Global Aluminum Market – Types, Alloys, Processed Products and End-use Sectors

Global Aluminum Market – Types, Alloys, Processed Products and End-use Sectors

Aluminum Market Trends and Outlook

In a variety of industries, the metal has gained popularity as a substitute for various metals and other materials, such as steel, copper and zinc. Aluminum's higher strength-to-weight ratio than steel makes it among the lightest engineering metals. In addition to being a good electrical and thermal conductor, Al is also a good reflector of light and heat. Additionally, it provides flexibility & freedom for design, enabling the creation of practically numerous new forms.

Compared to primary aluminum, secondary aluminum has a number of benefits, including less production costs, less energy usage and increased sustainability. Applications for secondary aluminum include paints, kitchen utensils & containers, transportation, paints, foils & cans for packaging and a wide range of other products. Worldwide, the market for Aluminum is likely to register a CAGR of 5.9% between 2024 and 2030 in reaching a projected US$267.7 billion by 2030 from an estimated US$189.3 billion in 2024.

The demand for Aluminum is expected to exhibit a significant growth over the analysis period owing to several factors that include growing adoption of secondary aluminum products for their recyclability, cost-effectiveness and sustainability. Due to being eco-friendly and cost-effective, the demand for aluminum has been growing in the transportation sector, such as automotive, marine and aerospace in improving fuel efficiency, reducing emissions and enhancing payload capacity. Further, the surge in electric vehicles in the market for has also boosted demand for the element. Additional applications of aluminum comprise its use in the food, packaging, pharmaceutical, construction and aerospace sectors, allowing it to grow substantially. The technological advancement and use of 3D printing material are also fueling the market. Virtually every sector utilizes aluminum metal in various forms and applications, owing to outstanding merits, the most important of which includes its recyclability.

Aluminum Regional Market Analysis

Asia-Pacific forms the largest, as well as the fastest growing, global market for Aluminum. The extensive use of this metal in the region's construction sector as a consequence of rapid urbanization and infrastructural development has been propelling its competitive growth. The surge in production and wider acceptability of Electric Vehicles (EVs) in countries, such as South Korea, China and India are further contributing to an enormous demand for aluminum batteries, frames and other components. Governments policies are also promoting EVs as a most sustainable solution for curbing carbon footprints and thereby minimizing pollution. China by itself is accounts for more than half of the world's primary Al production and also stands as a major consumer of this metal.

Aluminum Market Analysis by Series

In terms of Series, the global demand for Aluminum is classified into 1xxx, 2xxx, 3xxx, 4xxx, 5xxx, 6xxx, 7xxx and 8xxx, among which Series 3xxx accounts for the majority of the global market. Fundamentally, Aluminum as a metal has limited applications and therefore it is combined with other metals, such as silicon, magnesium and manganese to form alloys, which are extremely versatile and purposeful. These eight series into which aluminum-based alloys are divided represent their unique characteristics usages in different sectors. Series 3 is made up mostly of alloys in the combination of Aluminum and Manganese. These alloys have improved corrosion resistance, good formability and a moderate strength. Applications where corrosion resistance is crucial, such as marine parts, chemical tanks and building structures close to the shore, frequently use Series 3 alloys. Because they are lightweight and resistant to a variety of environmental factors, they are also used in vehicle components.

Aluminum Market Analysis by Basic Type

Primary and Secondary are the two basic types of Aluminum available in the global market. The former type that is obtained directly from bauxite ore and subsequent refining procedures is estimated to hold the larger share because of being a direct output of aluminum manufacture. However, the market for Secondary Aluminum is anticipated to be the faster growing, owing to increasing demand for recycled aluminum in applications, such as beverage cans, building materials and automobile parts, where certain alloy qualities are need not be of much significance.

