London, July 13, 2022 (GLOBE NEWSWIRE) -- Aluminum has been one of the strategic resources that hold a significant impact on the national economy, transport, energy, as well as defence needs. As aluminum continues to gain ground as a viable substitute for a variety of metals, and other materials widely used across industries, global aluminum demand is expected to see an uptrend. The latest published report of Fairfield Market Research projects a healthy 5.8% CAGR for global aluminum market that would possibly experience more than doubled revenue growth between 2021 and 2030. By the end of the period of forecast, the market size is likely to reach US$498.5 Bn.
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Aluminum Consumption Upbeat with an Expanding Application Base
Besides lighter weight, and superior heat and electricity conductivity, aluminum will remain sought-after for its excellent strength-to-weight ratio, corrosion resistance, and higher reflectivity. The indefinite durability, and recyclability of aluminum, and the design freedom and flexibility that it offers further raise its application potential, thereby pushing the growth prospects of aluminum market. The report highlights a notable demand surge in extruded and rolled aluminum products over the next couple of decades, attributing to the ballooning production rate of electric vehicles (EVs). The metal is also likely to find extensive potential application across the new energy vehicle infrastructure components such as EV charging stations. Moreover, as packaging industry accelerates its journey toward a circular and sustainable economy, aluminum has been garnering attention as a green, high-barrier packaging material. This is also expected to elevate the growth outlook of market.
Secondary Aluminum Remains Sought-after in Global Market
Secondary aluminum that accounts for around 29% revenue share in global market will continue to gain traction owing to its lower production costs, energy efficiency, and higher sustainability compared to primary aluminum. With increasing demand from a spectrum of application areas like transportation, construction materials, paints, transmission lines, kitchen utensils & containers, and packaging foils & cans, secondary aluminum is projected to witness accelerated consumption in global aluminum market. An increasing number of companies have been venturing into the secondary aluminum segment, eyeing capacity expansions, and new sectors. This is likely to favour market growth.
Extruded Aluminum Products Poised for Significant Demand Growth
Among the extruded, rolled, cast, forged, and wire & cable forms, the rolled and extruded aluminum segments accounted for over 60% of the total market revenue recorded in 2021. While flat-rolled products are indispensable in auto, aerospace, electrical, consumer goods, and packaging industry applications, rolled products remain preferred as a material of choice for light weighting, emission control, and fuel efficiency. On the other hand, extruded aluminum products are leveraged by construction, electrical, automotive, transport, and consumer goods industries for their design freedom. The report findings suggest that the consumption volume of extruded aluminum will see the fastest growth in market during the projection period.
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Asia Pacific Continues to Surge Ahead
Led by China, Asia Pacific currently accounts for over 65% of the total revenue generation in global aluminum market. China will remain the world’s top producer, and consumer of primary aluminum, and will alone make up for more than 50% of global production. While demand in China is predominantly upheld by automotive, and aerospace industries, India has also been developing a high-potential market based on strong demand growth expected from construction industry. Greater emphasis on lightweight, energy-efficient materials across industries is likely to underpin nearly 8.7% volume growth of India’s aluminum market. Europe also is touted as an important market in global aluminum space.
Key Market Players
Rusal, Norsk Hydro ASA, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., Alcoa Corporation, and Rio Tinto Plc
REPORT SCOPE & SEGMENTATION:
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| Report Highlights | Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Source - Product-, End-user-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends |
Table of Contents:
1. Executive Summary
1.1. Global Aluminum Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Volume, 2021
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Role of Aluminum in Low Carbon Future
2.7. Government Policies to Encourage Aluminum Sustainability
2.8. Impact of Ukraine-Russia Conflict
2.9. Economic Overview
2.9.1. World Economic Projections
2.9.2. Electric Car Registrations and Market Share, 2015-2021
2.9.3. Per Capita Aluminum Consumption, by Major Countries, 2020
2.10. PESTLE Analysis
3. Production Output and Trade Statistics
3.1. Global Bauxite Reserves, by Country, 2021
3.2. Global Bauxite Production, by Region, 2021
3.3. Global Alumina Production, by Region, 2021
3.4. Global Primary Aluminum Production, 2018 - 2021
3.5. Aluminum Import Statistics, 2018-2021
3.6. Aluminum Export Statistics, 2018-2021
4. Price Trends Analysis and Future Projects, 2018 - 2030
4.1. Global Average Price Analysis, by Source, US$ per Kg
4.2. Prominent Factors Affecting Aluminum Prices
4.3. Global Average Price Analysis, by Region, US$ per Kg
5. Global Aluminum Market Outlook, 2018 - 2030
5.1. Global Aluminum Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Primary Aluminum
5.1.1.2. Secondary Aluminum
5.2. Global Aluminum Market Outlook, by Product, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Flat
5.2.1.2. Extruded
5.2.1.3. Forged
5.2.1.4. Cast
5.2.1.5. Wires & Cables
5.2.1.6. Misc. (Pastes, Pigments, etc.)
5.3. Global Aluminum Market Outlook, by End-users, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Automotive
5.3.1.1.1. Conventional Vehicles
5.3.1.1.2. Electric Vehicles
5.3.1.2. Transportation
5.3.1.2.1. Aerospace
5.3.1.2.2. Rail
5.3.1.2.3. Marine
5.3.1.3. Packaging
5.3.1.4. Construction
5.3.1.5. Consumer Durables
5.3.1.6. Machinery & Equipment
5.3.1.7. Electrical
5.3.1.8. Misc. (Sport Goods, Defense, etc.)
5.4. Global Aluminum Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
5.4.1. Key Highlights
5.4.1.1. North America
5.4.1.2. Europe
5.4.1.3. Asia Pacific
5.4.1.4. Latin America
5.4.1.5. Middle East & Africa
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