Aluminum Market
The Global Aluminum Market size valued to USD 151.99 billion in 2019, is predicted to reach USD 205.72 billion by 2030, with a CAGR of 2.70% from 2020-2030.
Aluminum is an abundant metal having strong affinity towards oxygen and possess significant strength. It characteristics such as low metal density, resistance to corrosion, high conductivity, high malleability as well as ductility, non-toxicity, high resistivity, high reflectivity, recyclability, high volumetric energy density, exceptional light weight and anti-microbial property, makes it highly advantageous in food & packaging industries, pharmaceutical industries, electric transmission applications, aerospace industries as well as in other industry verticals.
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Top Companies: Rio Tinto Alcan Inc., United Company RUSAL Plc, Alcoa Corporation, China Hongqiao Group Ltd., China Power Investment Corp., Xinfa Group Co., Ltd., East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Aluminium Corporation of China Limited and others.
The aluminum market share analysis is based on type, product, vertical industry, and geography. Based on type, the market is segmented into primary aluminum and secondary/recycled aluminum. Based on product, the market covers castings, extrusions, flat rolled, forgings, rod & bar, pigments & powder, and others. Based on vertical industry, the market is classified into transport, building & construction, electrical, hardware & accessories, consumer goods, foil & packaging, machinery & equipment, and others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
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Asia-Pacific is dominating the global aluminum market, and it is expected to maintain its dominance throughout the forecast period, accounting for highest market shares. This is attributable to the factors including rapid urbanization, industrial development, and higher usage in transportation as well as building & construction industries. Europe being the second-largest aluminum market, is expected to hold significant market share owing to recovering economic growth and growing demand for lightweight material from the automotive industry. North America region is expected to witness a substantial growth in the global aluminum market, owing to increasing use of recycled aluminum products, infrastructural advancements as well as technological developments.
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