New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aluminium Market by Product Type, by Type, and by End-User Industry – Global Opportunity Analysis and Industry Forecast, 2023–2030" - https://www.reportlinker.com/p06486779/?utm_source=GNW
According to the International Aluminium Institute, the total amount of recycled aluminium scrap reaches more than 30 million tons globally every year, which is why it is considered one of the most recycled materials on the planet. These factors fuel the market growth.
Moreover, the focus of the automotive industry on enhancing fuel efficiency and reducing vehicle weight has led to a substantial increase in the adoption of aluminium as a lightweight alternative to conventional materials. This shift has played a significant role in driving the growth of the market. According to the U.S. Aluminium Association, the amount of aluminium used per vehicle is steadily increasing and it is expected to see a net gain of 56 pounds per vehicle between 2020 and 2025, with aluminium growing by almost 100 net Purchase Price Variance between 2020 and 2030, reaching 550 PPV.
A key restraint of the aluminium market is environmental and regulatory constraints that lead to increased operational costs. This can pose a barrier for small businesses or organizations with limited budgets. On the contrary, the surge in the adoption of sustainable packaging for cans, bottles, and foils is expected to create ample opportunities in the aluminium market.
Segment Overview
The global aluminium market is segmented on the basis of product type, type, end-user industry, and region.
- By product type, the market is classified into flat-rolled, casting, extrusions, forgings, powder & paste, and other types.
- By type, the market is bifurcated into primary and secondary.
- By end-user industry, the market is divided into transport, consumer goods, machinery & equipment, construction, foil & packaging, electrical engineering, and others.
- Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and rest of the world .
The Asia-Pacific market is projected to hold the dominant share by 2030
Asia-Pacific dominates the global aluminium market, and is expected to remain dominant throughout the forecast period. This is attributed to the expanding advanced electronics industry in the region. This industry manufactures a diverse range of electronic devices and appliances, and aluminium plays a vital role in their production. Aluminium’s exceptional thermal conductivity, electrical conductivity, and lightweight characteristics make it an ideal choice for various electronic applications, such as casings, heat sinks, connectors, and circuit boards.
The extensive growth of the automotive sector in countries such as China, South Korea, and Japan is a key driver for the aluminium market. Aluminium’s lightweight properties make it highly suitable for automobile manufacturing, leading to rising demand in car bodies, engine components, and structural parts. This trend contributes significantly to the expansion of the aluminium market in the automotive industry. According to the International Trade Administration, China’s domestic automotive production will reach 35 million vehicles by 2025. On the basis of the data published by the Ministry of Industry and Information Technology, the sale of nearly 26 million vehicles took place in 2021, which involved 21.48 million passenger vehicles. This figure registers an increase of 7.1% as compared to 2020. Aluminium will play a crucial role as a building material for automobiles. This, in turn, will drive the market growth.
Key Market Players
The key players in the aluminium market include:
• Rio Tinto
• China Hongqiao Group Limited
• Aluminum Corporation of China Limited
• United Company RUSAL PLC
• Norsk Hydro ASA
• Emirates Global Aluminium PJSC
• Alcoa Corporation
• East Hope Group Company Limited
• Vedanta Aluminium & Power
• Xinfa Group Co., Ltd.
• Hindalco Industries Ltd.
• South32
• Century Aluminum Company
• Saudi Arabian Mining Company
• Arconic, Inc.
Recent Developments
June 2023
Hydro signed a contract to purchase land in Spain to build an aluminium recycling plant. This investment reflects Hydro’s dedication to sustainability and the circular economy within the aluminium sector. The establishment of the recycling facility will enhance Hydro’s ability to recycle and repurpose aluminium. This will, in turn, lower down the environmental impact and drive the growth of the aluminium recycling market.
April 2023
Alcoa announced the expansion of its EcoSource Low Carbon Alumina brand to include non-metallurgical grade alumina. This expansion demonstrates Alcoa’s commitment to sustainable practices and providing low-carbon solutions in the aluminium industry.
January 2023
Emirates Global Aluminium launched the Aluminium Recycling Coalition, a new initiative to promote and advance aluminium recycling practices. The coalition brings together industry stakeholders to collaborate on innovative solutions and raise awareness about the importance of aluminium recycling. This initiative reflects EGA’s commitment to sustainability and the circular economy, contributing to the reduced environmental impact and the growth of the aluminium market.
September 2022
Alcoa announced innovations in alloy development and deployment. The company continuously strives to improve its alloys to meet the emerging requirements of various industries. These developments reinforce Alcoa’s commitment to delivering high-quality aluminium products and maintaining its position as a leader in the industry.
KEY BENEFITS
• The aluminium market report provides a quantitative analysis of the current market and estimations from 2023 to 2030. This analysis assists in identifying the prevailing market opportunities.
• The study comprises a comprehensive analysis of the aluminium trends, including current and future trends to depict prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the aluminium market is provided in the report.
• The competitive analysis of the market players along with their market share in the aluminium market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the role of stakeholders.
Read the full report: https://www.reportlinker.com/p06486779/?utm_source=GNW
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