufacturers that are eyeing capacity expansions. On the other side, rolled and extruded aluminum is projected to account for over 60% market share. Among these, extruded variant is especially expected to gain traction across the key segments, i.e., construction, automotive, and manufacturing industries. Demand for flat-rolled and rolled aluminum products will also be on the rise, says the report.
Key Report Highlights
- Aluminum, in addition to being an environmentally sustainable material alternative for packaging companies, is gaining ground for its high-barrier attributes. Demand from packaging industry will be on an uptrend
- Light weight of aluminum will continue to push its application across the ballooing EV industry
- Aluminum holds exceptional potential to be used across the futuristic green energy vehicle infrastructure, in turn creating new opportunistic avenues
Insights into Regional Analysis
While the report highlights Asia Pacific as the leading regional market holding business opportunities for aluminum industry participants, growth of construction industry will play an instrumental role here. The contribution of manufacturing industry is also expected to be noteworthy as it registers remarkable consumption of aluminum. In addition, unprecedented growth of industries like automotive, and aerospace further add to the overall attractiveness of Asia Pacific in global aluminum market. “The market here accounts for a lion’s share of over 65%, nearly 50% of which is brought in by China which is the world’s largest aluminum consumer, and producer. India also remains a significant regional market,” says the analyst.
Leading Companies in Global Aluminum Market Space
Aluminum Corporation of China Limited (Chalco), China Hongqiao Group Ltd., China Hongqiao Group Co. Ltd., Shandong Xinfa Aluminium Group, Hindalco Industries Limited, Emirates Global Aluminium, United Company Rusal IPJSC, Alcoa Corporation, Rio Tinto Plc, Alcoa Corporation, and Norsk Hydro ASA constitute some of the leading companies steering the competition landscape of global aluminum market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2030 | |
| Market Size in 2021 | US$245.7 Bn | |
| Estimated Market Size in 2030 | US$498.5 Bn | |
| CAGR | 5.8% | |
| Key Players | Rio Tinto Plc, Aluminum Corporation of China Limited (Chalco), China Hongqiao Group Co. Ltd., Shandong Xinfa Aluminium Group, Emirates Global Aluminium, United Company Rusal IPJSC, Alcoa Corporation, Hindalco Industries Limited, China Hongqiao Group Ltd., Norsk Hydro ASA, Alcoa Corporation | |
The Global Aluminum Market is Segmented as Below:
By Source Coverage
- Primary
- Secondary
By Product Coverage
- Flat
- Extruded
- Forged
- Cast
- Wires & Cables (Pastes, Pigments, etc.)
By End-user Coverage
- Automotive
- Conventional Vehicles
- Electric Vehicles
- Transportation
- Aerospace
- Rail
- Marine
- Packaging
- Construction
- Consumer Durables
- Machinery & Equipment
- Electrical
- Misc.(Sport Goods, Defence, etc.)
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- 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
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 - 2030
5. Global Aluminum Market Outlook, 2018 - 2030
6. North America Aluminum Market Outlook, 2018 - 2030
7. Europe Aluminum Market Outlook, 2018 - 2030
8. Asia Pacific Aluminum Market Outlook, 2018 - 2030
9. Latin America Aluminum Market Outlook, 2018 - 2030
10. Middle East & Africa Aluminum Market Outlook, 2018 - 2030
11. Competitive Landscape
12. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/aluminium-market/more-information
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