Aluminum Market Revenue To Surpass USD 305.68 Billion By 2030

Market Overview

The global aluminum market had a value of USD 185.30 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.7% during the forecast period. The market is driven by various factors such as its wide range of applications, numerous beneficial properties, and the availability of aluminum. Aluminum is the second most widely used metal globally after steel, with an annual consumption of approximately 88 million tonnes, including scrap. It is considered the "Metal of the Future" and has versatile performance in different technologies. In the manufacturing sector, aluminum is preferred for its lightweight, conductivity, recyclability, and non-corrosive nature. Industries such as defense, aviation, and automotive benefit from aluminum's fuel efficiency and lightweight properties. Aluminum also aids in reducing energy consumption and environmental pollution, making it an attractive choice for safer and cost-effective transportation. In the construction industry, aluminum alloys are used for manufacturing exterior siding and structural components due to their non-corrosive and durable properties. The electrical and electronics industries demand aluminum for its excellent electrical and thermal conductivity. Moreover, the recyclable nature of aluminum makes it a convenient option in the packaging industry, particularly for foils and beverage cans.

The COVID-19 outbreak had a negative impact on the global aluminum market, with a significant decrease in aluminum prices during and after the pandemic. This led to financial losses for around 60% of smelters in the global market. The outbreak in China, a major hub for logistics supply chain and manufacturing of raw materials, also affected the global aluminum market. Excess inventory put pressure on the profitability and working capital of low-cost producers, while challenges related to net returns and inventory reduction hindered revenue growth in the aluminum market.

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Market Dynamics Driver: Wide range of applications in different industries and growing construction sector The unique physical properties of aluminum, such as its lightweight nature and excellent electrical conductivity, contribute to its high demand in various industries. Aluminum is widely used for long-distance electricity transmission due to its lightweight and conductivity. In the aerospace industry, aluminum alloys like 6061 are commonly used for their ease of melding and manipulation in fuselage and wings, as well as their corrosion resistance. Aluminum's thermal properties make it suitable for applications in air conditioning, refrigeration, and heat exchange systems. The malleability of aluminum allows it to be formed and rolled into thin sheets, making it ideal for the packaging industry. In the construction sector, aluminum finds applications in siding, roofs, doorframes, windows, heating systems, solar protection, and more. The global construction market has witnessed significant growth, which has further increased the demand for aluminum.

Restraint: Slowdown in construction projects during COVID-19 and adoption of Industry 4.0 The construction industry experienced a slowdown during the COVID-19 pandemic, affecting raw material procurement and disrupting global logistics. This led to reduced demand for aluminum in the construction industry, limiting revenue growth. Additionally, the adoption of Industry 4.0, characterized by automation and digitalization, has led to the procurement of low-carbon power to achieve eco-friendly practices. Low-carbon power requires low-carbon aluminum, which may limit the demand for primary aluminum in the market. The primary aluminum industry also contributes significantly to greenhouse gas emissions, impacting the economy. The aluminum industry needs to explore decarbonizing power sources to reduce emissions and support sustainable growth.

Product Type Insights The aluminum market is segmented into primary aluminum and secondary aluminum based on product type. The secondary aluminum market accounted for the largest revenue share in 2021. The recycling of aluminum scrap into secondary aluminum through a closed-loop process has positively impacted the environment and various industries economically.

Aluminum Market: Drive factors

The aluminum market is driven by several factors, including:

1.     Wide Range of Applications: Aluminum has a wide range of applications in various industries. Its unique physical properties, such as lightweight, conductivity, malleability, and corrosion resistance, make it suitable for use in sectors like transportation, construction, electrical and engineering, consumer goods, packaging, and machinery and equipment. The versatility of aluminum and its alloys contributes to its growing demand in different technologies and industries.

2.     Growing Construction Industry: The construction industry is a significant driver of the aluminum market. Aluminum is extensively used in construction for siding, roofs, doors, windows, staircases, heating systems, solar protection, furniture, and more. The global construction market has been experiencing growth, fueled by rapid urbanization, infrastructure development, and the expansion of the service industry. This growth has increased the demand for aluminum in the construction sector.

3.     Lightweight and Fuel Efficiency: Aluminum's lightweight nature makes it an attractive choice for industries that prioritize fuel efficiency and sustainability, such as automotive, aerospace, and transportation. Aluminum's use in vehicles helps reduce their weight, which in turn improves fuel efficiency, reduces emissions, and enhances overall performance. This factor has driven the demand for aluminum in the automotive and transportation industries.

These factors, along with technological advancements, expanding manufacturing capabilities, and strategic alliances among key players, are expected to contribute to the growth and development of the global aluminum market.

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