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Aluminum Billets Global Market Worth $141.61 Billion By 2028 Rapid Growth Predicted CAGR of 7.9% | Glencore PLC, BHP Group Limited, Rio Tinto PLC, Hindalco Industries Ltd., Norsk Hydro ASA
Aluminum Billets Market
According to The Business Research Company's, the aluminum billets market size has grown strongly in recent years. It will grow from $95.93 billion in 2023 to $104.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to demand from automotive industry, demand from aerospace industry, rising construction and infrastructure development, government initiatives.
The aluminum billets market size is expected to see strong growth in the next few years. It will grow to $141.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing urbanization and infrastructure development, renewable energy infrastructure, rising demand for aluminum in the packaging industry, rising disposable incomes, aluminum-based products launch. Major trends in the forecast period include technological advancements in aluminum production, transportation innovations, investments in aluminum productions.
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Market Drivers and Trends:
The rapid adoption of billets in the automotive industry is expected to propel the growth of the aluminum billet market going forward. The automotive industry refers to the collection of companies, organizations and activities involved in designing, developing, manufacturing, marketing and selling motor vehicles. Aluminum billets are widely used in the automotive industry due to their superior strength-to-weight ratio, durability and versatility. They are used to manufacture various components, such as engine components, suspension components, wheels, transmission components and other components.
Major companies operating in the aluminum billet market are adopting new technologies to develop better products, such as high-speed billets to sustain their position in the market. High-speed billets are a type of billet used in the extrusion industry that are manufactured with high engineering precision to improve extrusion speed. For instance, in December 2021, Vedanta Aluminum Limited, an India-based aluminum producer, introduced high-speed billets targeting the global extrusion sector. These billets are crafted using advanced engineering technologies such as the Wagstaff Hot-Top Air Slip Casting System from the USA and the Hertwich Continuous Homogenizing Furnace from Austria. Through meticulous process control and optimized chemistry, these billets offer exceptional extrusion speed while maintaining the robustness of the final extruded profile and enhancing extrusion speed by a minimum of 25% or more, contingent on the extrusion environment.
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Major Key Players of the Market:
Glencore PLC, BHP Group Limited, Rio Tinto PLC, Hindalco Industries Ltd., Norsk Hydro ASA, Vedanta Resources, Novelis Inc., China Hongqiao Group Limited, Alcoa Corporation, United Company RUSAL, South32 Ltd., Arconic Inc., Constellium SE, Emirates Global Aluminium (EGA), Aluminum Bahrain (Alba ), Shandong Nanshan Aluminum Co. Ltd., Kaiser Aluminum Corporation, Century Aluminum Company, National Aluminium Company Limited15, Kamensk-Uralsky Metallurgical Works, Aluar Aluminio Argentino S.A.I.C, Guangxi Liuzhou Yinhai Aluminum, Aluminum Corporation of China (CHINALCO), Gulf Aluminium Rolling Mill Company (GARMCO), Vista Metals Corp., Matalco Inc., FutureX Holding Limited, Jiangyin Comat Metal Products, Shawinigan Aluminium Inc.
Aluminum Billets Market 2024 Key Insights:
• The aluminum billets market size is expected to see strong growth in the next few years. It will grow to $141.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rapid Adoption Of Billets Drives Growth In The Aluminum Billet Market Is Fueled By Automotive Industry Demand.
• Adoption Of Advanced Technology Propels Innovation In The Aluminum Billet Market.
• Asia-Pacific was the largest region in the aluminum billets market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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