Aluminum Global Market Report 2024

The aluminum market size has grown strongly in recent years. It will grow from $167.14 billion in 2023 to $179.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. Historical growth can be attributed to the impact of the industrial revolution, increased adoption in the automotive industry, growing demand from the aerospace industry, aluminum's significance in packaging, and its use in fulfilling electrical transmission requirements.

The aluminum market size is expected to see strong growth in the next few years. It will grow to $235.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Forecasted growth stems from advancements in aluminum recycling, green manufacturing initiatives, increased adoption of electric vehicles, growth in construction and infrastructure sectors, evolving trends in the packaging industry, and rising demand from the aerospace industry. Key trends include aluminum usage in 3D printing, innovations in aluminum alloys, urbanization's impact on construction, renewable energy projects, and the shift towards aluminum packaging.

The surge in demand within the automotive industry is poised to significantly drive the growth of the aluminum market in the foreseeable future. The automotive industry encompasses various entities involved in the conception, manufacturing, marketing, and distribution of vehicles. This industry's expanding landscape extensively relies on substantial quantities of aluminum due to its attributes of durability and aesthetic appeal in automobile production. For example, as reported by the Society of Indian Automobile Manufacturers in May 2022, India witnessed the production of 22.9 million automobiles in 2021. Similarly, according to the European Automobile Manufacturers' Association, a total of 79.1 million automobiles were manufactured across Europe in 2021. This exponential growth observed within the automotive sector underscores its pivotal role in propelling the demand for aluminum, highlighting its significance as a crucial component within the automotive manufacturing supply chain.

The surge in demand within the aerospace industry is anticipated to be a significant driver for the growth of the aluminum market in the coming years. The aerospace industry encompasses technological advancements and commercial activities involved in the creation, advancement, production, and maintenance of aircraft, spacecraft, and associated systems and components. Aluminum holds pivotal importance within this sector due to its lightweight properties, essential for aerospace applications that prioritize weight reduction without compromising strength, corrosion resistance, machinability, conductivity, recyclability, and compatibility with composite materials. For instance, as reported by Cadrex in August 2023, the aerospace industry recorded a revenue of $741 billion in 2022, marking a notable 3% increase from the previous year's figures. This significant surge in demand within the aerospace sector underscores aluminum's indispensable role, indicating its prominence as a fundamental material driving innovations and advancements in aerospace technology.

An emerging trend in the aluminum market involves a focus on material innovation, with major industry players directing their attention towards developing advanced materials to fortify their foothold in the market. A notable example of this trend occurred in February 2022 when Vedanta Aluminium Limited, an Indian-based metal mining company renowned for aluminum production, introduced Restora. Restora represents a significant innovation in the realm of aluminum, being characterized as a "green" aluminum variant with a markedly reduced carbon footprint. This pioneering material is derived from an aluminum smelting process powered by renewable energy sources, effectively curbing environmental pollution in its production process. The introduction of Restora underscores the industry's commitment to environmentally sustainable practices and signifies a noteworthy advancement in material development within the aluminum market.

Prominent companies within the aluminum market are actively engaged in the development of innovative products, notably focusing on liquid cooling plates, as part of their strategy to attain a competitive edge. Liquid cooling plates represent integral components within thermal management systems, designed to disperse the heat generated by electronic or power devices. A significant instance of this trend occurred in October 2023 when Alloy Enterprises Inc., a US-based aluminum manufacturing company, unveiled a line of aluminum cold plate components. These components boast exceptional material characteristics, including a high strength-to-weight ratio, remarkable thermal conductivity, intricate channel configurations, integrated cooling capabilities, and conformal surfaces. Engineered with heightened durability and optimized operational performance, these parts are meticulously crafted to obviate the need for further assembly, eliminating concerns related to porosity or de-powdering. Leveraging highly thermally conductive materials such as copper or aluminum, these cooling plates serve as conduits for coolants, whether liquid or gas, effectively regulating heat across various sections of the system. This innovation in liquid cooling plates underscores the commitment of industry leaders to advance thermal management technologies within the aluminum market.

In April 2021, Kaiser Aluminum Corporation, a US-based manufacturer specializing in aluminum production, completed the acquisition of Alcoa Warrick LLC for a deal valued at $670 million. This strategic acquisition enabled Kaiser to significantly expand its aluminum product portfolio, augment its employee workforce, and broaden its product distribution within North America. Alcoa Warrick LLC, also based in the US, operates in the aluminum sector.

Major companies operating in the aluminum market report are BHP Group Limited, Hulamin Limited, Rio Tinto PLC, Hindalco Industries Limited, Norsk Hydro ASA, Aluminum Corporation of China Limited, China Hongqiao Group Limited, Vedanta Resources Limited, Novelis Inc., Reliance Steel & Aluminum Co., Alcoa Corporation, United Company RUSAL PLC, Arconic Inc., Constellium SE, Emirates Global Aluminium PJSC, Orkla ASA, Vimetco N.V., Kaiser Aluminum Corporation, Century Aluminum Company, Aluminium Bahrain B.S.C., Alumetal S.A., Hydro Extrusion USA LLC, Alumina Limited, Metal Exchange Corporation, Gulf Aluminium Rolling Mill B.S.C., Assan Aluminyum Sanayi ve Ticaret A.S., East Hope Group Company Limited, Dubai Aluminium Company Limited, Shandong Xinfa Aluminum Co. Ltd., China Zhongwang Holdings Limited.

Asia-Pacific was the largest region in the aluminum market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the aluminum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aluminum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types of aluminum are categorized as primary and secondary aluminum. Primary aluminum is obtained through the electrolytic reduction of metallurgical alumina. Various processing methods are employed, including flat-rolled, castings, extrusions, forgings, pigments and powder, rod and bar. These processed aluminum products find applications across a diverse range of end-user industries, including construction, transportation, packaging, electrical, consumer durables, machinery and equipment, and various other sectors.

The aluminum market research report is one of a series of new reports that provides aluminum market statistics, including aluminum industry global market size, regional shares, competitors with an aluminum market share, detailed aluminum market segments, market trends, and opportunities, and any further data you may need to thrive in the aluminum industry. This aluminum market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aluminum market consists of sales of flat products, extruded products, forged products, long products, cast products, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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