Aluminum Market is to Touch $120 Million by 2030; Expanding Consumer Electronics Market and Expansion of the Construction Industry are fueling the propels market growth.

The Aluminum Market size is estimated to reach $120 Million  by 2030, growing at a CAGR of 4.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Aluminum Market – By Product Type (Billet, Ingot, Aluminum Profiles, Fitting and Others), By Processing ( Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder and Rod & Bar), By End-Use Industry (Transportation, Construction, Electrical and Consumer Durables, Foils and Packaging, Machinery and Equipment and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” ; Expanding Consumer Electronics Market and Expansion of the Construction Industry are fueling the growth of the Aluminum industry during the forecast period.

The Asia-Pacific region is projected to hold the largest market share of 42% in the aluminum market in 2023. Key industries such as electronics, construction, and aerospace are experiencing significant growth in the region. The Japanese construction industry is expected to flourish as Osaka, Japan, will host the World Expo in 2025. This six-month event is anticipated to attract around 30 million visitors and generate $15 billion in revenue. In December 2023, the government announced that developing infrastructure, such as access to venues for the 2025 Expo, will cost $5.8 billion. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), China was the largest market for vehicle production, manufacturing 27.021 million motor vehicles in 2022, with sales reaching 26.864 million units during the same period. Production and sales grew by 3.4% and 2.1% year-on-year, respectively. Consequently, the growing demand from end-use industries will boost the aluminum market in the region.

Global electronics manufacturers are increasingly using aluminum to replace steel and plastic. Aluminum offers several advantages: it is stronger and more reliable than plastic, lighter than steel, and can effectively absorb and dissipate heat generated by electronic devices. Apple, a leading manufacturer of smartphones and tablet PCs, extensively uses aluminum in its products and is expanding its use. For example, Apple has developed an aluminum alloy made of 100% certified recycled aluminum for the enclosure of the 13-inch MacBook Air. Additionally, the Sony PlayStation gaming console utilizes aluminum in its heatsink. The latest version in the PlayStation lineup, the PlayStation 5, has been hugely popular, selling 32 million units as of January 2023.

The construction industry is a significant market for aluminium, being the second most-used metal in the sector. According to the National Bureau of Statistics, China’s construction output was valued at approximately US$4.9 trillion in 2022, marking a 3.8% increase over 2021. As part of its 14th Five-Year Plan, China plans to invest US$1.43 trillion in key construction projects. The National Development and Reform Commission (NDRC) outlines that Shanghai's plan involves a total investment of US$38.7 billion over the next three years. The future anticipates rapid infrastructure development to meet the United Nations' Sustainable Development Goals (SDGs). Germany has also invested in several large-scale infrastructure projects, such as the $3.76 billion rail project connecting Hamburg to Copenhagen in Denmark via the Fehmarnbelt Link, and the SuedLink power transmission line, costing $10.2 billion.

Key companies profiled in the Aluminum Market are Alcoa Corporation, Rio Tinto Alcan, CHALCO (Aluminum Corporation of China Limited), RUSAL, Emirates Global Aluminum, Hongqiao Group Limited, Norsk Hydro ASA, Shandong Xinfa Aluminum Group Co. Ltd., East Hope Group Company Limited, BHP Group others.