The market for aluminum in North America has experienced the quickest growth, and this trend is anticipated to last throughout the projection period due to the expansion of the transport sector and developments in product manufacturing and processing technology. In 2022, North America is anticipated to generate 21% of global market revenue. During the projection period, North American aluminum market demand is expected to increase, especially in sectors like automotive and aerospace & defense.
The global aluminum market is expected to auger impeccable growth with a surging CAGR of 6.2% from 2022 to 2032. The aluminum market is anticipated to be valued at US$ 155,352.44 Million in 2022 and is anticipated to reach US$ 283,506.6 Million by 2032. Growth is attributed to the increasing use of lactic acid in end-user industries. From 2016-2021 a CAGR of 4.3% was registered for the lactic acid market.
Aluminum is considered one of the most abundant metals found in the Earth’s crust. On the basis of weight, it accounts for approximately 8% of the earth’s crust. Owing to the wide availability and numerous properties of aluminum make it a widely used metal all over the world. The diverse application of aluminum in various industries such as food & beverage, packaging, household products, transportation, and electronics is fueling market growth during the forecast period.
Aluminum is said to be the perfect substitute for materials such as iron and steel majorly due to its lower self-weight and high strength properties. Due to its application in several end-use industries, the prices of aluminum fluctuate occasionally.
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Key Factors
- Aluminum possesses several properties including high conductivity, corrosion resistance, and ease of recycling. Backed by these impressive properties, the aluminum market size is expected to swell over the projection period.
- Over a span of time, metal has been increasingly used in combination with diverse alloying elements that incorporate magnesium, silicon, zinc, and copper. These combinations aid in advancing the properties of aluminum which include high-temperature sustainability, high tensile strength, and high fatigue strength. These factors help in making aluminum a more reliable metal.
- A rise in urbanization and industrialization all over the world are considered major factors boosting the demand for aluminum. The construction industry is picking up pace globally with the rise in the development of residential and commercial buildings, it has fueled growth in the aluminum market as well.
- Aluminum and aluminum alloys are prime materials highly used in the building and construction industry. Substantial growth is witnessed in the construction industry that is anticipated to augment the need for better materials including low self-weight and high durability and strength. This will create lucrative growth opportunities for the aluminum market in the construction industry.
- The automotive industry is increasingly using aluminum in the manufacturing of automotive parts which in return is propelling the growth of the market in the forecast period. Key players in the automotive industry are replacing heavy steel with aluminum due to its lightweight and efficient physical properties.
- There is an ever-increasing demand for improved durability because of the surging adoption of smart devices which in return creates lucrative opportunities for lightweight aluminum components.
Competitive Landscape
Aluminum Corp. of China Ltd., BHP Billiton Ltd., Vedanta Resources plc, Norsk Hydro ASA, United Co., RUSAL, Dubai Aluminum Co. Ltd., Hindalco Industries, Xinfa Group Co. Ltd., Emirates Global Aluminum PJSC, Rio Tinto Alcan Inc. is some of the key companies profiled in the full version of the report.
Key players in the aluminum market are inclining towards research & development for efficient and scalable casting methods that will offer leading manufacturers a competitive edge.
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Key Segments Profiled in the Aluminum Industry Report
Aluminum Market by Series:
- Series 1 Aluminum
- Series 2 Aluminum
- Series 3 Aluminum
- Series 4 Aluminum
- Series 5 Aluminum
- Series 6 Aluminum
- Series 7 Aluminum
- Series 8 Aluminum
Aluminum Market by Processing:
- Aluminum Castings
- Flat Rolled Aluminum
- Aluminum Rods & Bars
- Aluminum Extrusions
- Aluminum Pigments & Powder
- Aluminum Forgings
Aluminum Market by Region:
- North America Aluminum Market
- Latin America Aluminum Market
- Europe Aluminum Market
- Asia Pacific Aluminum Market
- Middle East and Africa Aluminum Market
More Insights into the Aluminum Market
North America showcases lucrative growth opportunities in the global aluminum market. Rising technological advancements in various product manufacturing technologies and processing equipment are expected to boost the growth of the aluminum market.
North America is predicted to account for the dominant share of the global aluminum market by generating 21% of the global market revenue in 2022. Industries such as automotive, aerospace, and defense are projected to rise during the forecast period.
Countries like Russia and Canada also fall among the leading countries to generate the highest revenue for the global aluminum market over the forecast period. According to the analysis, the European aluminum market is projected to witness significant growth opportunities in the forecast period.
On the basis of year-on-year growth, the Asia Pacific region is the best performing portion globally. Increased industrialization and urbanization surged investments and activities in the region to boost growth in the aluminum market.
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