Global aluminium market to reach $498.5bn by 2030
The global aluminium market is expected to grow from its 2021 valuation of $245.7billion and reach $498.5 billion by 2030, according to a new report.
This growth will occur at a sound CAGR of 5.8% between 2022 and 2030, according to ResearchAndMarkets.com’s analysis.
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, the Asia Pacific 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.