Aluminum Market By End User Industry (Transport, Building & Construction, Electrical Engineering, Consumer Goods, Foil & Packaging, Machinery & Equipment, Others), By Series (SERIES 1, SERIES 2, SERIES 3, SERIES 4, SERIES 5, SERIES 6, SERIES 7, SERIES 8), By Processing Method (Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, Rod & Bar): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global aluminum market was valued at $148.1 billion in 2021, and is projected to reach $258.3 billion by 2031, registering a CAGR of 5.82% from 2022 to 2031.
Aluminum is the sixth most ductile and second most malleable metal present on earth. It is a good electrical conductor, and thus is used frequently in electrical transmission lines. In addition, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of aluminum market, which makes it a favourable choice for various industrial applications.
Aluminum applications are increasing continuously across various end-user industries due to their superior weight to strength ratio, rise in price competence, formability, dampness, and corrosion resistance. Aluminum producers are offering engineers and designers with new and enhanced aluminum alloys, both polished & matt, anodized & not anodized, and smooth & riffled, which allow them to implement most complex designer solutions. Research has indicated that use of 100-nm long embedded aluminum studs can enhance solar panel efficiency by up to 22% by reflecting light into absorption layer of photovoltaic panels. Aluminum is gradually replacing steel and plastic in various applications such as machinery & equipment, as it is more reliable and stronger as compared to plastic, and is lighter than steel. It is the only metal used to make a reflective layer in mirrors, which turns a glass into a mirror, owing to its high reflective coefficient and significant reflective properties. Disposable aluminum baking molds are gaining momentum, as they are nontoxic and environment-friendly.
However, Titanium, steel, and magnesium can substitute aluminum in structural uses and ground transportation. The presence of such high number of substitutes in the market hinders the market growth. Recycling aluminum consumes only 5% of the energy required in the production of primary metal, and thereby prevents harmful emissions including greenhouse gases. Increase in aluminum recycling plants and rise in use of old scrap for the same is positively affecting the aluminum scrap demand which is expected to boost the market over the forecast period
The aluminum market is segmented on the basis of series, processing method, end-user industry, and region. On the basis of series, the market is classified into series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8. On the basis of processing method, the market is classified into flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar. On the basis of end-user industry, the market is categorized into transport, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The major players operating in the industry include, Alcoa Corporation, Aluminium Corporation of China Limited, China Hongqiao Group Ltd., Hindalco Industries, East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Rio Tinto Alcan Inc., United Company Rusal Plc., and Xinfa Group Co., Ltd.
COVID-19 Impact on Market
COVID-19 spread to almost 213 countries across the globe, with the World Health Organization declaring it a pandemic on March 11, 2020.
Aluminum primarily used in the transportation, building & construction, electricity, consumer goods, and machinery industries, which were severely affected by the COVID-19 pandemic owing to the lockdown imposed by various governments.
Disruptions in raw material procurement and price volatility hampered the growth of the aluminum market during the COVID-19 pandemic.
From the beginning of 2021, transportation, building & construction, electricity, consumer goods, and machinery industries started their operations normally as the vaccination rollouts increased, due to which the demand for aluminum increased in the transportation, building & construction, electricity, consumer goods, and machinery industries from the start of 2021.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aluminum market analysis from 2021 to 2031 to identify the prevailing aluminum market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the aluminum market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global aluminum market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End User Industry
Transport
Building Construction
Electrical Engineering
Consumer Goods
Foil Packaging
Machinery Equipment
Others
By Series
SERIES 1
SERIES 2
SERIES 3
SERIES 4
SERIES 5
SERIES 6
SERIES 7
SERIES 8
By Processing Method
Flat Rolled
Castings
Extrusions
Forgings
Pigments Powder
Rod Bar
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Western Africa
Northern Africa
Rest Of Africa
Saudi Arabia
Key Market Players
ALCOA CORPORATION
ALUMINIUM CORPORATION OF CHINA LIMITED (CHALCO)
CHINA HONGQIAO GROUP LTD.
CHINA POWER INVESTMENT CORP. (CPI)
EAST HOPE GROUP COMPANY LIMITED
EMIRATES GLOBAL ALUMINIUM PJSC
NORSK HYDRO ASA
RIO TINTO ALCAN INC.
UNITED COMPANY RUSAL PLC
XINFA GROUP CO., LTD.
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