Aluminum Market Size Worth USD 279 Billion in 2032 | Emergen Research

The global aluminum market size was USD 156 Billion in 2023 and is expected to register a rapid revenue CAGR of 5.9 % during the forecast period. The global aluminum market is experiencing robust growth, primarily fueled by the increasing demand for aluminum in construction activities and the rising preference for aluminum packaging. These key factors are contributing to substantial revenue growth within the market.

Aluminum, known for its versatility and durability, is becoming a cornerstone material in the construction industry, second only to steel. With the world's urban population expected to reach 68% by 2050 according to the United Nations (UN), the demand for aluminum in construction applications such as facades, roofs, windows, and doors is steadily increasing.

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Moreover, aluminum packaging is gaining popularity in the consumer goods and Food & Beverage (F&B) industries due to its safety and protective properties. Aluminum foil, widely used for packaging, acts as a barrier against light, oxygen, and moisture, ensuring the prolonged shelf life of various products. Additionally, the significant utilization of aluminum in Electric Vehicle (EV) production is further propelling market growth.

According to the International Energy Association (IEA), the sales of EVs have tripled in just three years, reaching 14% in 2022. Aluminum's role in enhancing energy efficiency and extending the driving range of EVs by reducing vehicle weight contributes to lower energy consumption and improved performance.

Despite the market's growth trajectory, there are challenges to address. Concerns regarding aluminum processing and its environmental impact, including carbon dioxide emissions, pose potential restraints to market expansion. The IEA reports that aluminum processing emitted 270 million metric tons of direct CO2 emissions in 2022, accounting for about 3% of global industrial CO2 emissions.

Segment Insights:

Aluminum Product Types:

• Cast Products: Dominating the market, cast aluminum products find extensive use in the transportation industry, particularly in alloys and pistons, due to their physical and mechanical properties. Aerospace industries also rely heavily on aluminum for fabricating various components.

• Aluminum Sheets: Expected to witness moderate growth, aluminum sheets are increasingly utilized in food packaging, automobiles, and construction due to their corrosion resistance and antibacterial properties.
Aluminum Alloy Types:

• Cast Alloys: Projected to hold a significant market share, cast aluminum alloys serve various industrial applications, including aircraft structures and engines, contributing to weight reduction and fuel efficiency improvements.

• Wrought Alloys: Anticipated to experience steady growth, wrought alloys are utilized in a wide array of applications, including transport, civil engineering, and electronics, offering both heat-treatable and non-heat-treatable properties.

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Aluminum Top Companies and Competitive Landscape

The global aluminum market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions.

Some major players included in the global aluminum market report are:

• RusAL
• Rio Tinto
• Aluminium Corp
• Alcoa Corporation
• Emirates Global Aluminium PJSC
• Norsk Hydro ASA
• Hindalco Industries Ltd.
• Vedanta Aluminum & Power
• Arconic
• Century Aluminum Company
• JW Aluminum

Aluminum Latest Industry News

• On 13 July, 2023, Norsk Hydro ASA acquired Alumetal S.A., a Polish recycled-content aluminum producer, a move that widens its product offering in the low-carbon . The global aluminum producer's tender offer for Alumetal applies to over 97% of the company shares.

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Aluminum Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global aluminum market on the basis of product type, alloy type, processing, end-use, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
o Sheet
o Plate
o Caste products
o Extrusion
o Others
• Alloy type Outlook (Revenue, USD Billion; 2019-2032)
o Cast alloy
o Wrought alloy
• Processing Outlook (Revenue, USD Billion, 2019-2032)
o Rolling
o Extruding
o Drawn
o Casting
o Forging
o Others
• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Construction
o Transportation
o Packaging material
o Consumer durables
o Machinery and equipment
o Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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