Global Aluminum Market Size By Type (Pure Aluminum, Aluminum Alloys), By Product (Plates, Sheets & Foils, Cables and Wires), By End User (Transportation, Electrical, Construction), By Geographic Scope And Forecast

Aluminum Market Size And Forecast

Aluminum Market size was valued at USD 150 Billion in 2021 and is projected to reach USD 188.98 Billion by 2030, growing at a CAGR of 2.60% from 2023 to 2030.

As people's income rises, they're living better and buying more aluminum. This is a big reason why the aluminum market is growing. Another reason is the growing number of cities. More and more people are moving to urban areas, which means more businesses and shopping centers are being built. These buildings use a lot of aluminum, so the demand keeps going up. A report on the global aluminum market gives a complete picture of what's happening. It looks at the different parts of the market, what's trending, and what's driving and holding back growth. It also gives a detailed analysis of the competition and the factors that are having a major impact on the market.

Global Aluminum Market Definition

Aluminum is an electronegative metal, which has a strong empathy for oxygen. It is the sixth most ductile and second most malleable metal present on earth. It is surprisingly light has a density, is waterproof to dust, possesses a high degree of conductivity, and exhibits significant strength when alloyed. Aluminum smelting is referred to as the industrial activity in the non-ferrous metal processes. It is broadly used in food & packaging and pharmaceutical industries, as it is nontoxic in nature, protects the food for long-lasting, and inhibits the growth of microorganisms.

You know that metal they use to make electrical wires? That's aluminum! It's a great choice because it's really good at carrying electricity. And get this, it's not just for wires! Aluminum also helps rockets soar into space. It's the main fuel for those solid rocket boosters in space shuttles. That's because it packs a lot of energy into a small space. But that's not all. Aluminum is also corrosion-resistant, can be recycled, and is really good at reflecting light. That makes it a superstar for lots of different uses in factories and businesses. Think about itbaseball nets, soccer goalposts, exercise machines, and archery bows. All these things have aluminum in them! Even in your home, aluminum is lurking in your fridge, air conditioner, and other gadgets. It helps these appliances work better and last longer.

Therefore, the rising application scope in consumer durable and other consumer goods is anticipated to drive the Aluminum Market growth. Increasing demand for flat-rolled products such as sheet, plate, and foil owing to features of strength, durability, and lightness is giving a boost to the global Aluminum Market. With the help of the rolling process, the product can be rolled to the desired thickness, making it more versatile for diverse industrial applications. Furthermore, in the packaging industry, these sheets are used to manufacture packaging foils and cans, by working as a barrier against bacteria, oxygen, light, and moisture.

Global Aluminum Market Overview

The rise in disposable income acts as a primary growth driver in the Global Aluminum Market. The global Aluminum Market is mainly galvanized by rising demand from the automotive and building & construction industries. Asides from this, the swift increase in construction spending in developed and developing countries as a result of rapid urbanization and economic growth has increased the demand for aluminum. Furthermore, the enlarged demand for lightweight and high-strength materials to refine the fuel efficiency of vehicles and reduce the carbon footprint is expected to further foster market growth.

Besides, savage competition from alternative materials such as glass and plastics might stagnate the market growth. Aluminum is a budget-friendly material and is extensively used in the automotive industry. Aluminum processors around the world realize this and are investing a significant share of their revenue in r&d activities for the development of newer generations of aluminum products. Rigorous government regulations on aluminum products to decrease the environmental effect have shifted the industry focus toward sustainability.

The Growing Aluminum Boom in Packaging and Healthcare As more and more people in developing countries enjoy the convenience of processed food and drinks, the demand for aluminum packaging is skyrocketing. Aluminum is a versatile material that also plays a crucial role in pharmaceuticals. Aluminum blister foils are commonly used to package tablets and capsules. These foils are attached to a molded plastic with empty spaces that hold the pills. Thanks to its protective nature, aluminum is a reliable choice for preserving the integrity of medications. The Benefits of Recycling Aluminum Aluminum is not only a popular choice for packaging and pharmaceuticals but also an environmentally friendly material. Its high recycling rate makes it a sustainable option. At the end of its life, around 90% of the aluminum used in building and automotive parts is recycled. And remarkably, 75% of all aluminum ever produced is still in use today. This is largely due to the ease of recycling aluminum and its valuable nature. In homes, aluminum is the most valuable item to recycle. So, not only does it make sense environmentally, but it also adds a little extra cash to your pocket.

