Middle East And Africa Aluminum Market 2023-2030
MARKET OUTLOOK
Triton Market Research’s report depicts that the aluminum market in the Middle East and Africa is likely to progress with a CAGR of 4.38% over the forecast years from 2023 to 2030. South Africa, Saudi Arabia, Turkey, the United Arab Emirates, and Rest of Middle East & Africa are assessed in the market in this region.
The South African automotive industry is involved in the production, distribution, and maintenance & servicing of automobiles and parts. The country’s demand for automotive aftermarket specialty equipment and accessories has increased rapidly. In 2013, the export-oriented Motor Industry Development Program was replaced by the Automotive Production Development Program (APDP).
The goal of the APDP has been to encourage local production of automotive components while providing incentives for OEMs to manufacture light commercial vehicles and passenger cars in the country for the local market and export. Such policies are expected to boost the country’s automotive industry. This will drive the demand for aluminum, thus leading to the market’s growth.
Turkey is a global hub for production, export, and engineering for brands operating in international markets. The country’s automotive industry employs over 500,000 people, according to data from the International Trade Administration (ITA). Automotive manufacturers like Ford have their manufacturing facilities in Turkey and are increasingly investing in electric vehicle (EV) production. All the above-mentioned factors are anticipated to fuel the aluminum market’s growth in the country over the forecast period.
COMPETITIVE OUTLOOK
The distinguished players in the aluminum market comprise RUSAL, Norsk Hydro ASA, Emirates Global Aluminum PJSC, Novelis Inc, and Alcoa Corporation.
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