Dublin, June 02, 2023 (GLOBE NEWSWIRE) -- The "Global Aluminum Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
Based on report estimates, the global aluminum market will progress with a CAGR of 5.24% over the forecasted period from 2023 to 2030.
The rising demand for aluminum from various end-use industries is the prime driver of the global market. The use of aluminum by automotive manufacturers to substitute stainless steel and the rising demand for electric vehicles also favor the studied market's growth worldwide.
Conversely, stringent environment regulations by authorities and the high cost of aluminum are factors that hinder the growth of this market.
On the bright side, the various applications of aluminum in sustainable energy, the recyclability of the metal, and advancements in technology are expected to offer lucrative opportunities for growth. Additionally, the growth of the consumer electronics industry, the rising use of aluminum in transportation, and the rising popularity of aluminum foam have also opened up growth avenues for the aluminum market.
Regional Outlook
The global aluminum market report covers the Asia-Pacific, Latin America, Europe, North America, and the Middle East and Africa regions.
The Asia-Pacific is estimated to record the fastest growth in the global market over the estimated duration. It is also the leading regional market globally, and held the highest revenue share in 2022. The rising awareness pertaining to reducing GHG emissions has enhanced the demand for electric vehicles in this region. This has fueled the demand for aluminum, as it is largely used in EV manufacturing, owing to its lightweight. The increased demand for aluminum contributes to the studied market's growth.
Competitive Outlook
The well-known companies profiled in the aluminum market include Norsk Hydro ASA, Novelis Inc, Aluminum Corporation of China Limited (Chalco), China Hongqiao Group Co Ltd, Emirates Global Aluminum PJSC, Rio Tinto, Aluminum Bahrain BSC (Alba), Century Aluminum Company, Alcoa Corporation, and RUSAL.
Novelis Inc is one of the leading companies engaged in producing flat-rolled aluminum products and also one of the leading recyclers of aluminum. The company partners with end-users in automotive, aerospace, beverage, and specialty industries to offer solutions that maximize the beneficial properties of lightweight aluminum. It operates its business in nearly 33 facilities in 9 countries in North America, Asia, Latin America, and Europe. Novelis Inc was founded in 2005. The US-based company is headquartered in Atlanta, Georgia.
Market Dynamics
Market Drivers
- Rising Demand from Various End-use Industries
- Substitution of Stainless Steel With Aluminum by Automotive Manufacturers
- Rising Adoption of Electric Vehicles
Market Challenges
- Strict Environmental Regulations by Authorities
- Rising Cost of Aluminum
Market Opportunities
- Multiple Applications of Aluminum in the Sustainable Energy Industry
- Technological Advancements
- Recyclability of Aluminum Gaining Market Traction
- Growing Penetration in the Consumer Electronics Industry
- Rising Use of Aluminum in the Transportation Industry
- Growing Popularity of Aluminum Foam
Key Topics Covered:
1. Global Aluminum Market - Summary
2. Industry Outlook
3. Global Aluminum Market - by Product
3.1. Alumina
3.2. Bauxite
3.3. Primary Aluminum
3.4. Other Products
4. Global Aluminum Market - by Industry Vertical
4.1. Automotive & Transportation
4.2. Building & Construction
4.3. Electronics
4.4. Foil & Packaging
4.5. Other Industry Verticals
5. Global Aluminum Market - Regional Outlook
6. Competitive Landscape
7. Research Methodology & Scope
A selection of companies mentioned in this report includes
- Rio Tinto
- Aluminum Corporation of China Limited (CHALCO)
- Rusal
- Alcoa Corporation
- Norsk Hydro ASA
- Emirates Global Aluminum PJSC
- Novelis Inc.
- Aluminum Bahrain BSC (Alba)
- China Hongqiao Group Limited
- Century Aluminum Company
For more information about this report visit https://www.researchandmarkets.com/r/68mr3s
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