Pune, India, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The Global Aluminum Market Size is estimated to reach USD 193.6 billion in 2021 and is expected to grow at a CAGR of 5.8% during the forecast period. The growth of the aluminum market is driven by the development of transportation industry and technological advancements. Furthermore, increase in the usage of aluminum in packaging industry and cost-effective products along with superior processing technologies are expected to drive the demand of aluminum market during the forecast period.
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In addition, aluminum extruded products are extensively used in construction, automotive, electrical & electronics, and transportation & logistics. With numerous construction activities under shutdown this industry is experiencing slowdown in demand to a great extent. In main aluminum producing nations such as India, the producers are facing great challenge in terms of export.
Furthermore, increased competition from alternatives, as well as fluctuations in the pricing of raw materials such as alumina, are some of the reasons limiting the growth of the aluminum industry.
The entire method of bauxite mining for aluminum production cause high level of pollution. To minimize the impact on global environment, aluminum regulatory bodies and government have initiated the recycling program. China and India are one of the key developing economies, which are focusing on secondary or recycling aluminum.
The increase in demand for aluminum based automotive components, can endure corrosion and high heat and are cost-effective models, which is driving the growth of the aluminum industry. The surging automobile production levels and sales are anticipated to amplify, which, in turn, is projected to propel the demand of aluminum products during the forecast period.
Global Aluminum Market, by Types
Based on types, the market is divided into pure or primary, secondary, and aluminum alloy. Among these segments, primary aluminum captured the largest market share in the global aluminum market in 2021. The secondary aluminum is anticipated to remain the fastest growing segment during the forecast period due to increased use of scraped and recycled aluminum in manufacturing, resulting in significant economic and environmental gains for both industry and consumers.
Global Aluminum Market, by Processing Type
Based on processing market is categorized into extrusions, forgings, pigments and powder, rod and bar, and others. Among these segments, the extrusions captured the largest market share in the global aluminum market in 2021 and are anticipated to remain largest till the forecast period. An increase in continuous demand for lightweight, electric vehicles, and durable extruded products in various industries are anticipated to drive the global aluminum market growth extrusion during the forecasted period.
Global Aluminum Market, by Application
Based on application type, the market is divided into plates, ingots, sheets and foils, cables and wires, siding, roofing, tinfoil, insulation, and others. Among these segments, the ingots captured the largest market share in the global aluminum market in 2021 and are anticipated to remain largest till the forecast period. Due to rapid globalization around the globe, which is ultimately causing an increase in construction activities with the wide application of aluminum ingots in building and construction activities, the ingots segment is experiencing rapid growth.
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Global Aluminum Market, by End Users
Based on end users type market is segmented into oil and gas, transportation, construction, aerospace, electrical, packaging and others. Among these segments, the transportation industry captured the largest market share in the global aluminum market in 2021 and it is anticipated to remain largest till the forecast period.
The growing demand for light-weight aluminum in automotive and high strength aluminum alloys for aerospace industry are expected to boost the aluminum market demand in coming decade. Moreover, EV’s are the future of transportation industry, where aluminum is expected to drive the market growth during the assessment period.
Global Aluminum Market, by Region
Based on region, the market is segmented into Asia Pacific, North America, Europe, the Middle East and Africa, and South America. Among these segments, Asia Pacific captured the largest market share in the global aluminum market in 2021 and is anticipated to remain largest till the forecast period. The growth is attributed to the its adoption in packaging, transportation, and building & construction industry.
Recent Key Developments in the Global Aluminum Market
- December 2020 - Rio Tinto have invested USD 8.4 million to increase the recycling capacity of aluminum in Canada. The initial capacity of recycling 22,000 metric tons will cater the demand of rolled aluminum products and meet the need of low carbon emission sustainable product development in the North America. The recycling system was expected to be operation by the end of 2021.
COVID-19 Impact on Global Aluminum Market
The QMI team has closely monitored the impact of COVID-19 on the global aluminum market and has observed the heavy impact of COVID-19 outbreak. On the other hand, the key aluminum extruded products producers are taking some safety processes to safeguard their awareness during the COVID-19. It comprises daily observing of demand forecasting procedures on part of the producers for slackening demand among downstream steel extruded product clients. Identification of “non-essential” industries in each country to progress the demand forecast from key end-users.
Some Key Findings of the Global Aluminum Market
- The analysis includes a global aluminum market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global aluminum market comprises segment by product, application, and regions with an analysis of trend-based insights and factors.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global aluminum market.
- The research also helps understand the dynamics of the global aluminum structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of COVID-19 pandemic on global aluminum market.
- In this report, the major companies studied are Chalco, Hongqiao, Rusal,Xinfa, Rio Tinto Alcan, Alcoa, Emirates Global Aluminum, Norsk Hydro, East Hope Group Company Limited, China Power Investment Corp. (CPI)
Browse key industry insights from the report, “Aluminium Market, By Type (Pure Aluminum and Aluminum Alloy), By Product (Plates, Ingots, Sheets & Foils, and Cables & Wires), By End-user (Transportation, Construction, Electrical, and Foils and Packaging), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)- Global Market Size & Forecasting to 2030” in-depth analysis along with the table of contents (ToC).
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