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Market Overview:
The aluminum market volume is forecast to reach 120 million tons by 2030 after growing at a CAGR of 4.2% during 2024-2030. Aluminum, a versatile non-ferrous metal, finds widespread application across diverse industries owing to its lightweight properties, corrosion resistance, and excellent conductivity. In sectors such as automotive, aerospace, packaging, and construction, aluminum plays a pivotal role, offering solutions for lightweight and durable components. The automotive industry, in particular, is witnessing a surge in aluminum usage as manufacturers seek to enhance fuel efficiency and reduce vehicle weight. Additionally, the construction sector benefits from aluminum's corrosion resistance, making it a preferred choice for architectural structures.
The demand for recycled aluminum is on the rise as industries prioritize eco-friendly practices and circular economy principles. Government initiatives promoting recycling and stringent environmental regulations further reinforce the growing trend of sustainable aluminum production, leading to a positive outlook for the aluminum industry during the forecast period.
Market Snapshot
Report Coverage
The report: “Aluminum Market – Forecast (2024 - 2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the global adsorbents industry.
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: North America (U.S, Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Denmark, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East and Africa)
Aluminum Market Segment Analysis – By End Use Industry
The transportation segment is estimated to grow at a CAGR of 4.3% during 2024-2030. Since aluminum is a lightweight and fuel-efficient metal, it is used in the body of cars. Aluminum used in automobile vehicles can be easily recycled. More than half a million tons of automotive aluminum is recycled, and this recycling saves 21 barrels of oil energy that would have been consumed in producing fresh aluminum, according to findings by The Aluminum Association. Fuel-economy regulations worldwide will also enhance application of aluminum in the automotive industry. Additionally, expected increase in the production of electric vehicles, semi-autonomous and autonomous vehicles, and self-driving cars and trucks will further boost the demand for aluminum.
Aluminum Market Segment Analysis – By Geography
The Asia-Pacific region is estimate to occupy the largest market share of 42% in the aluminum market in 2023. Key industries like electronics, construction, and aerospace are experiencing robust growth in the region. 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. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), China was the largest market for vehicle production. 27.021 million motor vehicles were manufactured in the country in 2022, whereas sales figures reached 26.864 million units during the same period. Production and sales grew by 3.4% and 2.1% year-on-year, respectively. Thus, growing demand from end use industries will boost the aluminum market in the region.
Aluminum Market Growth Drivers:
Growing Consumer Electronics Sector
Global electronics manufacturers use aluminium to replace steel and plastic. Aluminium is stronger and more reliable than plastic, it's lighter than steel, it can absorb and dissipate heat that is inevitably generated by running electronic devices. Apple, the world’s leading manufacturer of smartphones and tablet PCs, widely uses aluminium in their products and is increasing its use. For instance, Apple created an aluminum alloy made of 100% certified recycled aluminum used for the enclosure of the 13-inch Macbook Air. The Sony PlayStation gaming console uses aluminum in the heatsink. The latest version in the PlayStation lineup is the PlayStation 5 which has been hugely popular and has sold 32 million units as of January 2023, according to the company.
Growth of the Construction Industry
Construction industry happens to be a lucrative avenue for the aluminum market since aluminum is the second most used metal in the industry. According to the National Bureau of Statistics, China’s construction output is estimated to be worth approximately US$4.9 trillion in 2022, up by 3.8% over 2021. China plans to invest US$1.43 trillion in key construction projects as part of its 14th five-year plan. As per the National Development and Reform Commission (NDRC), the Shanghai plans calls for a total investment of US$38.7 billion over the next three years. The future foresees rapid infrastructure development in order to fulfill the sustainable development goals (SDGs) of the United Nations (UN). Germany has invested in several large-scale infrastructure projects. For instance, a $3.76 billion rail project connecting Hamburg to Copenhagen in Denmark through the Fehmarnbelt Link and the SuedLink power transmission line at a cost of $10.2 billion which is expected to be completed in 2028. Increasing construction activities worldwide will offer increasing opportunities to vendors in the aluminum market.
Aluminum Market Challenges
Environmental Concerns Pertaining to Aluminum Production
According to the International Energy Agency, alumina refining and aluminum smelting are responsible for over 90% of aluminum production’s direct CO2 emissions, the rest being from recycled production, anode production, and casting. Specifically, the electrolysis stage of molten salt is energy-intensive. Energy cost constitutes approximately 40% of the price in primary aluminum production. Aluminum production is a significant producer of global perfluorocarbon (PFC) emissions, which are highly potent greenhouse gasses known for their long-lasting presence in the atmosphere, according to the EPA. Additionally, aluminum production contributes to freshwater ecotoxicity. When nutrient-rich runoff from aluminum production reaches water bodies, excessive algae growth blossoms which disrupts ecosystems.
