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Aluminum Rolled Products Market 2024: Global Trends, Share, Size, Growth, and Forecast
Aluminum Rolled Products Market
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According to The Business Research Company's, The aluminum rolled products market size has grown strongly in recent years. It will grow from $55.86 billion in 2023 to $59.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to growing demand for packaging, automobile, aerospace, ship, building, printing, and electronics industries, changing consumer demands, government policies and regulations, multi-year agreements for the supply of advanced aluminum rolled products, increased urbanization.
The aluminum rolled products market size is expected to see strong growth in the next few years. It will grow to $81.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising adoption of strategies by key players, increasing demand for aluminum rolled products, growing automotive and transportation industry, growth in the electricals and electronics industry, increasing demand for sustainable aluminum by recycling scra*p. Major trends in the forecast period include focus on circular economy, lightweighting in transportation, architectural innovation, customization and formability, digitalization in manufacturing.
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Market Drivers and Trends:
Rising demand from the automotive industry is expected to propel the growth of aluminum rolled products market. The automotive industry uses aluminum rolled products for the vehicle frame and body, wheels, electrical wiring, paint, lamps, transmission, air conditioner condenser, and pipes. As there is an increase in the demand for automotive it will drive the aluminum rolled products industry. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the rising demand from the automotive segment drives the growth of the aluminum rolled products market .
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Novelis Inc., Constellium SE, Arconic Rolled Products Corporation, Aleris Corp., Hulett Aluminium (Pty) Limited, Hindalco Industries Ltd., AMAG rolling GmbH, Alcoa Inc., Kaiser Aluminum Corp., JW Aluminum Continuous Cast Company, Viohalco SA, Granges AB, Impol Aluminum Corp., Bharat Aluminium Company Ltd., Laminazione Sottile SpA, Jindal Aluminium Limited, Century Aluminum Co., Tri-Arrows Aluminum Inc., Logan Aluminum Inc., Norsk Hydro ASA, Hydro Extrusion North America LLC, United Aluminum Corporation, Aluminum Corporation of China Limited, China Hongqiao Group Limited, China Zhongwang Holdings Limited, United Company RUSAL Plc, Emirates Global Aluminium, Gulf Aluminium Rolling Mill Company, Bahrain-based Gulf Aluminium Rolling Mill Company, Aluminium Bahrain BSC, Hindustan Zinc Limited, Vedanta Limited
Aluminum Rolled Products Market 2024 Key Insights:
• The aluminum rolled products market size is expected to see strong growth in the next few years. It will grow to $81.9 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Surging Automotive Industry Demand Fuels Growth In Aluminum Rolled Products Market
• Innovative Advancements In Aluminum Rolled Products
• Asia-Pacific was the largest region in the aluminium rolled products market in 2023
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