November 1, 2021 05:30 ET | Source: Quince Market Insights Quince Market Insights

Pune, India, November 1, 2021 (GLOBE NEWSWIRE) - The global aluminum market is estimated to reach USD 193.6 billion by 2021, and is expected to grow at a compound annual growth rate of 5.8% during the forecast period. The growth of the aluminum market is driven by the development of the transportation industry and technological progress. In addition, it is expected that during the forecast period, the increase in the use of aluminum in the packaging industry, as well as cost-effective products and superior processing technology will drive the demand for the aluminum market.

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In addition, aluminum extrusion products are widely used in construction, automobiles, electrical and electronics, as well as transportation and logistics. Due to the shutdown of many construction activities, the industry's demand has slowed to a large extent. In major aluminum producing countries such as India, producers face huge challenges in exporting. In addition, intensified competition from substitutes and fluctuations in the prices of raw materials such as alumina are also some of the reasons that limit the growth of the aluminum industry. The entire method of bauxite mining for aluminum production causes a high level of pollution. In order to minimize the impact on the global environment, aluminum regulators and governments have launched recycling programs. China and India are among the major developing economies that focus on the development of secondary aluminum or recycled aluminum. The increase in demand for aluminum-based auto parts, corrosion and high temperature resistance, is a cost-effective model, which promotes the growth of the aluminum industry. The surge in automobile production and sales is expected to expand, which in turn is expected to drive the demand for aluminum products during the forecast period.

Global aluminum market, by type

According to the type, the market is divided into pure or primary, secondary and aluminum alloy. Among these market segments, primary aluminum will occupy the largest market share in the global aluminum market in 2021. Due to the increased use of scrap and recycled aluminum in the manufacturing process, recycled aluminum is expected to remain the fastest-growing market segment during the forecast period, resulting in significant economic growth. Bring environmental benefits to the industry and consumers.

The global aluminum market is divided into extrusions, forgings, pigments and powders, bars and bars according to processing types and processing markets. Among these market segments, extrusions accounted for the largest market share in the global aluminum market in 2021 and are expected to maintain the largest share during the forecast period. It is expected that during the forecast period, the continued demand for lightweight, electric vehicles and durable extrusion products in various industries will drive the growth of the global aluminum extrusion market.

The global aluminum market is divided into plates, ingots, sheets and foils, cables and wires, siding, roofs, tin foil, insulation materials, etc. according to application and application types. Among these market segments, aluminum ingots accounted for the largest market share in the global aluminum market in 2021, and it is expected to maintain the largest share during the forecast period. Due to the rapid globalization of the world, with the widespread application of aluminum ingots in construction activities, eventually leading to an increase in construction activities, the aluminum ingot market segment is experiencing rapid growth.

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The global aluminum market is subdivided into oil and gas, transportation, construction, aerospace, electrical, packaging, etc. according to the end user type. Among these market segments, the transportation industry accounted for the largest market share of the global aluminum market in 2021 and is expected to maintain the largest share during the forecast period. The growing demand for lightweight aluminum and high-strength aluminum alloys in the aerospace industry is expected to drive the aluminum market demand in the next decade. In addition, electric vehicles are the future of the transportation industry, and aluminum is expected to drive market growth during the evaluation period.

The global aluminum market is divided into regions by region, and the market is subdivided into Asia-Pacific, North America, Europe, the Middle East and Africa, and South America. Among these market segments, the Asia-Pacific region will occupy the largest market share of the global aluminum market in 2021 and is expected to maintain the largest share during the forecast period. The growth is attributed to its adoption in the packaging, transportation and construction industries.

Recent major developments in the global aluminum market

The impact of COVID-19 on the global aluminum market

The QMI team pays close attention to the impact of COVID-19 on the global aluminum market and observes the serious impact of the COVID-19 outbreak. On the other hand, major aluminum extrusion product manufacturers are adopting some safety procedures to protect their awareness during COVID-19. It includes daily observation of the demand forecasting procedures of some producers in order to cope with the slowdown in demand from downstream steel extrusion products customers. Identify “non-essential” industries in each country to advance the forecast of key end-user demand.

Some key findings of the global aluminum market

Browse the key industry insights in the report, "Aluminum market, by type (pure aluminum and aluminum alloy), by product (plate, ingot, sheet and foil, and cable and wire), by end user (transportation, construction, electrical, foil) And packaging), by region (North America, Europe, Asia Pacific, Middle East and Africa, and South America)-Global market size and forecast in 2030" and an in-depth analysis of the catalog (ToC).

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