Worldwide aluminium industry expected to reach $498.5bn
The Aluminum Market Global Industry Analysis (2018-2021) – Growth Trends and Market Forecast (2022-2030) report has been added to ResearchAndMarkets.com‘s offering.
The global aluminium market is expected to grow from its 2021 valuation of US$ 245.7 billion and reach US$ 498.5 billion by 2030. This growth will occur at a sound CAGR of 5.8% between 2022 and 2030.
Aluminium is one of the most widely used metals in the world. From airplanes to utensils, aluminium’s use cases are far-reaching. Its qualities such as lighter weight, durability, corrosion resistance, and heat and electricity conductivity have diversified its end-use applications.
The ability to use aluminium in a wide range of industries, rapid industrialisation, and tech-driven developments in the automotive industry are expected to augment the demand for aluminium in the coming years. Moreover, secondary aluminium is also gaining tremendous traction owing to its application in construction materials, transportation, packaging foils and cans among others.
The cumulative force of these factors is poised to unlock new revenue avenues in the global aluminium market.
Key insights and trends across global aluminium market:
- The rolled and extruded aluminium segment accounted for a share of over 60% in the global aluminium market in 2021. This is due to its diverse applications in aerospace, automotive, electrical, consumer goods, and packaging industries.
- As of 2021, Asia-Pacific (APAC) commanded a staggering 69% of the total value share. APAC’s automotive, construction, and manufacturing sectors are expected to maintain their status as the key demand pools within its aluminium market.
- In terms of volume, secondary aluminium held an overall share of 29% in the aluminium market owing to its advantages, such as lower production costs and lesser energy consumption.
Aluminium semis are available in a wide range of shapes and sizes including extruded, rolled, forged, cast, and cable forms. Among these, rolled and extruded aluminium generate significant demand in the overall aluminium market.
Flat-rolled aluminium finds considerable application in industries such as aerospace, electrical, automotive, consumer goods, and packaging.
The growing focus on building lightweight and fuel-efficient automobiles are creating promising market trends for rolled aluminium. It is used in the car’s body, interior and exterior panels, and heat exchangers. Meanwhile, extruded aluminium is in high demand owing to its strength, durability, and flexibility.
This makes it an excellent product for usage in construction, transportation, and consumer goods industries. Such widespread applications are set to maintain the global aluminium market growth during the study period.
The thriving manufacturing sector and high consumption of aluminium in the Asia Pacific are set to establish the region as the leading aluminium market in the projection period. Major economies such as China and India are contributing significantly to such market growth.
Notably, promising advancements in China’s automotive and aerospace industries are scaling the expansion of APAC’s aluminium market. Furthermore, favourable construction and automotive manufacturing activities in India are enabling APAC to sustain its dominance in the global aluminium market.