Global Aluminum Market - Market Size & Forecast To 2032`

Global Aluminum Market - Market Size & Forecast To 2032`

The global Aluminum market is estimated to reach a value of USD 240.73 billion in 2032 and is growing at a CAGR of 5.10% during the forecast period.

The growth of end use industries like construction, electronics, packaging, transport and consumer goods is drivingthe market growth during the forecast period. Also, producing aluminum from scrap through secondary smeltingprocess is also contributing to the market growth. Furthermore, ongoing research & development activities to developcost-effective, innovative and environmentally friendly aluminum products is also supporting the market.

Aluminum is a solid, non-lustrous, slivery metal. It has good electrical & thermal conductor which is also corrosiveresistant due to self-protecting oxide layer. These properties helped the usage of aluminum in various end useindustries. Urbanization and demand for modern towns and cities has contributed to the growth of constructionindustries. The glass faces of office skyscrapers are supported by lightweight and sturdy Aluminium frames.

Entertainment, trade and exhibition centres rest on Aluminium frameworks. Stadiums, pools and other sports facilitiesare also built using Aluminium structures. These factors is thus contributing to the market growth.

Due to Aluminum’s electric conductor property, it is being used along with copper to ensure power transmissionworldwide. An aluminium wire have a 1.5 times larger cross section to pass the same current as a copper wire, buttwo times lighter. Weight is one of the most important parameters for high-voltage power lines that transmit powerover long distances. Therefore, only aluminium wires are used in main overhead power lines. Thus, growth of powerindustry has significantly contributed to the growth of the market.

Aluminium's ability to form any shape and its protective qualities have made it the most versatile packaging materialin the world. In addition, a key benefit is that aluminium foil, aluminium cans and other aluminium packaging materialscan be fully recycled and reused an infinite number of times. These factors are assisting the growth of packagingindustry, which in result is boosting the market growth.

The global Aluminum market is segmented based on by type, product, application, and region

Based on type, the global Aluminum market is segmented into primary and secondary. Secondary aluminum isexpected to have the major share in the market during the forecast period. Secondary aluminum consists of aluminumproduced from recycled aluminum originating from various forms of aluminum scraps like new production cut-offs andend of life aluminum products. Also, growing awareness regarding the recycling process and producing aluminumfrom the same which is environmentally friendly will boost the market growth during the forecast period.

Based on product, the global Aluminum market is segmented into sheets & foils, ingots, rod & bar and others.

Aluminum sheets & foils is expected to grow significantly in the market during the forecast period. The sheets areused in wide range of applications like construction, food, pharmaceutical and laboratory industries. In construction,sheets is used as interior/exterior design, ceiling construction, decorative panels and others. These factors will thusdrive the overall market during the forecast period.

Based application, the global Aluminum market is segmented into building & construction, packaging, electrical,transportation, machinery & equipment, solar industry, utensils and others. The building & construction is expectedto have the significant share in the market during the forecast period. Aluminum has been used widely in buildingsdue to its intrinsic properties like corrosion resistance and light property. Aluminum has several applications in building& construction like window frames, doors, staircases, roofs, walls, external facades and others. This in result, hasboosted the market growth during the forecast period.

By Region, this market is segmented by North America, Asia Pacific, Europe, Middle East & Africa, and South America.Asia Pacific is expected to dominate the market during the forecast period. The growth of end use industries likeconstruction & building, automotive, electronics and others in China, India and Japan is driving the growth of themarket. Furthermore, growing urbanization & industrial development in China has boosted the demand of aluminum,which in result is driving the overall market.

The competitive scenario highlights the performance of major companies operating in this market. This includes thedetailed profiling of major companies and their competitive benchmarking. Product profiling provides key informationincluding products/solutions offered, key developments, company performances, and strategies adopted in recentyears. Major companies profiled in the market include Alcoa Corporation, Rio Tinto Alcan Inc., Hindalco Industrieslimited and others.