Consumer Durables News

Aluminum Market Will be Worth $223.4B by 2030


NEW YORK, Dec. 08, 2022 (GLOBE NEWSWIRE) — A new report on the global aluminum market has just been published by the market intelligence platform IndexBox. Here are some of the most interesting highlights.

Aluminum Market Size

The global aluminum market is estimated to be valued at $150.3 billion in 2021 and is projected to reach $223.4 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.

Aluminum is a silvery-white, soft, nonmagnetic, ductile metal. It is the most widely used nonferrous metal. Pure aluminum is silvery and lacks strength, but it can be strengthened by the addition of appropriate alloying elements. Aluminum alloys are light in weight, exhibit high corrosion resistance, and are easy to machine and cast. They are widely used in transportation, packaging, consumer durables, construction, and other applications.

Aluminum is a versatile metal with a wide range of applications, and this is fuelling its growing popularity. The automotive industry is a major consumer of aluminum, as the metal is used in car bodies, wheels and other components. The construction sector is also increasingly using aluminum for windows, doors and other building materials.

Demand for aluminum is being supported by strong economic growth in key markets such as China and India. These countries are home to large populations and burgeoning middle classes, which are driving demand for cars and housing.

The aluminum market is driven by the increase in demand from the construction industry. The use of aluminum in the construction industry is increasing due to its light weight and high strength. Aluminum is also used in the transportation industry for making vehicles lighter and more fuel efficient. The packaging industry is also using aluminum for making cans and bottles.

The aluminum market is also benefiting from the shift away from steel in some applications. Steel has traditionally been the preferred material for many industries, but aluminum is increasingly being seen as a viable alternative due to its lighter weight and superior corrosion resistance.

Aluminum Market Segmentation

The global aluminum market is segmented into four major categories: primary aluminum, flat-rolled products, extrusions, and foundry alloys.

Primary aluminum is further segmented into alumina and bauxite. Alumina is the key input for primary aluminum production. It is a white granular material produced by the refining of bauxite. Bauxite is a naturally occurring reddish-brown claylike hydrated alumina oxide mineral found in large quantities in tropical areas.

Flat-rolled products are further divided into foil and rolled products. Foil products are used in packaging, while rolled products are used in construction and transportation applications. Extrusions are used in a variety of applications such as windows, doors, and framing. Foundry alloys are used to make engine blocks and other parts for the automotive industry.

Aluminum Price

Aluminum is a key component in many industries, and its price fluctuates daily based on a number of factors. The global aluminum market outlook is positive, with demand expected to continue to grow.

However, there are a few potential challenges that could impact the future of aluminum production. These include:

-The growing use of substitutes such as plastic and composite materials

-Increased production costs due to the need for specialized equipment and skilled labor

-Environmental concerns over the impact of aluminum mining and smelting operations

Despite these challenges, aluminum is still an essential material in many industries and its demand is expected to continue to grow.

Aluminum Producing Countries

The top aluminum producing countries are China, Russia, and India. Combined, they account for over 60% of the world’s aluminum production.

China is the world’s leading aluminum producer, accounting for almost 52% of global production. Most of China’s aluminum is produced in the province of Henan. Russia is the second largest aluminum producer, with a production share of around 7%. India is the third largest aluminum producer, with a production share of around 5%.

Aluminum Market Drivers

There are several key drivers for the global aluminum market. First, aluminum is a versatile metal that is used in a variety of industries, from construction to transportation. Second, aluminum is relatively lightweight and strong, making it an ideal material for use in a variety of applications. Third, aluminum is recyclable, which reduces waste and helps to conserve resources.

The global aluminum market is expected to continue to grow in the coming years due to these key drivers. Increasing demand from emerging markets, such as China and India, is expected to drive growth in the aluminum market. Additionally, the growing popularity of electric vehicles is expected to boost demand for aluminum as well, since electric vehicles require significantly more aluminum than traditional gasoline-powered vehicles.

Aluminum Market Challenges

The global aluminum market is facing a number of challenges at present. Firstly, demand from key markets such as construction and transportation is weakening. This is particularly evident in China, which is the world’s largest aluminum market. Secondly, prices for alumina (the raw material used to produce aluminum) have risen sharply in recent months, putting pressure on margins. Thirdly, environmental regulations are becoming stricter, meaning that producers must invest in clean production technologies to remain competitive.

Given these challenges, it is perhaps not surprising that the global aluminum market is forecast to grow only modestly in the coming years. However, there are some bright spots on the horizon. For example, demand from the packaging sector is expected to remain strong, while new applications for aluminum continue to be developed. In addition, many countries are now introducing policies to promote the use of aluminum in an effort to reduce greenhouse gas emissions.

About IndexBox

IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.

Companies Mentioned in the Report

Alcoa Inc., China Hongqiao Group Limited, United Company RUSAL Plc, Hydro Aluminium ASA, Rio Tinto plc.

Sources

World – Aluminum – Market Analysis, Forecast, Size, Trends and Insights

EU – Aluminum – Market Analysis, Forecast, Size, Trends and Insights

Asia – Aluminum – Market Analysis, Forecast, Size, Trends and Insights

U.S. – Aluminum – Market Analysis, Forecast, Size, Trends and Insights

        



Source link