Aluminum Market Size – USD 185.30 Billion in 2021, Growth – CAGR of 5.7%, Trends – High utilization in the automotive industry.
The global Aluminum market is forecast to reach USD 305.68 Billion by 2030, according to a new report by Reports and Data. Aluminum is a low-density, silver-colored metal. The metal finds application in a huge variety of commercial sectors. It can be strengthened by the addition of appropriate alloying elements such as Copper, Magnesium, Manganese, and Silicon, among others. It is commonly used in both cast forms and wrought. The low density of the metal results in its extensive use in the aerospace sector, and in other transportation fields. It is also resistant to corrosion, which leads to its use in food and chemical handling and architectural purposes.
Aluminum is an excellent electrical conductor and thus is used frequently in electrical transmission lines. Moreover, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, recyclability, and reflectivity are other characteristics of Aluminum, which makes it a favorable choice for different industrial applications.
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Further key findings from the report suggest
- Primary Aluminum is tapped from electrolytic cells during the electrolytic reduction of metallurgical alumina. It thus excludes recycled Aluminum and alloying additives. The production of the market product is defined as the quantity of primary Aluminum in a defined period. It is the quantity of liquid or molten metal tapped from the pots, and that is weighed before transfer to a holding furnace before further processing.
- Extrusion is a technique that is used to transform aluminum alloy into objects with a definitive cross-sectional profile for a wide range of applications. The product’s malleability permits it to be easily cast and machined, and yet it is one third the stiffness and density of steel. Hence, the resulting products offer strength and stability, particularly when alloyed with other metals.
- All types of vehicles, from spaceships to bikes, are made from Aluminum. This metal allows drivers to move at breakneck speed. The metal makes up 75-80% of the modern aircraft. The aluminum alloys are used in several products, such as the body of space shuttle vehicles, telescopic antenna of the Hubble space telescope, parts of launch vehicles and orbital stations, hydrogen tanks used in rockets, fastening units for solar panels, and tips of rockets.
- Key participants include Aluminium Corporation Of China Limited, China Power Investment Corporation, Emirates Global Aluminium PJSC, Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, Dubai Aluminum Company Limited, and Century Aluminum Company, among others.
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Segments covered in the report:
Product Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Primary Aluminum
- Secondary Aluminum
Processing Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Flat Rolled
- Extrusions
- Forgings
- Castings
- Rod and Bar
- Pigments and Powder
End-use Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Transport
- Electrical and Engineering
- Building and Construction
- Consumer Goods
- Foil and Packaging
- Machinery and Equipment
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The global Aluminum market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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