Global Aluminium Market to Grow at 4.71% During 2024-2032, Propelled by Increasing Product Applications Across Various End Use Industries

June 08, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “Aluminium Market Report by Series (Series 1, Series 2, Series 3, Series, 4, Series 5, Series 6, Series 7, Series 8), Processing Method (Flat Rolled, Castings, Extrusions, Forgings, Pigments and Powder, Rod and Bar), End Use Industry (Transport, Building and Construction, Electrical Engineering, Consumer Goods, Foil and Packaging, Machinery and Equipment, and Others), and Region 2024-2032,” finds that the global aluminium market is expected to grow at a CAGR of 4.71% during 2024-2032. Aluminium (AI) refers to a lightweight, non-ferrous, silvery-white metal. It is extracted by refining the bauxite ore through the Bayer process to obtain Al oxide, which is smelted using the Hall-Heroult process to release pure Al. It is highly durable, strong, malleable, flexible, and resistant to corrosion and oxidation. It also has excellent reflectivity and electrical and thermal conductivity. Since it easily forms compounds with other chemical elements, it is widely used for various applications. As a result, Al finds extensive applications in the manufacturing of automobiles, smartphones, tablets, personal computers (PCs), refrigerators, and other electronic products.

Global Aluminium Market Trends:

The increasing Al applications across various end use industries represent the primary factor driving the market growth. For instance, Al is extensively utilized in the food and beverage sector to make packaging containers as it is non-toxic, preserves food for extended durations, and inhibits the growth of microorganisms. Besides this, there has been growing product usage in the production of wheels, engines, chassis, and other parts of modern vehicles due to better fuel economy, lightweight, and efficiency. Additionally, the widespread product adoption in the construction industry for manufacturing windows, curtain walls, roofing and cladding, solar shading, solar panels, railings, shelves, and other temporary structures has augmented the product demand. In line with this, the rising product utilization in packing and protecting cosmetics and personal care products from contamination during storage and shipping has accelerated the adoption of Al. Furthermore, several favorable government initiatives, such as the introduction of the plastic ban in various countries and stringent emission regulations, are positively influencing the market growth. Other factors, including the escalating demand for ready-to-eat (RTE) foods, emerging pharmaceutical packaging applications, rising consumer electronics sales, surging construction activities, growing environmental concerns, and technological advancements in Al manufacturing, are also creating a favorable market outlook. 

Market Summary:

  • Based on the series, the market has been segmented into series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8.
  • On the basis of the processing method, the market has been classified into flat rolled, castings, extrusions, forgings, pigments and powder, and rod and bar.
  • The market has been divided based on the end use industry into transport, building and construction, electrical engineering, consumer goods, foil and packaging, machinery and equipment, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being 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., and Vedanta Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units  US$ Billion
Segment Coverage Series, Processing Method, End Use Industry, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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. and Vedanta limited
Customization Scope 10% Free Customization
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Global Aluminium Market to Grow at 4.71% During 2024-2032, Propelled by Increasing Product Applications Across Various End Use Industries
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