Global Aluminum Market Segmentation Analysis

The Global Aluminum Market is segmented on the basis of Type, Product, End User, And Geography.

Aluminum Market, By Type

• Pure Aluminum
• Aluminum Alloys

Based on Type, The market is segmented into Pure Aluminum and Aluminum Alloys. The Pure Aluminum segment holds a big share in the market. Pure aluminum is a ductile, soft, and non-magnetic metal that belongs to the boron group and is identified by atomic number 13 because its atoms contain 13 electrons and 13 protons. To be considered pure aluminum, the metal needs to consist of 99% aluminum. The aluminum alloy contains aluminum is the major metal. Other alloy elements include copper, magnesium, manganese, silicon, tin, and zinc.

Aluminum Market, By Product

• Plates
• Sheets & Foils
• Cables and Wires
• Others

Based on Product, The market is segmented into Plates, Sheets & Foils, Cables and Wires, and Others. The Cables and Wires Aluminum is a very cost-effective alternative to sterling silver- or silver-plated wire. As it is non-toxic, aluminum is used in packaged food. The aluminum sheet has expanded its application from aerospace to beverage packaging, and even to home roofing.

Aluminum Market, By End User

• Transportation
• Electrical
• Construction
• Foils & Packaging
• Others

Based on End User, The market is segmented into Transportation, Electrical, Construction, Foils & Packaging, and Others. The Transportation segment holds a big share of the market. The rising utilization of aluminum in vehicles due to its less weight and superior physical properties is propelling the growth of this segment. The Packaging segment also grow in upcoming years. The rising demand for aluminum from packed food production due to its non-permeable nature is projecting the growth of this segment.

Aluminum Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, The Global Aluminum Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia-Pacific is the leading region, in terms of growth, due to massive urbanization, growth in income of people living in urban areas, and rapid industrial development. The growing construction sector and automotive industry are the major growth key drivers of this market.

Key Players

The “Global Aluminum Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Novelis Inc, Alcoa Corporation, Emirates Global Aluminum PJSC, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., United Company RUSAL Plc., China Power Investment Corp. (CPI), East Hope Group Company Limited, Rio Tinto Alcan Inc., and Xinfa Group Co., Ltd.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In January 2021, Alcoa and China Power Investment Corporation (CPI) have signed a memorandum of understanding (MOU) to collaborate on projects worth more than USD 7.5 billion for a96luminum and energy projects over the years.
• In April 2020, Novelis Inc., the world leader in aluminum rolling and recycling, announced that it had completed the acquisition of Aleris Corporation, a global supplier of rolled aluminum products.
• In December 2019, Aluminum Corp of China Ltd, known as Chalco, paid CNY 1.29 billion (USD 183 million) for a 10% stake in regional aluminum producer Yunnan Aluminum via a share offering.

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Understanding the Market We'll break down the market into different groups, considering both economic and lifestyle factors. We'll tell you the size of each group in US dollars, and which group is growing the fastest and will likely be the biggest in the future. Country by Country We'll also look at how much of the product or service is being used in different countries. We'll tell you why these countries are doing well or not so well. Who's Who We'll introduce you to the top companies in the market, tell you how they're ranked, and share their latest news, like new products, partnerships, or acquisitions. Company Profiles We'll give you a deep dive into the major players, including an overview of the company, its strengths and weaknesses, and how its products compare to others in the market. The Big Picture We'll give you the latest updates on the market, including what's driving growth and what might hold it back. We'll also use a tool called Porter's Five Forces Analysis to look at the competition and market dynamics. Looking Ahead We'll help you anticipate the future of the market, focusing on both potential opportunities and challenges. Extra Support We'll be available to answer any questions you have about our report for the next six months after you purchase it.

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