Aluminium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Aluminium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Aluminium Market


The aluminium market size reached at USD 229.85 billion in 2023, and the market is now projected to grow from USD 243.89 billion in 2024 to USD 393.70 billion by 2032, exhibiting a CAGR of 6.2% during the forecast period of 2024-2032.

The COVID-19 pandemic halted the production and sully chain of the end use industries such as automotive, aerospace, construction electronics and industrial machinery which led to decline in the aluminium market growth. Covid pandemic resulted in the change of products price substantially with reduction in metal value.

A major cause in expansion of aluminium market is increasing usage of aluminium products such as battery technology, solar energy, 3D printing. The life-long durability, corrosion resistivity, high volumetric capacity for batteries and light weight property of aluminium makes it stand out from others and leading the expansion of aluminium market.Adoption of technological advancements in end use industries and rapid expansion in renewable necessities the development of cost-effective energy storage solutions hence fueling the aluminium market growth.Extensive use of aluminium in automotive and aerospace industry due to its excellent strength to weight ratio make it more useful and creating a dominance for the market expansion.

Additionally, due to its extensive use in automotive industry by the engineers and designers, the aluminium market is witnessing rapid expansion during forecast period.Aluminium has the ability to reduce pollutants and can improve fuel efficiency which makes the market grow with higher rate of expansion.

Comprehensive Analysis of Aluminium Market

The aluminium market is witnessing an exponential rate due to its extensive market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by type of product, type of alloy, and by end users. The type of product includes sheet, Plate, Cast Products, extrusion, and Others, while alloy type segmentation includes cast alloy and wrought alloy, However, end-use segment includes construction, transportation (Aerospace, Automotive, and Marine), Packaging {Food & Beverages, Cosmetics, and Others}, Electrical, Consumer Durables, Machinery & Equipment, and Others). However, the end users such as hospitals and ASCs, clinics and others.

In the aluminum market share Asia Pacific will dominate the market in terms of revenue throughout projected period with a market size of USD 147.63 billion in 2023 due to its extensive property such as life-long durability, corrosion resistivity, high volumetric capacity for batteries and light weight property of aluminium makes it more sustainable from industrial point of view.

The topmost prominent players in the market play an essential role in the chemical industry to assure industrial exponential growth and setting market standards. These players include, RusAL (Russia), Aluminium Corporation of China Limited (CHALCO) (China), Rio Tinto (U.K.), Alcoa Corporation (U.S.), Emirates Global Aluminium (UAE), Norsk Hydro ASA (Norway), Hindalco Industries Ltd. (India), Vedanta Aluminium & Power (India) and China Hongqiao Group Limited (China) these market players provide a competitive environment across the globe.

In September 2023, Norsk hydro ASA has introduced the initiation of its new Hyforge foundry plant located in Rackwitz Germany. It will be aiming reduction of carbon emissions by using recycled aluminium scrap into vehicle assembly.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.2% from 2024 to 2032

Unit Value (USD Billion) and Volume (Kiloton)

Segmentation By Product

Sheet

Plate

Cast Products

Extrusion

Others

By Alloy Type

Cast Alloy

Wrought Alloy

By End-use

Construction

Transportation

Aerospace

Automotive

Marine

Packaging

Food & Beverages

Cosmetics

Others

Electrical

Consumer Durables

Machinery & Equipment

Others

By Geography

North America (By Product, By Alloy Type, By End-use, and By Country)

U.S. (By End-use)

Canada (By End-use)

Europe (By Product, By Alloy Type, By End-use, and By Country)

Germany (By End-use)

France (By End-use)

U.K. (By End-use)

Italy (By End-use)

Spain (By End-use)

Russia (By End-use)

Poland (By End-use)

Rest of Europe (By End-use)

Asia Pacific (By Product, By Alloy Type, By End-use, and By Country)

China (By End-use)

India (By End-use)

Japan (By End-use)

South Korea (By End-use)

Indonesia (By End-use)

Rest of the Asia Pacific (By End-use)

Latin America (By Product, By Alloy Type, By End-use, and By Country)

Brazil (By End-use)

Mexico (By End-use)

Rest of Latin America (By End-use)

Middle East & Africa (By Product, By Alloy Type, By End-use, and By Country)

UAE (By End-use)

Saudi Arabia (By End-use)

Bahrain(By End-use)

Egypt (By End-use)

Iran (By End-use)

Rest of the Middle East & Africa (By End-use)