Aluminum Market

Aluminum Market is Estimated to Grow at a CAGR of 5.5% from 2022 to 2028

As stated in our extensive report; the Global Aluminum Market accounted for USD 167.5 Billion in the year 2021.

Aluminum recycled or used again makes up a sizeable component of global use. Scrap from machines, automobiles, equipment, and beverage cans is recycled & reused because it is economical. Reprocessing recycled metal or scrap minimizes environmental damage since it utilizes a small amount of the energy required to create new metal from mining. With a density of 2.7g/cm, Aluminum is incredibly light, has a great affinity for oxygen, is dust-resistant, has a high degree of conductivity, and gains significant strength when alloyed. The Global Aluminum industry has been expanding due to China’s rising need for this excellent base metal. In China, the bulk of industries is owned by the government. Aluminum is widely used in several Chinese enterprises, including electrical, packaging, transportation, and construction. These four industries use most of the Aluminum the Chinese industry uses annually.

Factors Influencing Global Aluminum Market Growth

The growth of the Global Aluminum Market can be attributable to the following:

1. Due to its nontoxic nature and ability to preserve food for an extended period and limit microbe growth, Aluminum is widely utilized in the food, packaging, and pharmaceutical industries.

1. The preference for Aluminum among automotive engineers and designers for its ability to improve fuel efficiency and cut emissions is a significant factor in the market’s expansion. Additionally, this metal is used by makers of electric vehicles to lighten their creations and increase their range.

1. The expanding usage of Aluminum pushes the market by cars instead of stainless steel and the growing need for packaged goods. Additionally, the industry is growing due to OEM manufacturers and rising demand for electric vehicles.

1. Aluminum’s thermal properties are used in heat transfer systems, air conditioning, and refrigeration systems, which fuels market expansion.

1. Aluminum is the second-most used metal in the building and construction sector. It is widely used in windows, roofing, curtain walls, cladding, solar panels, solar shade, shelves, railings, and other temporary structures. One of the main elements influencing the recently researched industry is the rise in construction activity worldwide.

1. Aluminum is becoming increasingly popular in the global auto industry since it is relatively inexpensive. Processors of Aluminum all over the world are aware of this. They are investing much money in development and research to create future generations of automobile components that are better in all aspects and have a substantially lower price point.

However, the strict environmental regulations adopted by organizations and governments may restrain this industry.

Asia Pacific region Dominates the Global Market

Geographically, Asia Pacific holds the largest market share in the Aluminum Market and is likely to continue this trend in the coming years. In nations like China, India, and Japan, industries like electronics, building, construction, aerospace, etc., are expanding. Because there are so many OEMs in the region, the market for electronics manufacturing is anticipated to increase over the next few years. In addition, the Asia Pacific region has the largest construction market in the world, and it is expanding at a healthy rate due to population growth, middle-class income growth, and urbanization. This has increased demand for hotels, shopping centers, high-rise buildings, arenas, and stadiums, which has helped the region’s construction industry and driven Aluminum demand.

Conclusion

The broader Aluminum Market has benefited from the long-standing use of Aluminum in automobiles and the growing percentage of new vehicles that use it.

The well-known players of the Global Aluminum Market include Alcoa Corporation (US), Aluminum Corporation of China Limited (CHALCO) (China), Century Aluminum Company (US), China Hongqiao Group Limited (China), China Power Investment Corp. (China), China Zhongwang Holdings Limited (China), Dubai Aluminum Company Limited (UAE), East Hope Group (China), Emirates Global Aluminium (UAE) and others.