Fort Collins, Colorado, Dec. 07, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Aluminum Market size was valued at USD 170.3 Billion in 2022 and is anticipated to reach a market size of USD 325.1 Billion by 2032 with a CAGR of 6.8%.
Aluminum, a versatile and lightweight metal, is witnessing a surge in demand across various industries. The construction, packaging, and transportation sectors are expected to drive this growth, owing to the metal's durability and corrosion resistance.
Additionally, the electricity industry contributes to the rise in demand for aluminum, as it plays a crucial role in the construction of renewable energy sources like wind and solar power grids. The automobile industry, including the rapidly growing electric vehicle segment, relies heavily on aluminum for its lightweight and high-strength properties. This trend is expected to continue, further boosting the demand for aluminum.
In addition, the development of eco-friendly aluminum, the reduction of emissions, and the transformation of scrap aluminum into functional components are significant factors contributing to the growing demand for this metal in the market.,
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Segmentation Overview:
The global aluminum market has been segmented into series, processing type, end-user, and region. Series 3 aluminum is widely used in cookware, vehicles, storage tanks, roofing, duct work, chemical handling, and automobile parts due to its corrosion resistance, workability, and affordability. It is also a popular choice for its aesthetic qualities. The transportation industry is a significant consumer of aluminum, especially in producing electric vehicles. It is also used to build aircraft, spaceships, and high-speed rail systems in Japan.
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Aluminum Market Report Highlights:
- The global aluminum market growth is anticipated to have a CAGR of 6.8% by 2032.
- Aluminum is a popular metal in various industries due to its lightness, flexibility, and resistance to fire. Its demand has increased due to growth in transportation, availability of electricity, preference for consumer durables, and the fast-growing construction industry.
- Asia Pacific dominates the aluminum consumption market, with China, South Korea, and Japan leading. The demand for infrastructure and manufacturing in China is driving the growth. In contrast, South Korea's demand is fueled by the automotive and construction sectors, particularly the increasing demand for electric vehicles.
- Some prominent players in the aluminum market report include Alcoa Corporation, Hindalco, Rio Tinto, Chalco, Norsk Hydro ASA, Vedanta Aluminum Limited, Arconic, Emirates Global Aluminum, Kaiser Aluminum, Rusal, and Constellium.
Industry Trends and Insights:
- Hindalco Industries has partnered with Italy's Metra SpA to produce large-size aluminum extrusion and fabrication technology for building high-speed aluminum rail coaches in India.
- Rio Tinto will provide an update on the Simandou iron ore project in Guinea at its Investor Seminar.
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Aluminum Market Segmentation:
By Series: Series 1, Series 2, Series 3, Series 4, Series 5, Series 6, Series 7, and Series 8
By Processing Type: Extrusion, casting, rolling, and forging
By End-user: Transportation, packaging, construction, consumer goods, electrical, and other users
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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