Current & Future Scope for Aluminum Market by Forecast to 2021 to 2027 with Covid-19 Impact Analysis

Aluminum is a silver-white element and belongs to group 13 of the periodic table. It is nontoxic (as the metal) and nonmagnetic. Moreover, it is light, durable, functional, and highly resistant to corrosion, which makes it ideal engineering material. Thus, aluminum is widely used across various industries to manufacture different products. Manufacturing, construction, aerospace, packaging, electronics, etc. are some of the major end-user industries of the aluminum.

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Furthermore, it is ductile, malleable, and exhibits corrosion resistance, excellent durability, and significant strength when alloyed. It is the sixth most ductile and second most malleable metal present on earth. Aluminum is a favorable choice for various industrial applications. It is good electrical conductor and thus used frequently in electrical transmission lines. It is also used as primary propellant in space shuttle due to its high volumetric energy density.

Competitive Landscape:

Major players operating in the global aluminum market are Norsk Hydro ASA, Rio Tinto Plc, UC RUSAL, China Hongqiao Group Ltd., Alcoa Inc., Emirates Global Aluminum PJSC, China Power Investment Corporation Aditya Birla Management Corporation, Noranda Aluminum Holding Corporation, and Aluminum Corporation of China Limited, among others.

Key Market Drivers:

Increasing demand for aluminum across automotive industry due to stringent government rules and regulations regarding fuel efficiency and emissions is expected to augment the growth of the aluminum market during the forecast period. For instance, in May 2021, Nissan launched lightweight aluminum technology in Europe on all-new Qashqai. The all-new Qashqai will be Nissan's first model built in Europe using a significant number of lightweight aluminum panels, which makes the body of the all-new Qashqai 60 kg lighter. This in turn improves efficiency and thereby contributes to reduced emissions.

Moreover, increasing construction activities, increase in use of recycled aluminum products, and increasing consumption from various en-use industries are some major factors expected to boost the growth of the aluminum market. For instance, in November 2021, Aleastur launched the aluminum grain refiners and maser alloys production hub in Bahrain. The $15-million hub will produce aluminum alloys to be used for different purposes across various industries.

COVID-19 Impact Analysis:

The pandemic has severely affected the automotive and construction industry, as many projects were halted (in 2020) due to lockdown regulations, labor shortage, and lack of funds. This has reduced the consumption and demand for aluminum. However, the aforementioned industries recovering faster and the demand for aluminum is now increasing with a rapid pace. Moreover, the automotive industry has registered year-on-year growth in new vehicle sales over the past few months in India, China, Europe, and the United States. This in turn is expected to have a positive impact on the growth of the market.

Key Takeaways:

• The aluminum market is expected to exhibit a CAGR of XX % during the forecast period owing to the rising incorporation of aluminum in the construction industry. For instance, according to India Brand Equity Foundation (IBEF), India, China, and United States are expected to account for almost 60% of all global growth in the construction sector by 2025.

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• Among regions, North America and Europe are expected to witness significant growth in the aluminum market due to increasing demand for aluminium, increase in use of recycled aluminum products, increasing construction activities, and rapid growth of the automotive industry. For instance, in April 2021, European Aluminium launched Circular Aluminium Action Plan to ensure that all end-of-life aluminum products are collected and recycled efficiently to maximize aluminum recycling rates and to keep the material in active use.

• Asia Pacific is expected to witness robust growth in the aluminum market due to the rapid growth of the automotive industry and increase in production and sales of passenger and commercial vehicles in this region. For instance, according IBEF, in 2020, India was the fifth-largest auto market, with more than 3.49 million units combined sold in the passenger and commercial vehicles categories.

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