The aluminum market is experiencing significant growth driven by
the expansion of the transport sector and a surge in demand from
the construction industry. The transport sector's shift toward
lightweight, fuel-efficient vehicles and aircraft, which require
substantial amounts of aluminum due to its high strength-to-weight
ratio, is a key factor.
WILMINGTON, Del., July 3, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Aluminum
Market by Series (Series 1, Series 2, Series 3, Series
4, Series 5, Series 6, Series 7, Series 8), by Processing Method
(Flat Rolled, Castings, Extrusions, Forgings, Pigments and Powder,
Rod and Bar), by End-Use Industry (Transportation, Building and
Construction, Electrical Engineering, Consumer Goods, Foil and
Packaging, Machinery and Equipment, Others): Global Opportunity
Analysis and Industry Forecast, 2024-2033". According to the
report, the "aluminum market" was valued at $162 billion in 2023, and is estimated to reach
$285.4 billion by 2033, growing at a
CAGR of 5.9% from 2024 to 2033.
Prime determinants of aluminum market growth
The global aluminum market is experiencing growth due to several
factors such as expansion of the transport sector and surge in
demand from the construction industry. However, growth in
competition from substitutes hinders market growth to some extent.
Moreover, the technological advancements in the aluminum industry
presents additional opportunities for aluminum. Innovations in
manufacturing processes are driving efficiency and sustainability
in aluminum production. Advanced smelting technologies, such as
inert anode technology and electrolytic cells with higher energy
efficiency, are reducing energy consumption and emissions during
aluminum extraction. In addition, recycling technologies are
becoming increasingly sophisticated, allowing for the recovery of
high-quality aluminum from scrap with minimal loss of properties.
This emphasis on sustainability aligns with global initiatives to
reduce carbon footprint and promote circular economies.
Download Sample Pages of Research Overview:
https://www.alliedmarketresearch.com/request-sample/2067
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size In
2023
|
$162 Billion
|
Market Size In
2033
|
$285.4
Billion
|
CAGR
|
5.9 %
|
No. Of Pages In
Report
|
484
|
Segments
Covered
|
Series, Processing
Method, End-Use Industry, And Region.
|
Regional
Scope
|
North America, Europe,
Asia-Pacific, Middle East And Africa, And Latin America
|
Drivers
|
Expansion Of The
Transport Sector
Surge In Demand From
The Construction Industry
|
Opportunity
|
Technological
Advancements In Aluminum Industry
|
Restraint
|
Growth In Competition
From Substitutes
|
Series 1 segment to maintain its dominance by 2033
By series, the series 1 segment held the highest market share in
2023, accounting for less than one-fourth of the global aluminum
market revenue and is estimated to maintain its leadership status
throughout the forecast period. The lightweight nature of series 1
aluminum makes it an ideal choice for industries focused on weight
reduction and energy efficiency. For instance, the use of series 1
aluminum in automotive bodies, aircraft fuselages, and lightweight
structures helps reduce fuel consumption and carbon emissions
without compromising strength or safety. This property also extends
its appeal to the packaging industry, where lightweight, recyclable
aluminum cans are preferred for beverages and food products,
contributing to sustainability efforts.
Procure Complete Report (266 Pages PDF with Insights, Charts,
Tables, and Figures) @
https://www.alliedmarketresearch.com/checkout-final/aluminium-market
Castings segment is expected to lead the trail by
2033
Based on the processing method, the castings segment held the
highest market share in 2023, accounting for less than one-third of
the global aluminum market revenue and is estimated to dominate
during the forecast period. Casting offers cost-effectiveness,
especially for high-volume production runs. The initial tooling
cost is higher compared to other manufacturing methods, but once
the molds are created, the per-unit cost decreases significantly.
This cost efficiency is particularly advantageous for industries
requiring large quantities of components, such as automotive
manufacturers producing engine blocks or transmission housings.
Transportation segment is expected to maintain its dominance
by 2033
By end-use industry, the transportation segment held the highest
market share in 2023, accounting for more than one-fourth of the
global aluminum market revenue and is estimated to maintain its
leadership status throughout the forecast period. The growing
consumer demand for electric and hybrid vehicles amplifies the
importance of aluminum in transportation. With electric vehicles
(EVs) gaining traction as a sustainable alternative to traditional
internal combustion engine vehicles, the need to maximize driving
range and battery efficiency becomes important. Aluminum's
lightweight properties help offset the weight of bulky battery
systems, extending the range of EVs and enhancing overall
performance. In addition, aluminum's inherent recyclability aligns
with the eco-consciousness of the electric vehicle market,
supporting the industry's sustainability objectives.
Asia-Pacific is expected to
grow faster throughout the forecast period
Based on region, Asia-Pacific
is the fastest growing region in terms of revenue in 2023
representing 6.1% of the CAGR. The automotive sector in
Asia-Pacific is experiencing a
notable shift towards lightweight materials to meet stringent fuel
efficiency and emission standards. Aluminum's use in vehicle
bodies, engine components, and structural parts is increasing as
automakers seek to reduce vehicle weight without compromising
safety or performance. This trend is particularly seen in countries
such as China and India, where rising incomes and expanding
middle-class populations are driving robust growth in automobile
sales.
Want to Access the Statistical Data and Graphs, Key Players'
Strategies:
https://www.alliedmarketresearch.com/aluminium-market/purchase-options
Leading Market Players:
- China Hongqiao Group Limited
- Emirates Global Aluminium PJSC
- Rio Tinto
- East Hope Group
- Shandong Xinfa Aluminum Co., Ltd.
- RusAL
- Alcoa Corporation
- Norsk Hydro ASA
- Aluminum Corporation of China Limited
- Hindalco Industries Ltd.
The report provides a detailed analysis of these key players in
the global aluminum market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Similar Reports:
- Transparent Aluminum Market: Global Opportunity Analysis and
Industry Forecast, 2022-2031
- Recycled Aluminum Market: Global Opportunity Analysis and
Industry Forecast, 2023-2032
- North America Aluminum Market: Global Opportunity Analysis and
Industry Forecast, 2015 - 2023
- Brazil Aluminum Market: Global Opportunity Analysis and
Industry Forecast, 2019-2028
- Saudi Arabia Aluminum Market: Global Opportunity Analysis and
Industry Forecast, 2019-2028
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