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Aluminum Global Market: Market Growth and Industry Insights
Aluminum Global Market Share
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According to The Business Research Company's, The aluminum market size has grown strongly in recent years. It will grow from $167.14 billion in 2023 to $179.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to industrial revolution impact, automotive industry adoption, aerospace industry demand, aluminum's role in packaging, electrical transmission needs.
The aluminum market size is expected to see strong growth in the next few years. It will grow to $235.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to aluminum recycling advancements, green initiatives in manufacturing, electric vehicle adoption, construction and infrastructure growth, packaging industry trends, aerospace industry demand. Major trends in the forecast period include aluminum in 3D printing, aluminum alloy innovations, urbanization and construction, renewable energy projects, shift to aluminum packaging.
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Market Drivers and Trends:
Rising demand from the automotive industry is expected to propel the growth of the aluminum market going forward. The automotive industry refers to several businesses and organizations engaged in the creation, production, marketing, and sale of automobiles. The growing automotive industry uses high amounts of aluminum to provide durability and aesthetic appeal. For instance, in May 2022, the Society of Indian Automobile Manufacturers, an Indian-based agency representing all vehicle and vehicular engine manufacturers, reported that the total number of automobiles produced in 2021 was 22.9 million in India. Further, in 2021, according to the European Automobile Manufacturers' Association, a Belgium-based automotive industry standards group, 79.1 million automobiles were produced 2021. Therefore, rapid growth in the automotive industry is driving the growth of the aluminum market.
Innovations in material development are a key trend gaining popularity in the aluminum market. Major players are concentrating their efforts on creating innovative materials to sustain their position in the aluminum market. For instance, in February 2022, Vedanta Aluminum Limited, an India-based metal mining company specializing in aluminum production, launched Restora. Restora is a green aluminum with a low carbon footprint. It provides an aluminum smelter using renewable energy and prevents environmental pollution.
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Major Key Players of the Market:
BHP Group Limited, Hulamin Limited, Rio Tinto plc, Hindalco Industries Limited, Norsk Hydro ASA, Aluminum Corporation of China Limited, China Hongqiao Group Limited, Vedanta Resources Limited, Novelis Inc., Reliance Steel & Aluminum Co., Alcoa Corporation, United Company RUSAL Plc, Arconic Inc., Constellium SE, Emirates Global Aluminium PJSC, Orkla ASA, Vimetco N.V., Kaiser Aluminum Corporation, Century Aluminum Company, Aluminium Bahrain B.S.C., Alumetal S.A., Hydro Extrusion USA LLC, Alumina Limited, Metal Exchange Corporation, Gulf Aluminium Rolling Mill B.S.C., Assan Aluminyum Sanayi ve Ticaret A.S., East Hope Group Company Limited, Dubai Aluminium Company Limited, Shandong Xinfa Aluminum Co. Ltd., China Zhongwang Holdings Limited
Aluminum Market 2024 Key Insights:
• The aluminum market size is expected to see strong growth in the next few years. It will grow to $235.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Automotive Industry's Surge Fueling Aluminum Market Growth
• Green Innovations In Aluminum Market Through A Focus On Sustainable Material Development In The Industry
• Asia-Pacific was the largest region in the aluminum market in 2023 and is expected to be the fastest-growing region in the forecast period
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