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Processed Alumina And Aluminum Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Hindalco Industries Ltd., China Hongqiao Group Limited, Novelis Inc, Rio Tinto, Alcoa Corporation
Processed Alumina And Aluminum Market Size
The Business Research Company offers in-depth market insights through Processed Alumina And Aluminum Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The processed alumina and aluminum market size has grown strongly in recent years. It will grow from $912.04 billion in 2023 to $971.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to global economic trends, raw material prices, technological advancements, end-user industries.
The processed alumina and aluminum market size is expected to see strong growth in the next few years. It will grow to $1207.86 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to sustainability initiatives, infrastructure development, electric vehicles (evs), supply chain resilience. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Segmentation:
The main types of processed alumina and aluminium are aluminium products from purchased aluminium, secondary smelted and alloyed aluminium, refined alumina, and primary aluminium production. Secondary smelted and alloyed aluminium refers to the process that involves recycled aluminium scra*p that is converted back to molten metal by heating it in electric arc furnaces. These are used in automotive, manufacturing, and other applications.
Major Driver - Increasing Construction Activities Drive Processed Alumina And Aluminum Market Growth
The alumina and aluminium market growth is driven by the increase in construction activity in emerging markets. The construction industry refers to the commercial manufacturing and trade sector that deals with developing, preserving, and repairing infrastructures. The construction industry is a significant consumer of aluminum products, including aluminum alloys, sheets, and extrusions. These materials are used in various construction applications such as windows, doors, roofing, siding, and structural components. As construction activities surge, the demand for aluminum in these applications also rises. Emerging markets that registered robust construction activity included China, Brazil, India, Saudi Arabia, and Indonesia. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom statistics authority, in 2021, the annual construction sector rose by a record 12.7% compared to the previous year. In December 2021, the volume of monthly construction output climbed by 2.0%; this was entirely due to a rise in new work (3.5%). In addition to the monthly rise, the construction industry's quarterly production climbed by 1.0% in Q4 2021 compared to Q3. This increase was driven by both new work (1.1%) and repair and maintenance (0.8%). This rapid growth in construction activity contributed to the growth of the alumina and aluminium production and processing market.
Competitive Landscape:
Major companies operating in the processed alumina and aluminum market include Hindalco Industries Ltd., China Hongqiao Group Limited, Novelis Inc, Rio Tinto, Alcoa Corporation, United Co RUSAL PLC, Aluminum Corporation of China Limited (CHALCO), Glencore International, Emirates Global Aluminum, Norsk Hydro ASA, Alcoa Corporation, Emirates Global Aluminium, Century Aluminum Company, Hindalco Industries, Alumina Limited, National Aluminium Company Limited (NALCO), China Power Investment Corporation, Alumina & Bauxite Limited, Aluminum Bahrain, Aluminum Corporation of America, KP Aluminum, Vedanta Limited, Shandong Nanshan Aluminum, Hulamin, Gulf Aluminum Rolling Mill Company, China Zhongwang Holdings, Eastern Aluminum, IBC Advanced Alloys, Tri-Arrows Aluminum, Vimetco N.V., Aludium.
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Top Trend - Advanced Furnace Insulators Are Enhancing Efficiency And Sustainability In Aluminum Manufacturing
Aluminium manufacturers are using furnace insulators to minimize energy loss during the melting process. Furnace insulators are temperature resistant materials used for thermal insulation of furnaces. Advanced furnace insulators have temperature resistance of up to 1200oC with low shrinkage of less than 1% at 700oC. They also provide high resistance to thermal shock, abrasives, and chemicals. Recent tests have indicated that in terms of thermal conductivity, the advanced low bio-persistent fibre-based board furnace insulator performs better than calcium silicate by about 20% at 600oC and 15% at 800oC. Major companies offering furnace insulators include Morgan, Thermal Products Company, Nichias.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Processed Alumina And Aluminum Market Characteristics
3. Processed Alumina And Aluminum Market Trends And Strategies
4. Processed Alumina And Aluminum Market - Macro Economic Scenario
5. Processed Alumina And Aluminum Market Size And Growth
…..
27. Processed Alumina And Aluminum Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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