Global Aluminum Market Forecast 2022-2030

Global Aluminum Market Forecast 2022-2030KEY FINDINGS

The global aluminum market is projected to register a CAGR of 4.97% over the forecast period of 2022 to 2030. Key factors, such as the increase in electric vehicle production, the surging demand from end-users, as well as the rising substitution of stainless steel with aluminum by automotive manufacturers, are set to fuel the market growth.

MARKET INSIGHTS

Aluminum is one of the lightest engineering metals, with a strength-to-weight ratio that is superior compared to steel. The material is extracted from the principal ore called bauxite. In addition to being corrosion resistant, aluminum is a conductor of both heat and electricity as well as a good reflector of heat and light.

The rising applications of aluminum in various industries such as construction, electrical, transportation, marine aircraft, and others have led to a surge in demand for the metal. As a result, this factor plays an essential role in driving the market growth during the forecasted years. Furthermore, the substitution of stainless steel with aluminum predominantly by automotive manufacturers is further expected to bolster the demand for aluminum. The material is highly preferred by automotive manufacturers for increasing fuel economy as well as minimizing emissions. Aluminum is also utilized by electric vehicle manufacturers for reducing vehicles’ weight and, subsequently, achieving an improved driving range.

REGIONAL INSIGHTS

The global aluminum market growth assessment includes a thorough analysis of North America, Europe, Asia-Pacific, and the Rest of World. The Asia-Pacific is expected to be the leading market during the projected year. The market growth of the region is credited to key factors such as the increasing preference towards hybrid-electric and battery-electric vehicles as well as the growing investments in construction activities and developing infrastructure.

COMPETITIVE INSIGHTS

The global aluminum market is characterized by a high degree of competition between players with development capabilities. Therefore, the industrial rivalry within the market is expected to be intense during the forecast period.

Some of the leading companies operating in the market are Aluminum Corporation of China Ltd (CHALCO), Hindalco Industries Ltd, Rio Tinto, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments