The Aluminum Market is forecast to expand at 6.3% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 1,62,187.9 million in 2023.
The demand for aluminum is positively influenced by the upsurge in demand for aluminum packaging in the food and pharma sectors. Aluminum foil plays a critical role in the food service and processing industries thanks to its unique properties like flexibility, lightweight, non-toxicity, lightweight, and others. With the increasing consumption of frozen foods, the requirement for aluminum packaging solutions is expected to increase.
Geographically, the market can be seen proliferating in developed regions like Europe and North America due to increasing demand for aluminum in the automotive and construction industries. Growing preference for aluminum packaging is also propelling the growth in these regions. Emerging economies of the Asia Pacific are pushing market growth due to significant construction and industrialization activities.
Aluminum is used in flat products like electric appliances, cans, packaging, etc., due to its cost-effectiveness, lightweight, and ease of transportation as opposed to other metals. Since aluminum flat plates are available at competitive prices, consumers are motivated to purchase this product. Another set of applications for flat aluminum includes architectural and industrial applications like kitchen equipment, screen door frames, etc. Increasing demand for the aforementioned products is projected to push the consumption rate of aluminum.
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Top Highlights from the FMI’s Analysis of the Aluminum Market:
The United States aluminum industry has aced its way into the global market. In 2023, the industry is projected to reach a market share of 21.8%.
Germany appears to have a prominent position in the Europe region. Other than that, the German market represents a large value share in the global landscape as well, with an estimated market share of 11.5% for the year 2023.
The Japan aluminum industry is projected to bag a 4.4% market share in 2023.
The Australian aluminum industry to expected to garner a 1.1% market share in 2023.
Over the forecast period, the China market is expected to expand at 5.2% CAGR.
The India market is assessed to register a CAGR of 5.7% over the upcoming period.
The United Kingdom aluminum industry is expected to account for a CAGR of 4% over the forecast period.
Under the series category, the series one segment is projected to account for a value share of 22.1% in 2023.
Based on processing, the castings segment is expected to attain an overall value share of 28.3%.
New Developments in the Market
In April 2023, a new survey of Tier 1 suppliers and automakers was conducted by Ducker Carlisle. The survey concluded that EVs are expected to make their way into the mass market. This, in turn, is expected to fuel the demand for aluminum over the next decade. A new report released by the Aluminum Association suggests that the demand for more eco-friendly transportation systems is expected to appreciate the market share for aluminum by over 100 net pounds/ vehicle from 2020 to 2030.
In February 2023, TDK Corporation presented a new EPCOS B43652* series. These are a series of snap-in aluminum electrolytic capacitors, and these have extremely compact dimensions and large ripple current-carrying capacity.
Some key participants present in the global aluminum market are Aluminum Corp. of China Ltd., BHP Billiton Ltd., Vedanta Resources plc, Norsk Hydro ASA, United Co., RUSAL, and Dubai Aluminum Co. Ltd., among others.
Key Segments Profiled in the Aluminum Industry Report
Aluminum Market by Series:
Series 1 Aluminum
Series 2 Aluminum
Series 3 Aluminum
Series 4 Aluminum
Series 5 Aluminum
Series 6 Aluminum
Series 7 Aluminum
Series 8 Aluminum
Aluminum Market by Processing:
Aluminum Castings
Flat Rolled Aluminum
Aluminum Rods & Bars
Aluminum Extrusions
Aluminum Pigments & Powder
Aluminum Forgings
Aluminum Market by Region:
North America
Latin America
Europe
Asia Pacific
The Middle East and Africa