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Aluminum Alloys Market Report: Understanding Size, Share, and Growth Trajectories

The global aluminum alloys market is expected to reach USD 340.12 billion by 2030, expanding at a CAGR of 6.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing penetration of aluminum in the automotive industry is projected to benefit the market over the coming years.

For instance, in April 2024, Steel Strips Wheels announced that the company had successfully secured an order for aluminum wheels from one of the passenger car manufacturers in India. The company is expected to supply aluminum wheels along with steel wheels to the manufacturer. The company aims to remain committed to leveraging this opportunity to improve customer satisfaction and its automotive industry footprint.

The use of aluminum in different end use industries is increasing at a rapid pace owing to its advantages and less volatility in prices compared to its counterparts. The advantages of aluminum such as flexibility, formability, strength, durability, and lightweight nature have promoted the usage of aluminum alloys in different applications. Aluminum alloys are excellent materials for recycling and thus have a low carbon footprint compared to numerous materials.

Investment in aluminum casting facilities is anticipated to drive the demand for aluminum alloys over the forecast period. In May 2024, Hydro, a leading player in the aluminum industry announced an investment of USD 85 million for a new casting line for its recycling facility in Kentucky, U.S. This line is expected to start in 2026 with the production of high-quality automotive components. This new aluminum casting production line will have a capacity of 28,000 tons.

Aluminum alloys find applications in doors, windows, ceilings, wall panels, stairs, roof sheets, and many more. Investment in the construction industry along with new residential and commercial projects is anticipated to boost the demand for aluminum products and thus aluminum alloys. For instance, in June 2024, the Government of South Korea announced an investment of USD 19 billion for the construction of semiconductor parks, infrastructure development, and financial support for the semiconductor industry.

Packaging industry is projected to provide new opportunities for market vendors over the long term. For instance, in January 2024, Novelis Inc., a leading player in the aluminum industry value chain announced that the company had secured a new contract from Ardagh Metal Packaging USA Corp. Under this contract, Novelis will supply aluminum sheets for beverage packaging application. This was the third major contract for Novelis in less than seven months in beverage packaging of North America.

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Aluminum Alloys Market Report Highlights

Based on end use, the automotive & transportation segment dominated the market with a share of over 26% in 2023 and is anticipated to maintain its position over the forecast period. The sluggish but positive movement of real estate in developing countries is expected to benefit the market growth.

The focus on improving the fuel efficiency of vehicles is projected to play a key role in the expansion of the market. The use of aluminum components in vehicles significantly reduced the weight of vehicles, thus improving fuel efficiency.

Packaging end use segment is poised to grow at lucrative CAGR from 2024 to 2030. Demand for 3xxx series aluminum alloys for packaging of products such as food, beverages, cosmetics, and medicines is projected to benefit the market growth.

The market is fragmented in nature, as there are a large number of small and medium companies engaged in the production of aluminum alloys.

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Grand View Research has segmented the global aluminum alloys market based on the end use, and region.

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Aluminum Market: Top 7 Uses of Aluminum | Specialty Materials

As the most abundant metallic element naturally found on the Earth’s crust and the most extensively used nonferrous metal, aluminum and its alloys are extensively utilized across various sectors. These include building materials, aircraft construction, consumer durables, chemical and food-processing equipment, and electrical conductors.

 According to Inkwood Research, the global aluminum market is predicted to grow with a CAGR of 4.97% during the forecast years of 2022 to 2030.

On account of the metal’s unique properties, including corrosion resistance as well as high tensile strength and heat capacity, aluminum is used in a diverse range of commercial products, as well. Moreover, since it is also 100% and infinitely recyclable, the metal constitutes a distinguished part of the global foundational infrastructure.

Read on for a comprehensive compilation of the top 7 uses of aluminum spanning different industries –

Consumer Products – Smartphones, laptops, flat-screen televisions, tablets, computer monitors, and other consumer products widely use aluminum, primarily due to its potential to dissipate and absorb heat. Also, since the material is lighter than steel and stronger and more reliable compared to plastic, leading market manufacturers are increasingly making use of aluminum in their production processes.

Automotive & Transportation – With the automotive industry’s rising focus on fuel efficiency and minimizing carbon-dioxide emissions, aluminum has become a preferred material in the production of vehicles. The use of aluminum in the automotive & transportation sector not only helps enhance the vehicle’s durability and safety but also serves as a more cost-effective solution for manufacturers. Accordingly, as per Inkwood Research, the automotive & transportation segment under the end-user category held the highest market share of 03% in 2021.

Electrical – The low density of aluminum makes it an excellent choice for long-distance power lines. Since it is anti-corrosive, ductile, and lighter than copper, aluminum can be formed into wires for electrical purposes with ease. As a result, copper wiring is increasingly being replaced by aluminum in transformers, in addition to the majority of all updated wiring systems. Aluminum is also being used in satellite dishes, fuse boxes, and sound systems, among other electrical devices.

