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The surge in making cars and the growing use of aluminum in car parts and various transportation areas are making the global aluminum market flourish. This boost comes partly from a drop in crude oil prices, which led to cheaper gasoline and more vehicle sales. In 2016, car production went up by 4.5%, marking a positive shift from the previous year. Aluminum is becoming a popular choice in making cars because it's light, durable, recyclable, and strong. These qualities enhance vehicle performance, making them more fuel-efficient, safer, easier to maintain, and environmentally friendly. This rise in aluminum use in vehicles, along with the increase in car production, is a significant factor pushing the global aluminum market forward.
The housing market faced a tough time during the economic crisis of 2008-09, especially in developed nations. However, recent economic growth has brought stability back to mature markets, with expectations of further improvement. As the housing market recovers, construction activities in mature regions are set to rise. This, in turn, is anticipated to drive up the demand for aluminum in the building and construction sector, contributing to the growth of the aluminum market.
Additionally, positive changes like rapid urbanization and a growing urban population in emerging nations like Asia-Pacific, the Middle East and Africa (MEA), and Eastern Europe are creating more opportunities for the aluminum market. Infrastructural developments in these regions further add to the growth potential. The global building and construction sector is predicted to experience steady growth due to favorable economic conditions. The regained economic stability in developed markets and the swift industrialization in emerging markets are significant contributors. Among emerging nations, India is expected to become the second-largest market for aluminum after China. This is attributed to its rapid urbanization and increased consumption of aluminum in various infrastructural projects. Collectively, these factors are likely to fuel the growth of the aluminum market.
In conclusion, the automotive industry's expansion and the increasing use of aluminum in various sectors, including transportation and construction, are driving the growth of the global aluminum market. The positive effects of lower crude oil prices, coupled with regained stability in housing markets and rapid urbanization in emerging nations, contribute to the overall prosperity of the aluminum industry. As aluminum continues to play a vital role in enhancing the performance of vehicles and supporting construction projects, its market is expected to thrive in the coming years.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Application, and Region |
Aluminium Metals Market Highlights:
Global Aluminium Metals Market Overview
Aluminium Metals Market Size was valued at USD 150 Billion in 2022. The Aluminium Metals industry is projected to grow from USD 175 Billion in 2023 to USD 250 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030).Due to its several qualities such as corrosion resistance, very high strength, immense flexibility, lightweight, good holder of thermal & electrical conductivity, and barrier properties, aluminium metals market share are playing a major role in the aluminium consumer demand from the vast aerospace sector which is reflecting an increase for the total duration of the forecast are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Aluminium Metals Market Trends
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Rising consumer spending to boost market growth
Rising consumer spending can potentially boost the aluminum metal market. This is because aluminum is used in a wide range of consumer products, including packaging, appliances, and electronics. When consumers have more money to spend, they may be more likely to purchase these products, which in turn could increase demand for aluminum.
Additionally, rising consumer spending can also stimulate economic growth, which can lead to increased demand for aluminum in other industries such as construction and transportation. As these industries grow and expand, they may require more aluminum for their operations, which could further boost demand for the metal. However, it's worth noting that consumer spending is just one of many factors that can influence the aluminum market. Other factors, such as economic conditions, changes in supply and demand, and shifts in industry trends, can also have a significant impact on the price and demand for aluminum. . Therefore, such factors related to Aluminium Metals have enhanced the Aluminium Metals market CAGR across the globe in recent years.
In 2024, Vedanta Aluminium, India's largest aluminium manufacturer, will debut Vedanta Metal Bazar—an innovative new e-superstore for primary aluminium that aims to alter the country's aluminium buying and selling practices. Vedanta Aluminium has mega-production (manufacturing) plants at Korba, Chhattisgarh, and Jharsuguda, Odisha. The superstore has over 750 product varieties, covering a wide spectrum of offerings, including AI-based pricing discovery in the face of variable commodity prices.
Aluminium Metals Market Segment Insights
Aluminium Metals Type Insights
The Aluminium Metals market segmentation, based on type, includes Primary Aluminium and Recycled Aluminium. The Recycled Aluminium segment held the majority share in 2022 of the Aluminium Metals market revenue. The recycled aluminum segment has been growing in popularity in recent years due to increasing environmental concerns and the desire to reduce waste. Recycled aluminum is often less expensive to produce than new aluminum, and it can also have lower carbon emissions, making it a more sustainable choice.
Aluminium Metals Application Insights
Based on application, the Aluminium Metals market segmentation includes Automotive & Transportation, Construction, Foil & Packaging, Electrical, Machinery & Equipment, Consumer Goods and others. The Automotive & Transportation segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The automotive and transportation industry has traditionally been a major consumer of aluminum due to its lightweight, strong, and corrosion-resistant properties. As the industry continues to evolve and shift towards more electric and autonomous vehicles, the demand for aluminum in this sector is likely to continue to grow. These all factors for Aluminium Metals positively impact the market growth.
Figure 2: Aluminium Metals Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Aluminium Metals Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region has traditionally been the largest market for aluminum, driven by strong demand from countries such as China, India, and Japan. These countries have significant industrial and construction sectors that require large quantities of aluminum for a variety of applications.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: ALUMINIUM METALS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Aluminium Metals market accounts for the third-largest market share, driven by industries such as transportation, construction, and packaging. Europe has a well-developed automotive industry, which is a major consumer of aluminum for the production of lightweight vehicles. Additionally, there is a growing trend towards sustainability and the use of recycled materials in Europe, which has also led to increased demand for recycled aluminum. Further, the Germany Aluminium Metals market held the largest market share, and the UK Aluminium Metals market was the fastest-growing market in the European region.
North America, Aluminium Metals market, is expected to grow at the fastest CAGR from 2023 to 2030. The demand for aluminum in North America is driven by industries such as automotive, construction, and packaging. The United States is the largest consumer of aluminum in North America, followed by Canada and Mexico. Moreover, the U.S. Aluminium Metals market held the largest market share, and the Canada Aluminium Metals market was the fastest-growing market in the North American region.
Aluminium Metals Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Aluminium Metals market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Aluminium Metals industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Aluminium Metals. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Aluminium Metals industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Aluminium Metals industry to benefit customers and expand the market sector. Major Aluminium Metals market players, including Alcoa Corporation, Rio Tinto, RUSAL, Norsk Hydro A.S.A., Dubai Aluminum Company Limited, Aluminum Bahrain B.S.C., Century Aluminum Company, Vedanta Ltd., China Aluminum Corporation, Sierra Aluminum, H.P., East Hope Group, Emirates Aluminum, and others, are attempting to increase market demand by funding R&D initiatives.
Alcoa Corporation is a Pittsburgh-based company that produces and sells bauxite, alumina, and aluminum products worldwide. The company has a diverse portfolio of products and services that cater to various industries, including aerospace, automotive, construction, packaging, and consumer goods. The company has a strong commitment to sustainability, and its products and processes are designed to minimize environmental impact.
Rio Tinto is a mining and metals company. The company produces and sells a range of metals and minerals, including aluminum, copper, diamonds, gold, and iron ore. Rio Tinto's aluminum business operates throughout the entire value chain, from mining bauxite to producing alumina and smelting aluminum. The company's aluminum products are used in a wide range of industries, including transportation, construction, and packaging.
Key Companies in the Aluminium Metals market includes
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RUSAL
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Norsk Hydro A.S.A.
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Dubai Aluminum Company Limited
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Aluminum Bahrain B.S.C.
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Century Aluminum Company
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China Aluminum Corporation
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Sierra Aluminum
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H.P
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East Hope Group
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Emirates Aluminum among others
Aluminium Metals Industry Developments
February 2022:Â Sierra Aluminum announced the expansion of its anodizing, painting, and extrusion capacity by adding a greenfield unit in Mexicali, Mexico, and investments in its California facilities.
January 2022: Romanian aluminum developer, Alro announced that it aims to resume electrolytic aluminum production by 2023.
July 5, 2023:Â Alcoa, the world's largest aluminum producer, announced that it would be cutting production at some of its smelters due to high energy costs. This is expected to further reduce the global supply of aluminum and put upward pressure on prices.
Aluminium Metals Market Segmentation
Aluminium Metals Type Outlook
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Primary Aluminium
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Recycled Aluminium
Aluminium Metals Application Outlook
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Automotive & Transportation
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Construction
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Foil & Packaging
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Electrical
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Machinery & Equipment
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Consumer Goods
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Others
Aluminium Metals Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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