Press release
Aluminum Market Value To Hit $258.3 Billion By 2031 | Leading Global Companies and Regional Average Pricing Analysis
Aluminum Market
The immense use of aluminum in transportation, electricity, consumer goods, and building & construction industries drives the aluminum market growth. Favorable product features such as lightweight nature, dust resistance, and high degree of conductivity boost the market trends. The massive use of aluminum in food & packaging and pharmaceuticals will create new growth avenues for the market. Contrarily, the mining and processing of bauxite into aluminum is not eco-friendly, and can hinder the demand for aluminum.
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COVID-19 Scenario
The outbreak of the COVID-19 pandemic and the lockdown imposed by governments to curb the spread of coronavirus severely impacted transport, consumer goods, machinery, and building & construction sectors. This also affected the aluminum market as aluminum is used in these sectors.
The COVID-19 pandemic also disrupted the procurement of raw materials and brought volatility in raw material costs, thereby obstructing the market growth.
The report offers detailed segmentation of the global aluminum market based on end user industry, series, processing method, and region.
Based on the end user industry, the transport segment accounted for the largest share of the market in 2021, contributing to nearly one-third of the overall share of the global aluminum market. However, the machinery & equipment segment is projected to record the highest CAGR of 6.4% from 2022 to 2031.
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Based on the processing method, the extrusions segment accounted for the largest share of the market in 2021, contributing to nearly one-third of the overall share of the global aluminum market. However, the flat rolled segment is expected to contribute the largest market share in 2031.
Based on region, Asia-Pacific contributed toward the highest market share in 2021, accounting for nearly two-thirds of the global aluminum market. Moreover, the Asia-Pacific aluminum market is set to record the fastest CAGR of 6.0% from 2022 to 2031. The research also analyzes regions including North America, Europe, and LAMEA.
Key players profiled in the global aluminum market research report are Rio Tinto Alcan Inc., Alcoa Corporation, United Company Rusal Plc., Aluminium Corporation of China Limited, Emirates Global Aluminum PJSC, China Hongqiao Group Ltd., East Hope Group Company Limited, Hindalco Industries, Norsk Hydro ASA, and Xinfa Group Co., Ltd.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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