Aluminium Market Size, Demand And Growth Opportunity 2024-2032

Global Aluminium Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global aluminium market size is expected to exhibit a growth rate (CAGR) of 4.71% during 2024-2032.
• Asia Pacific leads the market, accounting for the largest aluminium market share.
• Series 3 accounts for the majority of the market share in the series segment as it is known for their moderate strength, good formability, and enhanced corrosion resistance. 
• Extrusions hold the largest share in the aluminium industry.
• Building and construction remain a dominant segment in the market due to the increasing focus on enhancing aesthetic appeal.
• The thriving construction industry is a primary driver of the aluminium market.
• The rising adoption of vehicles and aerospace expansion are reshaping the aluminium market.

Industry Trends and Drivers:

• Thriving Construction Sector: 

The growing demand for aluminium due to the thriving construction industry is offering a favorable market outlook. Aluminium's lightweight and durable characteristics make it an ideal material for construction, allowing for easier transportation and installation while reducing overall structural weight. It is commonly used in building frames, roofing, and facades, contributing to energy efficiency and modern architectural designs. In emerging economies, urbanization and population growth is catalyzing the demand for commercial and residential spaces. In addition, highways, bridges, and public transit systems also benefit from aluminium's resistance to corrosion and low maintenance requirements, making it a preferred choice among engineers and architects.

• Rising Adoption of Vehicles:

The escalating demand for aluminium in the automotive sector due to shift towards lightweight materials to enhance fuel efficiency and reduce greenhouse gas (GHG) emissions is propelling the market growth. Aluminium is increasingly used in vehicle manufacturing for components, such as body panels, engine blocks, and structural parts, due to its favorable strength-to-weight ratio. This trend is further accelerated by the rise of electric vehicles (EVs), which require lightweight materials to maximize battery performance and extend driving range. There is an increase in the need for aluminium as manufacturers seek to comply with stringent emissions regulations. Moreover, advancements in automotive technologies, such as aluminium alloys and innovative joining techniques, continue to expand the material's applications in the automotive sector.

• Aerospace Expansion:          

The aerospace industry significantly influences aluminium demand, driven by the continuous growth in air travel and the need for advanced and fuel-efficient aircraft. Aluminium's high strength-to-weight ratio makes it a preferred material for aircraft structures, including fuselages, wings, and engine components. As airlines focus on reducing operational costs and improving fuel efficiency, the use of lightweight aluminium alloys is becoming vital. Furthermore, the trend towards newer aircraft models, which often utilize more aluminium to achieve weight savings, contributes to this demand. The aerospace sector is also investing in research and development (R&D) activities to enhance the performance characteristics of aluminium, ensuring it meets the rigorous safety and performance standards required in the aviation industry.

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Aluminium Market Report Segmentation:

Breakup By Processing Method:

• Flat Rolled
• Castings
• Extrusions
• Forgings
• Pigments and Powder
• Rod and Bar

Extrusions dominate the market on account of their ability to create a desired shape with a constant cross-section.

Breakup By End Use Industry:

• Transport
• Building and Construction
• Electrical Engineering
• Consumer Goods
• Foil and Packaging
• Machinery and Equipment
• Others

Building and construction represents the majority of shares due to the increasing focus on enhancing aesthetic appeal.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys the leading position owing to a large market for aluminium driven by the rising need for sustainable practices.

Top Aluminium Market Leaders:

The aluminium market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Alcoa Corporation
• Aluminium Bahrain BSC
• Century Aluminium Company
• China Hongqiao Group Limited
• East Hope Group
• Emirates Global Aluminium PJSC
• Kaiser Aluminium
• Norsk Hydro ASA
• Novelis Inc. (Hindalco Industries Limited)
• Rio Tinto Ltd.
• Vedanta limited

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