Building & Construction – The applications of aluminum in the building & construction sector include foil insulation, roofing, windows, doors, cladding, shopfronts, architectural hardware, balustrading, as well as guttering. Furthermore, aluminum is used for treadplates and industrial flooring, as well. Inkwood Research’s estimates suggest that building & construction is expected to be the fastest-growing end-user, progressing with a CAGR of 5.18% during the forecast period, 2022 to 2030.

Foil & Packaging – Owing to its non-toxic property, aluminum is ideal for packaging food. As a result, high amounts of aluminum are utilized for the packaging of medication, food, and beverages, without causing any impact on their respective tastes. Aluminum also plays a vital role in repelling water, in addition to extending the shelf life of food items, as well.

Household Appliances – Aluminum is highly energy-efficient and is, therefore, a suitable material for household appliances that use heating and cooling processes, such as air conditioners and refrigerators. The metal is also ideal for holding certain temperature levels, a key factor that helps create the efficient cooling that modern refrigerators require.

Aerospace – The aerospace industry utilizes aluminum to build navigation instruments as well as aircraft parts. Moreover, the consumption of aluminum for manufacturing aircraft, especially in the United States and Europe, is likely to witness significant growth over the upcoming years. While the metal’s high resistance to corrosion helps to ensure the safety of aircraft and its passengers, aluminum is also used by NASA for its properties, such as lightweight and strength under tremendous pressure.

Aluminum Market: Trending Usage Combined with Tech Developments

Various technological developments associated with the use of aluminum and its alloys are emerging across the globe. For example, in the field of 3D printing technology, aluminum powder is utilized to print separate as well as fully functional parts that are intricate, strong, and capable of handling details as small as 0.25 mm. As a result, the growing popularity of 3D printing technology is a notable factor expected to fuel the demand for aluminum over the upcoming years.

Additionally, in the current market scenario, metal additive manufacturing (AM) processes, like selective laser melting (SLM), enable arbitrary 3D structures’ fabrication. Aluminum alloys comprise the material systems in this regard, and are also being favored in several high-value applications. In addition to achieving the objectives of lightweighting, part reduction, and increased functionality, AM techniques also deliver the advantages of potential savings on raw materials and minimal waste since it only utilizes the material required to fabricate the part of interest. Hence, such technological developments are anticipated to create lucrative opportunities for the global aluminum market growth during the forecast period.

Sustainability Factor | What Does the Future Hold for the ‘Green’ Metal?

Over the last decade, the world has witnessed a paradigm shift in terms of global consciousness. Besides, with the global economy rapidly transitioning towards a greener, cleaner, and more sustainable régime, the demand for energy-efficient, durable, and environmentally safe mechanisms and infrastructures are on the rise. In this regard, the 100% recyclability of aluminum, especially without any losses to the material’s property, makes it an ideal choice compared to other non-recyclable substitutes.

Accordingly, secondary or recycled aluminum holds tremendous market value since the scrap acquired from machinery, equipment, and automotive can be effectively reprocessed and used owing to its cost efficiency. As the reprocessing of secondary metal consumes only a fraction of the energy needed to produce new metal from the ore, this factor causes substantially less harm to the environment. Furthermore, given the fact that the mining of bauxite (aluminum ore) is highly eco-friendly, the surging adoption of the ‘green metal’ is set to be a major step towards a more sustainable world. Hence, these factors are expected to further augment the use of aluminum across various applications, thereby propelling the global aluminum market growth during the forecasted years.

By Shruti Vanjare

FAQs:

What are some of the key properties of aluminum?

Aluminum is non-toxic, non-magnetic, lightweight, and non-sparking, with excellent corrosion resistance and high thermal conductivity. Moreover, the metal has a low density and can be easily machined, cast, and formed.

Which are the leading players operating in the global aluminum market? Hindalco Industries Ltd, Rio Tinto, Aluminum Corporation of China Ltd (CHALCO), and others are among the leading players operating in the global aluminum market.

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Cathode Aluminum Foil Market

The report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global Cathode Aluminum Foil market.

Download Free Research Report Sample PDF: https://cutt.ly/tN0I47v

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Aluminum Market -  Forecast 2021 - 2026

The trade value of aluminum and its products stood at $194.32 billion in 2018, after growing at 11% from 2017, according to the International Trade Centre (ITC). This increase in trade is due to application of aluminum in various end-user industries including packaging, construction, automotive, and others. In 2018, the aluminum market size was gauged to be 79 million tons in terms of quantity, and the application of aluminum is estimated to increase at a CAGR of 4.2% during the forecast period 2019-2025.

APAC had the greatest aluminum market share of 66%, in 2018. This can be attributed to India being identified as a key country that imported $5.48 billion worth of aluminum in 2018 with a significant growth rate of 32% year on year. Furthermore, the Japan and Korea aluminum markets observed growth rate of 13% and 8% respectively, in 2018, according to ITC.