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Aluminum Market Key Players
The top 10 players 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
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1. Aluminum Market - Overview
1.1 Definitions and Scope
2. Aluminum Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Aluminum Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 10 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 10 companies
3.1.4 Patent Analysis - Top 10 companies
3.1.5 Pricing Analysis
4. Aluminum Market - Startup companies Scenario Premium
4.1 Top 10 startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Aluminum Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 10 companies
6. Aluminum Market Forces
6.1 Drivers
6.2 Constraints
6.3 Challenges
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Aluminum Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Aluminium Market - By Product Type (Market Size -$Million / $Billion)
8.1 Billet
8.2 Ingot
8.3 Aluminum Profiles
9. Aluminium Market - By Type (Market Size -$Million / $Billion)
10. Aluminium - By End-User Industry Type (Market Size -$Million / $Billion)
10.1 Transportation
10.2 Construction
10.3 Electrical and Consumer Durables
10.5 Machinery and Equipment
10.6 Other End-User Industries
11. Aluminium- By Geography (Market Size -$Million / $Billion)
11.1 Aluminium Market - North America Segment Research
11.2 North America Market Research (Million / $Billion)
11.2.1 Segment type Size and Market Size Analysis
11.2.2 Revenue and Trends
11.2.3 Application Revenue and Trends by type of Application
11.2.4 Company Revenue and Product Analysis
11.2.5 North America Product type and Application Market Size
11.2.5.1 U.S
11.2.5.2 Canada
11.2.5.3 Mexico
11.2.5.4 Rest of North America
11.3 Aluminium- South America Segment Research
11.4 South America Market Research (Market Size -$Million / $Billion)
11.4.1 Segment type Size and Market Size Analysis
11.4.2 Revenue and Trends
11.4.3 Application Revenue and Trends by type of Application
11.4.4 Company Revenue and Product Analysis
11.4.5 South America Product type and Application Market Size
11.4.5.1 Brazil
11.4.5.2 Venezuela
11.4.5.3 Argentina
11.4.5.4 Ecuador
11.4.5.5 Peru
11.4.5.6 Colombia
11.4.5.7 Costa Rica
11.4.5.8 Rest of South America
11.5 Aluminium- Europe Segment Research
11.6 Europe Market Research (Market Size -$Million / $Billion)
11.6.1 Segment type Size and Market Size Analysis
11.6.2 Revenue and Trends
11.6.3 Application Revenue and Trends by type of Application
11.6.4 Company Revenue and Product Analysis
11.6.5 Europe Segment Product type and Application Market Size
11.6.5.1 U.K
11.6.5.2 Germany
11.6.5.3 Italy
11.6.5.4 France
11.6.5.5 Netherlands
11.6.5.6 Belgium
11.6.5.7 Denmark
11.6.5.8 Spain
11.6.5.9 Rest of Europe
11.7 Aluminium - APAC Segment Research
11.8 APAC Market Research (Market Size -$Million / $Billion)
11.8.1 Segment type Size and Market Size Analysis
11.8.2 Revenue and Trends
11.8.3 Application Revenue and Trends by type of Application
11.8.4 Company Revenue and Product Analysis
11.8.5 APAC Segment - Product type and Application Market Size
11.8.5.1 China
11.8.5.2 Australia
11.8.5.3 Japan
11.8.5.4 South Korea
11.8.5.5 India
11.8.5.6 Taiwan
11.8.5.7 Malaysia
11.8.5.8 Hong Kong
11.8.5.9 Rest of APAC
11.9 Aluminium - Middle East Segment and Africa Segment Research
11.10 Middle East & Africa Market Research (Market Size -$Million / $Billion)
11.10.1 Segment type Size and Market Size Analysis
11.10.2 Revenue and Trend Analysis
11.10.3 Application Revenue and Trends by type of Application
11.10.4 Company Revenue and Product Analysis
11.10.5 Middle East Segment Product type and Application Market Size
11.10.5.1 Israel
11.10.5.2 Saudi Arabia
11.10.5.3 UAE
11.10.6 Africa Segment Analysis
11.10.6.1 South Africa
11.10.6.2 Rest of Middle East & Africa
12. Aluminum Market - Entropy
12.1 New product launches
12.2 M&A s, collaborations, JVs and partnerships
13. Aluminum Market - Industry / Segment Competition landscape Premium
13.1 Market Share Analysis
13.1.1 Market Share by Country- Top companies
13.1.2 Market Share by Region- Top 10 companies
13.1.3 Market Share by type of Application - Top 10 companies
13.1.4 Market Share by type of Product / Product category- Top 10 companies
13.1.5 Market Share at global level - Top 10 companies
13.1.6 Best Practises for companies
14. Aluminum Market - Key Company List by Country Premium
15. Aluminium Market Company Analysis
15.1 Alcoa Corporation
15.2 Rio Tinto Alcan
15.3 CHALCO (Aluminum Corporation of China Limited)
15.4 RUSAL
15.5 Emirates Global Aluminum
15.6 Hongqiao Group Limited
15.7 Norsk Hydro ASA
15.8 Shandong Xinfa Aluminum Group Co. Ltd.
15.9 East Hope Group Company Limited
15.10 BHP Group