Aluminum Market: Global Industry Analysis and Forecast (2023-2029)

An Aluminum Market size was valued at US$ 166.9 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 3.2% from 2023 to 2029, reaching nearly US$ 208.15 Bn.
Aluminum Market Overview:
Global Aluminum Market is expected to reach US$ 208.15 Bn. by 2029. Aluminium is a thin, silvery-white metal. It's pliable and malleable. Cans, foils, culinary utensils, window frames, beer kegs, and aeroplane parts are all made of aluminium. This is due to its unique characteristics. This report focuses on the different segments of the Aluminum market (Product Type, End User Industry, Processing Method, and Region).

The leading industry players and regions are thoroughly examined in this report (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It's a thorough examination of today's quick advances in a variety of sectors. Facts and figures, visualisations, and presentations are used to highlight the primary data analysis from 2017 to 2021. The market drivers, restraints, opportunities, and challenges for Aluminum are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Aluminum market.To know about the Research Methodology:-Request Free Sample Report
Aluminum Market Dynamics:
China's government owns the majority of its industries. Many of these industries are rapidly evolving and increasing. As a result, additional aluminum is required. Construction, packaging, transportation, and electricity are just a few of the industries in China that use aluminum extensively. These four industries consume almost 60% of the total aluminum used by the Chinese industry each year.

The government is making significant efforts to make aluminum more available to Chinese manufacturers. Its conclusion is expected to have a significant impact on the global aluminum market growth.

A number of factors are preventing the global aluminium market from growing. One of these is that mining and processing bauxite into aluminium is extremely harmful to the environment. Many aluminium processors are addressing this issue by producing and selling secondary aluminium. The challenge is that this could hamper both short- and long-term growth in the aluminium market.

Aluminum is a robust metal that does not easily melt or distort when exposed to high temperatures. It is also flexible. It's also light, resistant to rust and corrosion, and a good conductor of heat and electricity.

Aluminum is relatively inexpensive, which is why it is increasingly being used in the global automobile market. Aluminum producers all around the world are aware of this. That's why they're investing substantially in R&D to try to develop newer generations of aluminium products that are superior in all of the above features while also being considerably more affordable.

Decarbonisation is one of the most significant difficulties facing the global aluminium market. The majority of aluminium companies are under intense pressure to make their processes more environmentally friendly. They can only achieve this if they use low-carbon steel, which is of lower grade.
Aluminum Market Segment Analysis:
The Aluminum Market is segmented by Product Type, End User Industry, and Processing Method.

Based on the End User Industry, the market is segmented into Transport, Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, Machinery & Equipment, and Others. Building & Construction industry segment is expected to hold the largest market share of xx% by 2029. Aluminum is the second most commonly utilised metal in the building and construction industry. Windows, curtain walls, roofing and cladding, solar shading, solar panels, railings, shelves, and other temporary structures all make use of it. One of the key factors boosting the market in recent years has been the increase in construction activities around the world.

The construction industry in Asia-Pacific is the largest in the world, and it is rising at a healthy pace, owing to the increasing population, middle-class earnings, and urbanisation. This has boosted the construction industry and driven demand for aluminium in the region by increasing demand for hotels, shopping malls, high-rise structures, arenas, and stadiums (both outdoor and indoor). Furthermore, China, India, and different Southeast Asian countries lead the low-cost housing development segment in Asia-Pacific.

The United States is the largest residential building market in North America and one of the world's key growth areas. Almost 80% of people favour single-family housing as a long-term goal, and almost 70% of people are working toward that goal, resulting in an increase in the number of houses built each year. During the forecast period, the demand for aluminium from the building and construction industry is expected to be driven by rebounding construction activities around the world.

Based on the Processing Method, the market is segmented into Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, and Rod & Bar. Aluminum Extrusions Processing Method segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Aluminum extrusion is the technique of forcing aluminium alloy material through a die having a predetermined cross-sectional profile. The metal is pushed through the die by a strong ram and exits from the die aperture. It emerges in the same shape as the die and is hauled out along a runout table when this happens.

