Fairfield Market Research, a leading market research company, has released a comprehensive report on the global aluminum market, highlighting its positive outlook and potential for significant growth. The report indicates that the global aluminum market was valued at US$ 245.7 billion in 2021 and is projected to reach US$ 498.5 billion by the end of 2030, Exhibiting a healthy (CAGR) of 5.8% between 2022 and 2030. The market is expected to witness a two-fold expansion by 2030.
Aluminum, one of the most ubiquitous commodity metals in modern society, is a strategic resource with a profound impact on various industries, including the national economy, transport, energy, and defense sectors. The metal's exceptional properties, such as its lightweight nature, excellent strength-to-weight ratio, corrosion resistance, high reflectivity, and excellent heat and electricity conductivity, have led to its increased adoption as an alternative to other metals like zinc, copper, and steel across industries. Additionally, aluminum offers design freedom and flexibility, allowing for the creation of infinite new shapes, further driving its extensive application base.
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The report highlights that around three-fourths of the aluminum ever produced are still in use today, thanks to its indefinite recyclability and durability. In 2021, secondary aluminum accounted for a 29% share in the global aluminum market in terms of volume. Secondary aluminum offers numerous advantages over primary aluminum, including lower production costs, reduced energy consumption, and greater sustainability. It finds applications in various sectors, including construction materials, transportation, transmission lines, packaging foils and cans, kitchen utensils and containers, and paints.
Rolled and extruded aluminum products dominate the global aluminum market, accounting for over 60% of the total market share in 2021. Rolled products are extensively used in industries such as aerospace, automotive, electrical, consumer goods, and packaging, playing a crucial role in addressing major challenges in the automotive industry, particularly in terms of lightweighting, CO2 emissions reduction, and fuel efficiency. Extruded aluminum products, on the other hand, have witnessed growing demand in construction, electrical, automotive, transport, and consumer goods sectors due to their excellent strength, durability, and flexibility. The report projects that extruded aluminum will be the fastest-growing product segment in the global aluminum market, with a CAGR of 4.7% between 2022 and 2028, driven by strong growth in the construction, automotive, and transportation sectors.
With the projected production of more than 30 million electric vehicles worldwide by the end of 2030, aluminum is poised to play a vital role in meeting the lightweighting requirements and sustainability goals of the automotive industry. Aluminum's cost-competitiveness, availability, and favorable properties make it an attractive choice over alternatives like carbon composites and titanium, offering enhanced performance, safety, durability, and environmental benefits.
Construction, automotive, and packaging industries are identified as key drivers of aluminum demand in the Asia Pacific region, which accounted for over 65% of the global aluminum market in value terms in 2021. China, the largest producer and consumer of primary aluminum globally, witnessed strong demand from the automotive and aerospace sectors, supported by well-regulated carbon emissions standards. India is expected to exhibit exceptional market growth, with the aluminum market anticipated to experience a 2.2x volume growth by 2030, driven by robust demand from the construction and transportation sectors and government support for lightweight and energy-efficient materials.
Europe is focusing on aluminum as a potential solution to achieve climate-neutral and circular economy goals. The region has a significant demand for recycled aluminum across industries such as automotive, aerospace, electronics, and packaging, making Europe's aluminum industry cost-competitive and energy-efficient.
Competition in the global aluminum market is characterized by inorganic growth and strategic investments. Leading companies such as Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., Rusal, Norsk Hydro ASA, Alcoa Corporation, and Rio Tinto Plc are focusing on new product launches with a low carbon footprint, recycling, and sustainability to gain a competitive edge. Strategic acquisitions and expansions, such as the acquisition of Aleris Corporation by Novelis, a subsidiary of Hindalco Industries, have further strengthened the market position of key players in the aluminum industry.
For more information on the global aluminum market and detailed insights, refer to the comprehensive report released by Fairfield Market Research.
About Fairfield Market Research: Fairfield Market Research is a leading market research firm that provides in-depth analysis and insights into various industries. With a team of experienced analysts and researchers, Fairfield Market Research delivers accurate market intelligence and assists clients in making informed business decisions. Their reports cover a wide range of sectors, including automotive, chemicals, healthcare, technology, and more.