Aluminum Market Analysis by Processed Product Type

Based on processed product type, the Aluminum market is segmented into Aluminum Pigments & Powder, Aluminum Rods & Bars, Cast Aluminum, Extruded Aluminum, Flat-Rolled Aluminum, Forged Aluminum and Other Processed Aluminum Types (Drawn, Rolled, Sheet & Plate). Extruded Aluminum is anticipated to lead the global market and will continue to maintain its position because of increased demand for aluminum products of certain shapes, which can be created by heating aluminum through the extrusion process. Product of Al obtained via this process are mostly used in construction sector for making window & door frames and in consumer goods for furniture.

Aluminum Market Analysis by Alloy Type

Cast and Wrought Alloy are the basis types of Aluminum alloys available in the global market. As compared to Cast Alloys, Wrought Alloys have greater mechanical strength and ductility, since they are produced via mechanical procedures, such as forging, rolling and extrusion. The high demand for aluminum in various applications, such as welding rods, aircraft frames, motorcycle frames and pressure vessels, requires high material strength, which is driving the demand for Wrought Alloy Aluminum. On other hand, the demand for Cast Alloys is expected to grow at faster rate, since the process of casting provides greater flexibility to create aluminum in various shapes. Because of this, the diversity of applications also increases, with cast aluminum products including window fittings, engine cylinder heads, cast wheels, axle housings, gearbox housings, machine tools, garden tools and farm equipment that can be employed in multiple sectors, including building & construction, transportation and consumer goods, to name a few.

Aluminum Market Analysis by End-Use Sector

Building & Construction is anticipated to be the largest end-use sector for Aluminum during the analysis period. The beneficial properties of this element, such as corrosion resistance, light weight and easy formability have led it to be used widely in this sector in applications ranging from handrails, stairways, shelves, windows & curtain walls to roofing, cladding, solar shades and solar panels. Growth in infrastructure activities across the world, particularly in Asia-Pacific, has been instrumental in the mushrooming of residential and commercial buildings, including skyscrapers, high-rise buildings, airports, metros and bridges, augmenting Aluminum demand in various applications. Moreover, government regulations aimed at the use of use sustainable materials, such as Aluminum that limit the carbon footprint, are further stimulating market growth in this area. As far as growth is concerned, though, the global market for Aluminum is likely to post the fastest CAGR in the Transportation sector. Traditional vehicle manufacturing involving the large-scale use of heavy steel-based body panels and components has given way to lightweighting, for which aluminum is the among the most ideal alternatives.

Aluminum Market Report Scope

This global report on Aluminum analyzes the market based on series, basic type, alloy type, processed product type and end-use sector. In addition to providing profiles of major companies operating in this space, the latest corporate and industrial developments have been covered to offer a clear panorama of how and where the market is progressing.

Key Metrics

Historical Period: 2021-2023

Base Year: 2023

Forecast Period: 2024-2030

Units: Value market in US$

Companies Mentioned: 35+

Aluminum Market by Geographic Region
• North America (The United States, Canada and Mexico)
• Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe)
• Asia-Pacific (Australia, China, Japan, India, South Korea and Rest of Asia-Pacific)
• South America (Argentina, Brazil and Rest of South America)
• Middle East & Africa

Aluminum Market by Series
• Series 1
• Series 2
• Series 3
• Series 4
• Series 5
• Series 6
• Series 7
• Series 8

Aluminum Market by Basic Type
• Primary Aluminum
• Secondary Aluminum

Aluminum Market by Alloy Type
• Cast Alloy Aluminum
• Wrought Alloy Aluminum

Aluminum Market by Processed Product Type
• Aluminum Pigments & Powder
• Aluminum Rods & Bars
• Cast Aluminum
• Extruded Aluminum
• Flat-Rolled Aluminum
• Forged Aluminum
• Other Processed Aluminum Types (Drawn, Rolled, Sheet & Plate)

Aluminum Market by End-Use Sector
• Building & Construction
• Consumer Durables
• Electrical & Electronics
• Industrial Machinery & Equipment
• Packaging
• Transportation

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