Aluminum represents a multi-billion-dollar industry globally that receives an impetus from its ability to be widely used as a viable substitute for a variety of metals, and other materials across a range of industrial applications. Fairfield Market Research in its latest publication offers a detailed market intelligence and assessment of how the growth of global aluminum market will unfold between 2021 and 2030. The report forecasts 5.8% growth for aluminum market during the projection period, possibly leading to over doubled growth in market revenue.
With the boom around electric vehicles grows denser and production ramps up, aluminum consumption is also likely to ascend in the automotive industry. Moreover, as packaging industry embraces sustainable, circular economy, aluminum is expected to see a consistent rise in demand as a green, high-barrier packaging material.
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Widening Application Base Keeps Aluminum Consumption Afloat
The lighter weight, and higher conductivity for electricity and heat continue to be the strongest factors upholding demand for aluminum for industrial applications. Aluminum also possesses an excellent strength-to-weight ratio, high corrosion resistance, and greater reflectivity. In addition, excellent durability, and recyclability of aluminum further keep the demand afloat in global markets. With these functional attributes, aluminum offers unmatched design freedom, as well as flexibility that raise its application potential by manifold. This will continue to elevate the prospects of aluminum market ahead. The report also indicates remarkable growth in demand for rolled, and extruded aluminum products in long term, majorly attributing to the climbing EV production rate. With rapid development of new energy vehicle infrastructure across the key economies, aluminum will further see a surge in demand for components like EV charging stations.
Notable Growth in Demand Projected for Extruded Aluminum Products
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.
Secondary Aluminum Preferred over its Primary Counterpart
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.
Primacy of Asia Pacific Prevails, India Develops a High-potential Market
Asia Pacific currently is the globally leading regional market for aluminum. While the region accounts for more than 65% of the overall market revenue, China remains the spearheading market here - being the world’s top producer, as well as consumer of primary aluminum. A majority of China’s aluminum consumption goes to automotive, and aerospace industries but the country is also responsible for over half the global production as well. The report also highlights India as a high-potential market considering the strong growth in demand for aluminum from India’s construction industry. Aluminum demand will remain upbeat here as the market continues to see growing boom around lightweight, and energy-efficient materials across all industrial verticals. India’s aluminium market is thus poised for a strong 8.7% CAGR through the end of forecast period.
Key Market Players
Rusal, Norsk Hydro ASA, Aluminum Corporation of China Limited (CHALCO), China Hongqiao Group Ltd., Alcoa Corporation, and Rio Tinto Plc represent some of the leaders in global aluminum market space. The report provides detailed competition analysis to reveal some exclusive insights into the key strategic developments that are likely to hold an influence on market competition during the period of forecast.
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