Aluminum Market by Global Demand, Supply and Pricing Strategy 2021 – 2030

The Global Aluminum Market size valued to USD 151.99 billion in 2019, is predicted to reach USD 205.72 billion by 2030, with a CAGR of 2.70% from 2020-2030.

Aluminum is an abundant metal having strong affinity towards oxygen and possess significant strength. It characteristics such as low metal density, resistance to corrosion, high conductivity, high malleability as well as ductility, non-toxicity, high resistivity, high reflectivity, recyclability, high volumetric energy density, exceptional light weight and anti-microbial property, makes it highly advantageous in food & packaging industries, pharmaceutical industries, electric transmission applications, aerospace industries as well as in other industry verticals.

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Top Companies: Rio Tinto Alcan Inc., United Company RUSAL Plc., Alcoa Corporation, China Hongqiao Group Ltd., China Power Investment Corp., Xinfa Group Co., Ltd., East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Aluminium Corporation of China Limited

Market Dynamics and Trends

The global aluminum market is proliferating owing to factors such as consistent growth in the construction industry, growing demand of automobiles, as well as upsurge in the usage of aluminum for packaging in the food & beverage industry. Besides, factors such as rapid urbanization, increase in vertical integration, infrastructural developments as well as technological advancements are expected to supplement the market growth throughout the forecast period.

However, factors such as fluctuating prices of raw materials and increasing competition offered by substitute materials such as glass as well as plastic, are anticipated in hampering the aluminum market growth during the forecast period.

Moreover, growing demand of aluminum in the emerging economies, increasing use of recycled aluminum products as well as inclination of the manufacturing firms towards sustainable development, are expected to foster the global aluminum market growth in future.

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Market Segmentations and Scope of the Study:

The aluminum market share analysis is based on type, product, vertical industry, and geography.

Based on type, the market is segmented into primary aluminum and secondary/recycled aluminum. Based on product, the market covers castings, extrusions, flat rolled, forgings, rod & bar, pigments & powder, and others. Based on vertical industry, the market is classified into transport, building & construction, electrical, hardware & accessories, consumer goods, foil & packaging, machinery & equipment, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific is dominating the global aluminum market, and it is expected to maintain its dominance throughout the forecast period, accounting for highest market shares. This is attributable to the factors including rapid urbanization, industrial development, higher usage in transportation as well as building & construction industries.

Europe being the second-largest aluminum market, is expected to hold significant market share owing to recovering economic growth and growing demand for lightweight material from the automotive industry.

North America region is expected to witness a substantial growth in the global aluminum market, owing to increasing use of recycled aluminum products, infrastructural advancements as well as technological developments.

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