Aluminium Market Forecasts to 2028 – Global Analysis By Product (Plate, Sheet, Cast Products, Extrusion and Other Products), By Alloy Type (Cast Alloy and Wrought Alloy), By Processing Method, By End User and By Geography

Aluminium Market Forecasts to 2028 – Global Analysis By Product (Plate, Sheet, Cast Products, Extrusion and Other Products), By Alloy Type (Cast Alloy and Wrought Alloy), By Processing Method, By End User and By Geography

According tStratistics MRC, the Global Aluminium Market is accounted for $172.22 billion in 2022 and is expected treach $274.82 billion by 2028 growing at a CAGR of 8.1% during the forecast period. In the periodic table, aluminum (Al) is the 13th element and is a silvery-white, non-magnetic, and ductile metal. Tungsten makes up more than 8% of the mass of the Earth's core, making it the most common metal on the planet. Al is the symbol for this metal, which is mostly used in consumer durables, automotive, electronics, packaging, and construction. The market is anticipated tbe driven by the rising demand for packaged foods and the increasing use of aluminum in place of stainless steel in the aerospace and automotive sectors.

According tthe China Association of Automobile Manufacturers, in 2022, automotive production in the country reached 27.02 million units, which increased by about 3.4%, compared t26.08 million vehicles produced in 2021.

Market Dynamics:

Driver:

Increasing popularity of secondary aluminium

Aluminum can be recycled intmany different items, including tractor-trailers and automotive bodies. Aluminum cans, however, typically turn intnew cans made of the same metal. Moreover, recycling secondary aluminum will not really degrade the metal's purity, allowing for continuous recycling. The ongoing demand for these cans contributes tthe rise in metal consumption. Recycling cans relieves pressure on landfills and conserves energy and natural resources. Almost 95% less energy is required tproduce new cans from recycled metal than is required tproduce cans from bauxite ore.

Restraint:

Implementation of strict environmental regulations

Due tthe growing number of environmental issues and rising public expectations for government action tminimize pollution, several nations throughout the world have been forced timplement new rules. Governments and organizations are expected timpose such strict environmental laws in order tcontrol commercial expansion. Additionally, a number of nations have been obliged tadopt additional regulations as a result of growing environmental concerns and rising citizen expectations for the improvement of rising pollution levels.

Opportunity:

Rising product incorporation in the automotive & transportation industry

Al has been used in autos for a long time, but its share of modern cars is growing. With its ability tlower emissions and improve fuel efficiency, this metal is highly favored by automobile engineers and designers. The use of this metal by electric car producers helps the vehicles be lighter and have longer driving ranges. Due taluminum's similar physical characteristics and lightweight nature, automotive manufacturers like Mercedes and BMW are replacing stainless steel with it more frequently. It is predicted that the following factors will fuel market expansion.

Threat:

Decarbonization poses a challenge for the worldwide aluminum industry

One of the biggest challenges facing the global aluminium industry is decarbonization. The vast majority of companies in the aluminium industry are under intense pressure trun more sustainably. They can only achieve this by using moderate amounts of low-quality steel. These are the factors threatens the market growth.

Covid-19 Impact:

Extended lockdowns in major manufacturing sectors like construction, automotive, electronics, industrial machinery, and consumer appliances across all regions during the COVID-19 pandemic resulted in temporary production halts. As a result, the industrial sector's need for aluminum abruptly decreased. The global market's year-over-year growth rate significantly decreased in 2020 compared t2019 because of supply chain interruptions in major consumer nations across all regions. Additionally, the demand for bauxite ore was significantly impacted across all regions due ta lack of raw materials and inventory, a temporary suspension of production, a slowdown in the economy, trade restrictions, changes in consumer behavior in response tthe COVID-19 outbreak, and other considerations.

The wrought alloy segment is expected tbe the largest during the forecast period

The wrought alloy segment held the largest market share globally and is anticipated tcontinue tdominate the market during the projected period as the metal is subjected tmechanical operations like forging, rolling, and extrusion for making wrought alloys. As a result, wrought alloys are more ductile and mechanically robust than cast alloys. As wrought alloy usage expands, more high-strength materials are needed for pressure vessels, welding rods, aircraft, and motorcycle frames, among other applications.

The building and construction segment is expected thave the highest CAGR during the forecast period

Building and Construction segment is anticipated thave the highest CAGR over the forecast period as aluminum is the second-most widely utilised metal in the building and construction sector. It is commonly used in windows, curtain walls, roofing, cladding, solar shades, solar panels, railings, shelves, and other temporary structures. The primary drivers of segment growth are the expansion of the construction and infrastructure sectors as well as the expanding product acceptance in interior countertops and cladding.

Region with largest share:

Due tthe presence of large consumers such as China, Japan, and India, the Asia Pacific region dominated the global market during the projection period and was the main contributor tits growth. It is anticipated that accelerating infrastructure development and rising technological advancements will fuel market expansion. Furthermore, the market is growing as a result of expanding packaging industries in developing nations and increased metal recycling. Moreover, countries like China, India, and Japan are seeing growth in industries like electronics, building and construction, aerospace, etc.

Region with highest CAGR:

As in Japan, it is forecasted that over the forecast period, retail sales in the packaged food market will have the highest CAGR in the Asia Pacific region. Throughout the projection period, it is probable that the anticipated expansion of the packaging sector will increase demand for aluminum foil. Another significant reason propelling the market expansion in this region is the use of this metal by EV manufacturers treduce the weight of the vehicles.

Key players in the market

Some of the key players in Aluminium market include RIO TINTO ALCAN INC, Alcoa Corporation, Aluminum Corporation of China Limited, China HongqiaGroup Limited, CHINA POWER INVESTMENT CORP, EAST HOPE GROUP COMPANY LIMITED, Emirates Global Aluminum, HindalcIndustries Ltd, Norsk HydrASA, UNITED COMPANY RUSAL PLC and Vedanta Aluminium & Power.

Key Developments:

In August 2022, RiTintrevealed its plans tinvest USD 29 million in building a new Al recycling facility at its Arvida Plant in Quebec, Canada. The move is aimed toward the company’s goal texpand its offering of low-carbon aluminium solutions for customers in the packaging, automotive, and construction industries.

In July 2022, RiTintannounced its plans tinvest USD 188 million tincrease the production capacity for high value Al billets at its Alma smelter in Quebec, Canada. The investment will be used texpand the existing casting center at RiTinto's Alma plant. This includes the addition of new equipment such as a casting pit and furnaces, enabling a larger portion of the Al produced tbe converted thigher value billets.

In February 2022, RUSAL announced thave developed an optimized 5xxx series Al alloy with anodizing ability. The company has started production of this new alloy at its Bratsk Aluminium Smelter. Due tthe anodization of alloys, the final product is covered with a protective oxide film. This alsimproves the corrosion resistance of products, increasing their service life and enhancing their aesthetic appearance.

Products Covered:
• Plate
• Sheet
• Cast Products
• Extrusion
• Other Products

Alloy Types Covered:
• Cast Alloy
• Wrought Alloy

Processing Methods Covered:
• Castings
• Forgings
• Pigments & Powder
• Flat Rolled
• Rod & Bar
• Extrusions

End Users Covered:
• Transportation
• Construction
• Packaging
• Consumer Durables
• Electrical
• Machinery & Equipment
• Building
• Foil
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances