Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global aluminium market size was valued at USD 159.32 billion in 2021 and is projected to reach a valuation of USD 168.84 billion in 2022. The market is expected to reach USD 255.91 billion by 2029 with a CAGR of 6.1% during the forecast period 2022-2029.
Rising product incorporation in the automotive & transportation industry is expected to increase market growth. The increasing popularity of secondary aluminium (Al) is set to drive market growth. Rising demand for packaged foods and the increasing replacement of stainless steel by Al in the aerospace and automotive industries will offer lucrative opportunities for market growth. Fortune Business Insights™ shares this information in its report titled “Aluminium Market, 2022-2029.”
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List of Key Players Profiled in the Report
- RusAL (Russia)
- Aluminium Corporation of China Limited (CHALCO) (China)
- Rio Tinto (U.K.)
- Alcoa Corporation (U.S.)
- Emirates Global Aluminium (UAE)
- Norsk Hydro ASA (Norway)
- Hindalco Industries Ltd. (India)
- Vedanta Aluminium & Power (India)
- China Hongqiao Group Limited (China)
Competitive Landscape
Acquisition Strategies by Key Market Players to Set Market Development
Major players in the market are UC RUSAL, CHALCO, Alcoa Corporation, China Hongqiao Group, and Rio Tinto. Key players have been adopting acquisition strategies for enhancing their market share. In December 2021, Hindalco Industries Limited signed an agreement for the acquisition of Norsk Hydro ASA’s aluminium extrusions business in India. With this acquisition, Hindalco will improve an integrated facility located in Andhra Pradesh with an experienced team of employees, expertise in value-added, and customized products. This move will also support the company’s presence in South India.
Key Industry Development
February 2022- Emirates Global Aluminium announced its plans to make its first Al recycling facility in the UAE. The plan is set to add 150,000 tons per year in the recycling facility. The company has a goal to market recycled Al under the product name EternAL.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 6.1 % |
| 2029 Value Projection | USD 255.91 Billion |
| Base Year | 2021 |
| Aluminium Market Size in 2021 | USD 159.32 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 312 |
| Segments Covered | By Type, End-user and Regional Insights |
| Aluminium Industry Growth Drivers | Rising Demand for the Product in the Automotive & Transportation Industry to Surge Market Development |
| Acquisition Strategies by Key Market Players to Set Market Development |
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Segments
Cast Products Segment Accounted for the Largest Share due to Easy Molding Processing
On the basis of product, the market is divided into a sheet, plate, cast products, extrusion, and others. The cast products segment accounted for the largest market share in 2021 and is estimated to maintain the leading position throughout the forecast period. The products manufactured using cast Al are highly versatile and range from simple personal hand held devices to complex parts in automobiles.
Wrought Alloy to Lead Due to its Usage in Various Processes
On the basis of alloy type, the market is bifurcated into cast alloy and wrought alloy. Wrought alloy is anticipated to have the dominant share due to mechanical processes such as forging, rolling, and extrusion.
Transportation Segment to Lead Due to Wide Adoption in Automotive Industry
On the basis of the end-user, the market is divided into construction, transportation, packaging, electrical, consumer durables, machinery & equipment, and others. The transportation segment is anticipated to have the dominant part due to growing metal adoption in the automotive industry due to its lightweight feature.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Preference for Secondary Aluminium to Drive Market Expansion
Increasing preference for secondary Al such as in tractor-trailers and car bodies is anticipated to drive the aluminium market growth. AI is used to develop new cans from the same metal and quality can be still maintained. Recycling cans saves natural resources and energy and reduces the pressure on landfill sites. The production of new metals requires only 5% of the energy required for making new AI metals.
Rising emphasis on consuming sustainably sourced products is expected to propel market development. Rising product incorporation in the automotive & transportation industry is set to boost market growth. However, the implementation of strict environmental regulations is expected to hamper the market growth.
Regional Insights
Asia Pacific to Lead Market Share Due to High Consumption of the Metal
Asia Pacific is anticipated to head the aluminium market share due to the presence of significant consuming countries including China, Japan, and India. Due to Increasing technological advancements and rapid infrastructure development, the region is growing its metal recycling and expanding its packaging industry in developing countries.
Europe is expected to have considerable growth due to growth in the automotive industry due to the implementation of regulations for the minimization of emissions from vehicles by making them lightweight.
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COVID-19 Impact:
The decline in Various Sectors During Pandemic Hindered Market Growth
The COVID-19 pandemic led to a decline in various sectors such as construction, automotive, electronics, industrial machinery, and consumer appliances. Due to supply chain disruptions across key countries in all regions, the demand for bauxite was significantly impacted due to a shortage of raw material & inventory, short-term production halt, economic slowdown, trade restrictions, and changing consumer behaviour.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries/Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Aluminium Industry
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Aluminium Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Product(Value)
- Sheet
- Plate
- Cast Products
- Extrusion
- Others
- By Alloy Type (Value)
- Cast Alloy
- Wrought Alloy
- By End-Use
- Construction
- Transportation
- Aerospace
- Automotive
- Marine
- Packaging
- Electrical
- Consumer Durables
- Machinery & Equipment
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!
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