Due to its versatility, aluminium has minimal tooling costs. Fabrication costs are lower, and assembly is easier, because there are fewer components to design. Aluminum has a better strength-to-weight ratio than steel, and it is only one-third the weight. This has aided the light weighting trend in the automobile industry.
Regional Insights:
Asia Pacific region is expected to dominate the Aluminum Market during the forecast period 2023-2029. Asia Pacific region is expected to hold the largest market share of xx% by 2029. During the forecast period, the Asia-Pacific region is expected to be the largest market for aluminium. Electronics, building and construction, aerospace, and other industries are booming in countries like China, India, and Japan, among others.

Due to the presence of many OEMs in the region, the electronics manufacturing industry in Asia-Pacific is expected to grow rapidly during the forecast period. According to China's National Bureau of Statistics, retail sales of household appliances and consumer electronics in China were around CNY 100 billion in December 2022. Following the announcement of a USD 37 billion sale in China, the Boeing Company expected that China would purchase USD 1.1 trillion in new aircraft by 2036.

During the forecast period, India is expected to invest over USD 1.3 trillion in housing, with 60 million new homes being built. Retail sales in the packaged food market in Japan are expected to reach USD 208.15 billion by 2029, representing a 3.6 percent or USD 7 billion increase. During the forecast period, such advance to the next level in the packaging industry is expected to drive market demand for aluminium foils used in packaging.

The objective of the report is to present a comprehensive analysis of the Global Aluminum Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Aluminum Market dynamic and structure by analyzing the market segments and projecting the Global Aluminum Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Aluminum Market make the report investor’s guide.
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Aluminum Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 166.9 Bn.


Forecast Period 2023 to 2029 CAGR:
3.2%
Market Size in 2029:
US $ 208.15 Bn.


 Segments Covered:
by Product Type
Plates
Ingots
Sheets & Foils
Cables & Wires


by End User Industry
Transport
Building & Construction
Electrical Engineering
Consumer Goods
Foil & Packaging
Machinery & Equipment
Others


by Processing Method
Flat Rolled
Castings
Extrusions
Forgings
Pigments & Powder
Rod & Bar



Aluminum Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Aluminum Market Key Players
1.United Company RUSAL Plc.
2.Aluminum Corporation of China Limited
3.Rio Tinto Alcan Inc.
4.Aluminum Bahrain B.S.C
5.Ball Corporation
6.BHP Billiton Limited
7.Century Aluminum Company
8.Crown Holdings Incorporated
9.Constellium N.V.
10.Glencore International AG
11.Hindalco Industries Ltd.
12.Jindal Iron & Steel Company Limited
13.JW Aluminum Company
14.Kaiser Aluminum Corporation
15.National Aluminum Company Limited
16.Orkla ASA
17.Rexam plc
18.Shandong Nanshan Aluminum Co.
19.South32 Limited
20.State Power Investment Corporation
21.Talco Aluminum Company
22.Vale
23.Alcoa Corp

Frequently Asked Questions:

1. Which region has the largest share in Global Aluminum Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Aluminum Market?
Ans: The Global Aluminum Market is growing at a CAGR of 3.2% during forecasting period 2023-2029.

3. What is scope of the Global Aluminum market report?
Ans: Global Aluminum Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Aluminum market?
Ans: The important key players in the Global Aluminum Market are – United Company RUSAL Plc., Aluminum Corporation of China Limited, Rio Tinto Alcan Inc., Aluminum Bahrain B.S.C, Ball Corporation, BHP Billiton Limited, Century Aluminum Company, Crown Holdings Incorporated, Constellium N.V., Glencore International AG, Hindalco Industries Ltd., Jindal Iron & Steel Company Limited, JW Aluminum Company, Kaiser Aluminum Corporation, National Aluminum Company Limited, Orkla ASA, Rexam plc, Shandong Nanshan Aluminum Co., South32 Limited, State Power Investment Corporation, Talco Aluminum Company, Vale, and Alcoa Corp

5. What is the study period of this market?
Ans: The Global Aluminum Market is studied from 2022 to 2029.