The aluminum market was valued at $162.0 billion in 2023, and is estimated to reach $285.4 billion by 2033, growing at a CAGR of 5.9% from 2024 to 2033.Aluminum is the sixth most ductile and second most malleable metal present on earth. It possesses strong affinity for oxygen. It is exceptionally light having 2.7g/cm density, is resistant to dust, possesses high degree of conductivity, and exhibits significant strength when alloyed. It is widely used in food & packaging and pharmaceutical industries, as it is nontoxic in nature, preserves food for prolonged times, and inhibits growth of microorganisms. It is a good electrical conductor, and thus is used frequently in electrical transmission lines. In addition, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, reflectivity, and recyclability are other characteristics of aluminum market, which makes it a favorable choice for various industrial applications.
However, aluminum faces a lot of competition from a variety of substitutes across various end-user industries. Composites can substitute aluminum in aircraft wings and fuselages, due to superior strength and mass-to-weight ratio. Glass, plastics, steel, and paper can substitute aluminum in packaging applications. Titanium, steel, and magnesium can substitute aluminum in structural uses and ground transportation. Steel, composites, wood, and vinyl can serve as substitutes for aluminum in building & construction applications. In electrical engineering applications, copper can be utilized instead of aluminum. However, aluminum possesses unique and superior properties over most of its substitutes, and thus, replacing it is not a straightforward practice. However, the presence of such high number of substitutes in the market hinders the market growth.
For the purpose of analysis, the aluminum market scope covers segmentation based on series, processing method, end-user industry, and region. The report provides information on various series including series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8. Furthermore, the major processing methods covered in the study include flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar. In addition, it outlines the details of the end-user industry such as transportation, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others. Moreover, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The major players operating in the industry include China Hongqiao Group Limited, Rio Tinto, East Hope Group, Shandong Xinfa Aluminum Co., Ltd., Emirates Global Aluminium PJSC, Alcoa Corporation, RusAL, Norsk Hydro ASA, Hindalco Industries Ltd, and Aluminum Corporation of China Limited. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
However, aluminum faces a lot of competition from a variety of substitutes across various end-user industries. Composites can substitute aluminum in aircraft wings and fuselages, due to superior strength and mass-to-weight ratio. Glass, plastics, steel, and paper can substitute aluminum in packaging applications. Titanium, steel, and magnesium can substitute aluminum in structural uses and ground transportation. Steel, composites, wood, and vinyl can serve as substitutes for aluminum in building & construction applications. In electrical engineering applications, copper can be utilized instead of aluminum. However, aluminum possesses unique and superior properties over most of its substitutes, and thus, replacing it is not a straightforward practice. However, the presence of such high number of substitutes in the market hinders the market growth.
For the purpose of analysis, the aluminum market scope covers segmentation based on series, processing method, end-user industry, and region. The report provides information on various series including series 1, series 2, series 3, series 4, series 5, series 6, series 7, and series 8. Furthermore, the major processing methods covered in the study include flat rolled, castings, extrusions, forgings, pigments & powder, and rod & bar. In addition, it outlines the details of the end-user industry such as transportation, building & construction, electrical engineering, consumer goods, foil & packaging, machinery & equipment, and others. Moreover, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The major players operating in the industry include China Hongqiao Group Limited, Rio Tinto, East Hope Group, Shandong Xinfa Aluminum Co., Ltd., Emirates Global Aluminium PJSC, Alcoa Corporation, RusAL, Norsk Hydro ASA, Hindalco Industries Ltd, and Aluminum Corporation of China Limited. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aluminum market analysis from 2023 to 2033 to identify the prevailing aluminum market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the aluminum market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global aluminum market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Series
- Series 1
- Series 2
- Series 3
- Series 4
- Series 5
- Series 6
- Series 7
- Series 8
By Processing Method
- Rod and Bar
- Flat Rolled
- Castings
- Extrusions
- Forgings
- Pigments and Powder
By End-Use Industry
- Transportation
- Building and Construction
- Electrical Engineering
- Consumer Goods
- Foil and Packaging
- Machinery and Equipment
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- Western Africa
- Northern Africa
- Rest Of Africa
Key Market Players
- Alcoa Corporation
- Aluminum Corporation of China Limited
- China Hongqiao Group Limited
- East Hope Group
- Emirates Global Aluminium PJSC
- Hindalco Industries Ltd
- Norsk Hydro ASA
- Rio Tinto
- RusAL
- Shandong Xinfa Aluminum Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ALUMINUM MARKET, BY SERIES
CHAPTER 5: ALUMINUM MARKET, BY PROCESSING METHOD
CHAPTER 6: ALUMINUM MARKET, BY END-USE INDUSTRY
CHAPTER 7: ALUMINUM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to the report, titled, “Aluminum Market," the aluminum market was valued at $148.1 billion in 2021, and is estimated to reach $258.3 billion by 2031, growing at a CAGR of 5.82% from 2022 to 2031.Aluminum is a lightweight, nonmagnetic, soft, and ductile metal present in the boron group. It is the third most abundant element found in the earth’s crust, but is seldom found uncombined in nature. It is usually extracted from minerals such as cryolite and bauxite. It forms a reflective coating when evaporated in vacuum, which is utilized to of manufacture telescope mirrors, packaging, and toys. It is used in production of variety of products such as foils, window frames, kitchen utensils, airplane parts, beer kegs, and others.
Aluminum is utilized in various industries, including airline, automotive, rail transport, and ship building. China is one of the major producers and exporters of aluminum in the global market; thus, the developments in transportation sector involving aluminum directly impacts the China aluminum industry. Aluminum is widely utilized in the production of aircrafts, automotive vehicles, rail transport, and ships, as the metal is lightweight and offers significant strength. There has been an increase in the production of aircrafts where the 20% of the aircraft body (Boeing 787) is aluminum. Such applications of aluminum in transportation leads to increased demand and China being one of the major exporters acts as a driving factor for the aluminum market growth. Aluminum faces a lot of competition from a variety of substitutes across various end-user industries which can hinder the growth of the aluminum market.
The aluminum market is segmented on the basis of series, processing method, end-user industry, and region. By series, series 1 is expected to continue its leading position and expected to grow with CAGR 5.4% over the forecast period. For fabrication among overall aluminum series 1 aluminum is selected in response to its superior corrosion resistance in specialized chemical tanks and piping; or for excellent electrical conductivity in bus bar applications.
By processing method, extrusion segment is leading segment in 2021and expected to grow with a CAGR 5.47% by the end of the 2031. With the use of aluminum extrusion process, it transforms aluminum alloy into various products for consumer and industrial markets. Increase in producing electricity from renewable sources such as solar and other renewable sources, fuels the demand for aluminum extrusion products, which further drives the growth of the aluminum market.
By end use industry, the transport segment accounted for around 32.0% of the global aluminum market share in 2021. High strength, durability, and lightweight of aluminum has made it an ideal material for transport applications such as cars, buses, coaches, lorries, trains, ships, aircraft and bicycles. Aluminum is used widely for components such as engines, chassis, driveline, suspension, steering, brakes, closures, heat shields, and others.
By region, Asia Pacific is expected to continue its dominance over the forecast period, as industrialization and urbanization is growing rapidly in the region.
The major players operating in the industry include, Alcoa Corporation, Aluminium Corporation of China Limited, China Hongqiao Group Ltd., Hindalco Industries, East Hope Group Company Limited, Emirates Global Aluminum PJSC, Norsk Hydro ASA, Rio Tinto Alcan Inc., United Company Rusal Plc., and Xinfa Group Co., Ltd.
Key Findings of the Study
- By series, series 7 is anticipated to be the fastest-growing technology segment in terms of value, growing at a CAGR of 7.11%, throughout 2022-2031. The series 1 segment occupied the maximum share of the market with 20.4% of the total revenue in 2021.
- By processing method, the rod & bar is expected to grow with CAGR 7.07% over the forecast period.
- By end-use industry, the transport segment emerged as the global leader by acquiring around 32.0% market share in 2021 in terms of revenue and is anticipated to show a significant growth rate over the forecast period.
- Region-wise, Asia Pacific is the major consumer of aluminum among other regions. It accounted for around 64.3% of the global market share in 2021 and Asia-Pacific is expected to show a lucrative growth rate over the forecast period.
- COVID-19 Impact on Market
- During the COVID-19 pandemic, the aluminum industry was impacted in terms of distribution and logistics due to lockdown across the globe. Aluminum production and distribution came to a halt because of the economic downturn due to the pandemic.
- The COVID-19 pandemic disrupted the transport, building & construction, and machinery & equipment industries, resulting in reduced usage of aluminum in these industries.
- The global COVID-19 pandemic hindered inter-country activity and import & export of aluminum due to varied economic and legal limitations globally. As a result, the aluminum market impacted moderately in 2020. However, by the beginning of 2021, all the industries started their operation due to which the demand for aluminum improved in the transport, building & construction, and machinery & equipment industries.
Companies Mentioned
- Alcoa Corporation
- Aluminum Corporation of China Limited
- China Hongqiao Group Limited
- East Hope Group
- Emirates Global Aluminium PJSC
- Hindalco Industries Ltd
- Norsk Hydro ASA
- Rio Tinto
- RusAL
- Shandong Xinfa Aluminum Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 484 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 162 billion |
| Forecasted Market Value ( USD | $ 285.4 billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
