Market Scope & Overview 2023
The SNS Insider report states that the aluminium market reached USD 160.1 billion in 2022 and is projected to attain USD 253.25 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period spanning from 2023 to 2030.
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The Major Key Company Profiles included in Aluminium market study are:
- Vedanta Aluminium & Power
- Alcoa Corporation
- Emirates Global Aluminium
- Norsk Hydro ASA
- Aluminium Corporation of China Limited
- Rio Tinto
- Hindalco Industries Ltd.
- Jindal Aluminium
- National Aluminium Company Limited
Aluminum boasts impressive resistance to corrosion, due in part to its natural ability to form a protective oxide layer on its surface. This intrinsic characteristic renders aluminum ideal for applications in harsh environments, including marine vessels, offshore structures, and even everyday items such as food packaging and beverage cans.
One of the primary growth drivers for the aluminium market is the ongoing lightweighting trend across industries. The quest for energy efficiency, reduced emissions, and enhanced performance has led industries such as automotive, aerospace, and transportation to increasingly adopt aluminum as a preferred material. Its exceptional strength-to-weight ratio allows for significant weight reduction in vehicles and aircraft, leading to improved fuel efficiency and overall sustainability. Rapid urbanization and infrastructure development in emerging economies are fueling demand for aluminum in construction and building materials. The metal’s corrosion resistance, strength, and versatility make it an ideal choice for architectural applications, facades, roofing, and structural components. As cities expand and modernize, aluminum’s role in shaping skylines becomes increasingly indispensable.
Impact of Recession
A recession can have significant implications for the aluminium market, affecting demand, supply, prices, investment trends, and trade dynamics. While aluminium, as a versatile and widely used material, remains a vital component of many industries, its market is not impervious to the broader economic challenges posed by a recession. Adaptation, innovation, and strategic decision-making are essential for market participants to navigate through these challenging periods and position themselves for future growth when economic conditions improve.
The cast alloy segment is rapidly gaining momentum, driven by its exceptional versatility and adaptability across diverse industries. Cast alloys, renowned for their exceptional strength-to-weight ratio and corrosion resistance, have found applications in automotive, aerospace, construction, and beyond. The transportation segment is another pivotal player propelling the aluminium market’s transformation. With the global push towards greener and more fuel-efficient modes of transportation, aluminium has risen to the forefront as a key enabler of this transition.
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The Aluminium Market Segments and Sub-Segments are Listed Below:
- Cast products
By Alloy Type
- Wrought Alloy
- Cast Alloy
- Consumer Durables
- Machinery & Equipment
Regional Status & Analysis
North America boasts a well-developed aluminium market, driven by sectors like aerospace, automotive, and construction. The United States, as a major player, experiences fluctuations in demand due to its industrial cycles and policies. The push for lightweight materials in the automotive sector and sustainability initiatives encourages aluminum adoption. Canada’s hydroelectric power gives it a competitive edge in primary aluminum production. The Asia-Pacific region, led by China, is a powerhouse in both aluminum production and consumption. Rapid industrialization and urbanization contribute to soaring demand for aluminum in construction and manufacturing sectors.
The market’s future prospects are brimming with innovation, sustainability, and growth. With its versatile applications, environmental advantages, and adaptability to emerging technologies, aluminum is well-positioned to remain a pivotal material in various industries. As stakeholders collaborate to drive forward-looking strategies, the aluminum market is primed to capitalize on these trends and carve out a promising path towards a sustainable and prosperous future.
Frequently Asked Questions
>What is the projected outlook for aluminium market growth?
Ans- The market to touch USD 253.25 billion by 2030 at a CAGR of 5.9% during the forecast period spanning from 2023 to 2030.
>What are the major factors influencing the aluminium market?
Ans- The push towards electric vehicles (EVs) and the need for lightweight components in aircraft will create substantial opportunities for aluminum applications.
>Who are the leading players in the aluminium market?
Ans- Vedanta Aluminium & Power, Jindal Aluminium, Alcoa Corporation, Norsk Hydro ASA, Rio Tinto, Hindalco Industries Ltd., National Aluminium Company Lim