Asia-pacific Aluminum Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report implies that the aluminum market in the Asia-Pacific will progress at a CAGR of 5.36% over the forecast period 2023-2030. Japan, India, ASEAN Countries, Australia & New Zealand, Taiwan, China, South Korea, and Rest of Asia-Pacific are scrutinized in the market within the region.
The rapid adoption of electric vehicles in China is expected to drive demand for aluminum from the transportation sector. Furthermore, the rising demand from the packaging sector is also expected to drive the market, which can be attributed to the shift away from glass and toward canned beers.
Furthermore, the installation of renewable energy in remote areas, as well as the subsequent implementation of power transmission projects, is anticipated to increase the demand for aluminum from the electrical sector.
Additionally, massive investments in construction and infrastructure development are also driving the market. Non-ferrous metals such as aluminum have been included in China’s 12th five-year plan as key industries that will be encouraged to form and consolidate large enterprises. These initiatives are expected to have a positive impact on the aluminum market’s growth.
Taiwan plays an important role in the global electronics supply chain and manufactures a variety of electronic goods. According to an Atradius article, the nation accounts for more than 8% of global electronics & computer production. The increased demand for chips and other IT products has greatly benefited the country.
During the forecast period, the country’s developing consumer electronics industry is expected to boost the market. The rise in the number of public infrastructure projects is also expected to drive the demand for aluminum, thus resulting in the Taiwanese market’s growth.
COMPETITIVE OUTLOOK
The acclaimed companies in the aluminum market include Aluminum Corporation of China Limited (Chalco), Alcoa Corporation, Emirates Global Aluminum PJSC, Century Aluminum Company, and RUSAL.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook