Enjoy complimentary customisation on priority with our Enterprise License!
The aluminum market size is forecast to increase by USD 28.01 billion between 2022 and 2027, accelerating at a CAGR of 3.05%. In 2017, China held the largest market share projecting an annual revenue of USD 21.76 billion. The report encompasses the industry projection for the Aluminum Market and is organized into various segments, including End-user categories such as transportation, construction, packaging, electrical engineering, and others, as well as Type categories including primary aluminum and secondary aluminum. Additionally, it provides Geographical breakdowns for APAC, Europe, North America, the Middle East and Africa, and South America. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
To learn more about this report, Download Report Sample
In 2020, the outbreak of COVID-19 negatively impacted the growth of the aluminum market in the region. Major end-user industries, such as transportation and construction, witnessed slow growth owing to the outbreak. Thus, the demand for aluminum declined in these end-user industries. The initiation of large-scale COVID-19 vaccination drives led to a decline in the number of COVID-19 cases in H2 2021, which resulted in the lifting of most COVID-19-related restrictions in APAC. In 2021, the regional automotive industry witnessed growth as the sales of new energy vehicles (NEVs) in China increased by more than 2 billion units when compared to 2020.
Increasing demand for aluminum in EVs is a key factor boosting the market growth. Aluminum's role in EVs, facilitating weight reduction and energy efficiency, is paramount. Notably, Norsk Hydro's German facility manufactures lightweight aluminum car body sheets. Aluminum's exceptional thermal conductivity is invaluable for regulating battery temperatures in various vehicle components.
As EVs solidify their role in the automotive industry's future, the global EV market's expansion drives aluminum demand. Aluminum plays a vital role in various EV components, including battery packs, frames, busbars, cables, heat sinks, motor housings, cabin heaters, and structural parts. Advances in battery technology, such as high-energy aluminum-air flow batteries, further boost the significance of aluminum in EV production. Consequently, the aluminum market is on an upward trajectory.
Transporation is the fastest-growing segment propelling the market growth.
The transportation sector, valued at USD 47.17 billion in 2017, saw continuous growth until 2021. For example, modern aircraft utilize aluminum extensively, accounting for approximately 76%-79% of the body structure. In aviation, aluminum finds use in fuselages, doors, floors, passenger seats, engine turbines, and cockpit instrumentation. Additionally, the imperative to reduce carbon emissions has compelled automakers to prioritize fuel efficiency and design, making aluminum a pivotal element in vehicles, promoting weight reduction and strength. Consequently, these factors are anticipated to boost aluminum demand, propelling the global aluminum market's growth in the forecast period.
Aluminum Market - Revenue Share by Transportation Segment, 2017-2027
For more details on other segments, Download Sample Report
APAC is Dominating the Market
APAC is estimated to contribute 33% to the growth of the global market during the forecast period. The major factor driving the growth of the packaging market in APAC is the rapid expansion of the retail sector, which is being supported by strong economic growth and a growing middle-class population. The region retail sector is expected to grow at a rate of more than 7.9% during the forecast period, with major contributions coming from China and India. The retail food sector in APAC is expected to grow at more than 12.8% during the forecast period. Thus, with demand surging from these industries, the need for aluminum is expected to see a significant increase going forward.
Aluminum Market Size, By Region, Global, 2017-2027
To understand geographic trends Download Report Sample
The Aluminum Market is fragmented in nature. Some significant players include Alcoa Corp., Century Aluminum Co., Hindalco Industries Ltd., China Zhongwang Holdings Ltd., Emirates Global Aluminium PJSC.
The research report also includes detailed analyses of the competitive landscape of the market and information about 14 market companies, including:
Aluminum Corp. of China Ltd., China Hongqiao Group Ltd., Gulf Extrusions Co. LLC, HP Inc., Jindal Aluminium Ltd., Kaiser Aluminum Corp., Manaksia Ltd., Norsk Hydro ASA, Rio Tinto Ltd., Saudi Arabian Mining Co., State Power Investment Corp., United Company RUSAL, Vedanta Ltd., Vulcan Steel Ltd., and Xinfa
The aluminum market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Aluminum Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.05% |
Market growth 2023-2027 |
USD 28.01 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.29 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcoa Corp., Aluminum Corp. of China Ltd., Century Aluminum Co., China Hongqiao Group Ltd., China Zhongwang Holdings Ltd., Emirates Global Aluminium PJSC, Gulf Extrusions Co. LLC, Hindalco Industries Ltd., HP Inc., Jindal Aluminium Ltd., Kaiser Aluminum Corp., Manaksia Ltd., Norsk Hydro ASA, Rio Tinto Ltd., Saudi Arabian Mining Co., State Power Investment Corp., United Company RUSAL, Vedanta Ltd., Vulcan Steel Ltd., and Xinfa |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. You may change your settings based on a legitimate interest at any time, by selecting “Manage Settings” on our site. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.