Aluminum Market Is Estimated to Reach $246.6 Billion by 2024

The Report “Aluminum Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2019 - 2024,” published by IndustryARC, estimates the global aluminum market to reach $246.6 billion by 2024.

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According to a recent study by IndustryARC, the Aluminum market is forecast to reach $246.6 billion by 2024, growing at a CAGR of 6.2%. The growth of the Aluminum market can be attributed to the growing demand from the construction industry. The rapid industrialization and rising urbanization have led to the increased construction of commercial and residential buildings, thus leading to the high demand for aluminum and aluminum alloys. 

The market for Aluminum is all set to exhibit robust growth as demand for aluminum across the globe is projected to increase at 5.8% per year. Another key factor that contributes to the growth of the aluminum market is the increased demand from the automotive sector. Aluminum remains the fastest growing automotive material over competing materials and is entering its most unprecedented growth phase because of the industry’s shift towards light automotive materials. The increase in demand for light-weight and fuel-efficient vehicles is expected to boost the demand for aluminum in the near future.

The major factor for the growth of the aluminum market in the Asia-Pacific region is the booming construction sector.  Moreover, the economic development and rising purchasing power in the emerging economies such as India, China, Indonesia, Malaysia, and others of the region are leading to a substantial demand for automobiles. The growth in demand for automobiles has led to increasing in fuel consumption, which has further led to a surge in fuel prices. To address this issue, the automotive industry has started using aluminum alloys to reduce the weight of automobiles substantially without compromising on the strength and weight carrying capacity of the vehicles. 

Aluminum manufacturers have laid their focus on mergers and acquisitions as well as product launches to augment entry into related markets and enhance their core competencies and product portfolio as well as gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.