Aluminum Market Growth Trajectory Through 2024-2033

The Aluminum Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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%. The growth in the historic period can be attributed to industrial revolution impact, automotive industry adoption, aerospace industry demand, aluminum’s role in packaging, electrical transmission needs.

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%. The growth in the forecast period can be attributed to aluminum recycling advancements, green initiatives in manufacturing, electric vehicle adoption, construction and infrastructure growth, packaging industry trends, aerospace industry demand. Major trends in the forecast period include aluminum in 3D printing, aluminum alloy innovations, urbanization and construction, renewable energy projects, shift to aluminum packaging.

Rising demand from the automotive industry is expected to propel the growth of the aluminum market going forward. The automotive industry refers to several businesses and organizations engaged in the creation, production, marketing, and sale of automobiles. The growing automotive industry uses high amounts of aluminum to provide durability and aesthetic appeal. For instance, in May 2022, the Society of Indian Automobile Manufacturers, an Indian-based agency representing all vehicle and vehicular engine manufacturers, reported that the total number of automobiles produced in 2021 was 22.9 million in India. Further, in 2021, according to the European Automobile Manufacturers’ Association, a Belgium-based automotive industry standards group, 79.1 million automobiles were produced 2021. Therefore, rapid growth in the automotive industry is driving the growth of the aluminum market.

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The aluminum market covered in this report is segmented –

1) By Product Type: Primary Aluminum, Secondary Aluminum
2) By Processing Method: Flat rolled, Castings, Extrusions, Forgings, Pigments and Powder, Rod and Bar
3) By End-user: Construction, Transportation, Packaging, Electrical, Consumer durables, Machinery and Equipment, Other End-users

Major companies operating in the aluminum market are developing new products such as liquid cooling plates to gain a competitive edge in the market. Liquid cooling plates are components used in thermal management systems to dissipate heat generated by electronic or power devices. For instance, in October 2023, Alloy Enterprises Inc. a US-based aluminum manufacturing company launched aluminum cold plate components. These have been created to possess exceptional material qualities, including a high strength-to-weight ratio, excellent thermal conductivity, channel complexity, integrated cooling, and conformal surfaces. These parts are made to be more durable, to operate better, and not require any further assembly or porosity or de-powdering. They are made of highly thermally conductive materials, such copper or aluminum, and provide as a path for a coolant (liquid or gas) to pass through, efficiently controlling the heat in different parts of the system.

The aluminum market report table of contents includes:

1. Executive Summary
2.Aluminum  Market Characteristics
3.Aluminum  Market Trends And Strategies
4.Aluminum market analysis
5.Aluminum  Market Size And Growth
6.Aluminum  Segmentation
7.Aluminum  Regional And Country Analysis
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27.Aluminum  Competitive Landscape And Company Profiles
28. Aluminum Key Mergers And Acquisitions
29.Aluminum  Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• BHP Group Limited
• Hulamin Limited
• Rio Tinto PLC
• Hindalco Industries Limited
• Norsk Hydro ASA

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