China has been the leading aluminum marketplace for several years now. According to latest findings by the International Aluminum Institute (IAI), China is a mega-producer of aluminum with 2,940 thousand metric tons of aluminum production. Some of the production is exported while the rest of it is consumed by China’s electronics and construction industries which are major marketplaces for aluminum. Apart from major contributions by China, India, and Japan to the APAC aluminum market revenues, Indonesia witnessed a growth in the construction and packaging industry that supported the aluminum market in the country in 2018.

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Aluminum Market Outlook:

Aluminum is a metal which is obtained by Bayer’s process, in which aluminum oxide undergoes smelting to release pure aluminum. Aluminum sulfate, aluminum chloride, and aluminum phosphate are some of the useful aluminum compounds. The metal is prevalently used in industries such as packaging and construction. Moreover, it finds application in machinery & equipment and electrical and consumer durables industries.

The key application of aluminum is found in the automotive industry, and this segment is estimated to grow at a CAGR of 4.3% through to 2025. Since aluminum is a lightweight and fuel-efficient metal, it is used in the body of cars. Furthermore, aluminum used in automobile vehicles can be easily recycled. More than half a million tons of automotive aluminum is recycled, and this recycling saves 21 barrels of oil energy that would have been consumed in producing fresh aluminum, according to findings by The Aluminum Association. Fuel-economy regulations worldwide will also enhance application of aluminum in the automotive industry. Additionally, expected increase in the production of electric vehicles, semi-autonomous and autonomous vehicles, and self-driving cars and trucks will further boost the automotive aluminum market.

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Aluminum Market Growth Drivers:

· The Consumer Electronics Sector Supporting the Aluminum Market –

Aluminum usage has now become commonplace in smartphones, tablets, laptops, flat-screen TVs, monitors, and other consumer electronic products. The number of mobile users across the globe is projected to increase from 5.1 billion in 2018 to 5.8 billion in 2025, according to the Global System of Mobile Communications (GSMA). This indicates that the mobile industry will be a lucrative aluminum marketplace over the forecast period. Apart from smartphones, the smart TV market will be witnessing growth at a CAGR of 8% to 10% during the forecast period 2019-2025, which will create a demand influx in the aluminum market.

· The Anticipated Growth of the Construction Industry –

In 2016, GDP of the construction industry was 25.396%, according to the World Bank. Construction industry happens to be a lucrative avenue for the aluminum market since aluminum is the second most used metal in the industry. The future foresees rapid infrastructure development in order to fulfill the sustainable development goals (SDGs) of the United Nations (UN). Increasing construction activities worldwide will offer increasing opportunities to vendors in the aluminum market.

Aluminum Market Trends –

· Environmental Regulations Pertaining to Use of Plastics to Drive the Application of Aluminum for Packaging –

Even though the plastics market is booming, the flexible plastic sector is facing challenges in countries such as the U.S., Indonesia, and a few countries of Europe. Owing to this, the metal packaging market is making strides, and aluminum foil is a major segment of metal packaging products. The regulations pertaining to plastics in the packaging industry will boost the application of aluminum in the industry.

Aluminum Market Key Players Perspective –

The major players with major aluminum market share are Alcoa Corporation, Rio Tinto, CHALCO (Aluminum Corporation of China Limited), United Company RUSAL, Alcan, China Hongqiao Group Limited, Shandong Xinfa Aluminum Group Co. Ltd., East Hope Group Company Limited, Norsk Hydro ASA, and BHP.

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Aluminum Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the aluminum market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The aluminum market research report also analyses the application of aluminum in various sectors such as packaging, building & construction, automotive, and others.

Aluminum Market Report: Industry Coverage

The aluminum market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.

The report also provides facts, figures, and statistics about different types of aluminum and their use in various industries.

The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia.

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Surging demand for solar will boost 3 metals, Wood Mackenzie predicts

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The global Aluminum Market Size was valued at $18.54 Billion in 2017. Aluminum Market Analysis forecast to grow at a modestxx.3 % CAGR between 2018-2025.

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Asian shares turn lower after trade-jitter losses on Wall St

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[ameriresearch]

The global Aluminum Market Size was valued at $18.54 Billion in 2017. Aluminum Market Analysis forecast to grow at a modestxx.3 % CAGR between 2018-2025.

[globalmarketblog-blog]

The Market Research Store report offers majority of the latest and newest industry data that covers the overall market situation along with future prospects for 5052 Aluminummarket around the globe. The research study includes significant data and also forecasts of the global market which makes the research report a helpful resource for marketing people, analysts, industry executives, consultants, sales and product managers, and other people who are in need of major industry data in a ready-to-access format along with clear presentation of graphs and tables. Browse Complete Report with TOC @http://www.marketresearchstore.com/report/global-5052-aluminum-sales-market-report-2017-102026

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