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Market Overview:
The Aluminum Market size is estimated to reach $120 Million Tons by 2030, growing at a CAGR of 4.2% during the forecast period 2024-2030, 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, Rod & Bar), By End-Use Industry (Transportation, Construction, Electrical and Consumer Durables, Foils and Packaging, Machinery & Equipment, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Growing demand in the transportation sector and Expansion in packaging industry are expected to create growth opportunities in the market during forecast period.
APAC Dominated the Market in 2023:
APAC accounted for the largest share of 42% of the Aluminum Market in 2023 followed by North America and Europe. The Japanese construction industry is expected to boom as the World Expo will be hosted in Osaka, Japan in 2025. The six-month event is estimated to attract some 30 million people and generate $15 billion in revenue. In December 2023, the government announced that the overall costs to develop infrastructure, such as access to venues, for the 2025 Expo will amount to $5.8 billion. Key industries like electronics, construction, and aerospace are experiencing robust growth in the region.
Aluminum Market: Key Takeaways
Sustainability and Recycling:
Aluminum is a highly recyclable material, and using recycled aluminum significantly reduces energy consumption—up to 95% less than producing primary aluminum from bauxite. Industries across the globe, especially in Europe and North America, are increasingly adopting circular economy practices, boosting the demand for recycled aluminum. With rising environmental awareness and regulatory pressures, companies are investing in greener production processes, including using renewable energy sources in smelting. This aligns with global sustainability goals and aims to reduce the carbon footprint of aluminum production while also lowering overall costs.
Lightweighting in Automotive and Aerospace Industries:
The automotive and aerospace industries are increasingly turning to aluminum for lightweighting purposes. As global regulations tighten on fuel efficiency and emissions, manufacturers are seeking lighter materials to enhance vehicle and aircraft performance. Aluminum’s high strength-to-weight ratio makes it an ideal material for reducing the weight of cars, airplanes, and other transportation vehicles, leading to improved fuel efficiency and lower emissions. This is particularly prominent as electric vehicles (EVs) become more mainstream, where the use of aluminum components can extend battery range and reduce overall vehicle weight, further driving the demand for aluminum in these industries.
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Scope of the Report:
Recent Developments:
- In August 2024, Alcoa Corporation announced of its acquisition of Alumina Limited. This strategic move positions Alcoa to further strengthen its market leadership as a pure play, upstream aluminum company.
- In June 2024, Rio Tinto to install carbon free aluminium smelting cells at its Arvida smelter in Québec, Canada, using the first technology license issued by the ELYSIS joint venture. This investment will support the ongoing development of the breakthrough ELYSISTM technology and allow Rio Tinto to build expertise in its installation and operation.
- In March 2024, RUSAL introduced next generation of one of the most in-demand products, MaxiFlow Billets 2.0. This innovation will enable RUSAL's customers to significantly increase extrusion speed and overall production efficiency.
Aluminum Market: Competitive Landscape
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, and Others.
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