Aluminum Market - By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), Application (Transport, Construction, Packaging, Consumer Durables), Processing Method, Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Aluminum Market Size

Aluminum Market size was valued at USD 169 billion in 2023 and is poised to depict over 6.1% CAGR from 2024 to 2032. The rising preference for aluminum packaging in the food and pharma sectors will propel the global market demand.
 

Aluminum foil has a prominent position in food service and processing industries owing to its unique advantages such as lightweight, non-toxicity, flexibility, and others. With the growing intake of frozen foods, the requirement for aluminum packaging solutions will rise.
 

Despite the favorable environment, the introduction of strict regulations associated with aluminum metal exports may create a hindrance to market development to a certain extent. For example, the Department of Commerce and International Trade Administration issued a rule effective January 2021, mandating the submission of import licenses to U.S. Customs for aluminum product imports. However, the growing popularity of secondary aluminum is likely to create lucrative growth opportunities for aluminum developers over the estimated timeline.
 

Aluminum Market Analysis

Aluminum market share from the flat products segment is poised to register more than 6% CAGR through 2032. This is a result of the increased preference for flat products in cans, packaging, electric appliances, and other applications. Aluminum is also lightweight, cost-effective, and easy to transport as compared to other metals, making it an ideal choice for flat plates. The availability of aluminum flat plates at competitive prices will thus encourage more consumers to opt for this product. Additionally, flat aluminum products are used in various industrial and architectural applications such as screen door frames, kitchen equipment, and others, further augmenting material consumption.
 

Aluminum market size from the extruding processing method segment will reach over USD 100 billion by 2032, on account of its relatively low costs compared to other methods. Aluminum processed through the extrusion method also offers users and designers unique advantages, including cross-sections of profiles with special functions such as grooves, joining details, and stiffeners. The growing popularity of aluminum extrusion in product innovation and manufacturing sectors will also assert a positive influence on aluminum industry trends over the forecast period.
 

Aluminum market value from construction applications was worth over USD 34 million in 2022, due to the adoption of aluminum as a crucial industrial construction material in developed economies. Aluminum is also known for being an excellent heat sink for a variety of applications that require heat to be rapidly drained away, such as LED lights and computer motherboards. To mention a few, aluminum is extensively used in China's construction, transportation, packaging, and electrical sectors. These four companies consume most of the aluminum consumed by the Chinese sector each year. Government officials are working diligently to make aluminum more accessible to industrialists. Its findings are expected to have a significant effect on the global aluminum industry's growth.
 

Nonetheless, a few issues are impeding the worldwide aluminum industry's growth. One of them is the fact that producing aluminum from bauxite through processing and mining is extremely harmful to the ecosystem. As a result of this truth, several aluminum refineries manufacture and sell secondary aluminum. This is expected to impede both long-term and short-term market development for aluminum.
 

The market share from packaging applications is set to depict a 6% CAGR through 2032. The fundamental role of this metal in distributing, protecting, and displaying goods will increase its application scope across the packaging sector. Packaging material developers are also producing aluminum containers with high aesthetic appeal and striking package designs. These products are reflective, bright and have the option to be printed or color-lacquered, thus addressing consumer demands for valuable packaging materials.
 

North America aluminum market is anticipated to record over 5.5% CAGR over 2023-2032. Regional consumers are shifting their preference toward green and modular designs for constructing their homes and office spaces. Since aluminum is a sustainable building material, this trend is likely to drive the production of aluminum products. Furthermore, the mounting investment in renovation and the introduction of new building and construction projects will also augment material demand across North America, bolstering the regional market outlook.
 

Aluminum Market Share

• Hindalco
• Norsk Hydro
• Rio Tinto
• Shandong Xinfa Aluminium Group
• Rusal South 32
• Emirates Global Aluminum
• SPIC
• Vedanta Limited
• Alcoa Corporation
• Hangzhou Century Aluminium
• Arconic
• JW Aluminium
• Hongqiao Group
• Logan Aluminium
• Aleris Rolled Products
• Novelis

are some major companies operating in the aluminum market. These industry players are focusing on strategies including mergers and acquisitions to solidify their presence in the global industry. For instance, in August 2022, Rio Tinto acquired Turquoise Hill to enhance its product portfolio and market position.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic posed a profound impact on several industry verticals such as transport and construction. However, the outbreak influenced new consumer trends across electronics and other sectors, owing to the rise in e-commerce sales. Based on statistics from Adobe, in 2021, U.S. consumers spent USD 165 billion online on electronics. Since aluminum is one of the most prominent materials used in electronic devices, this rise in online product sales will create opportunities for global market expansion over the forthcoming years.
 

The aluminum market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2032 for the following segments:

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By Product

• Flat Products
• Extruded products
• Forged products
• Long products
• Cast products
• Others

By Processing Method

• Rolling
• Extruding
• Drawn
• Casting
• Forging

By Application

• Transport
• Construction
• Electrical & Electronics
• Packaging
• Equipment & Machinery
• Consumer Durables
• Foil stock
• Others

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Vietnam
• Latin America
  • Brazil
• Middle East & Africa
  • Saudi Arabia
  • UAE