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The global Aluminum market is forecast to reach USD 305.68 Billion by 2030, according to a new report by Reports and Data.
NEW YORK CITY, NEW YORK, UNITED STATES, November 7, 2022 / / -- The global is forecast to reach USD 305.68 Billion by 2030, according to a new report by Reports and Data. Aluminum is a low-density, silver-colored metal. The metal finds application in a huge variety of commercial sectors. It can be strengthened by the addition of appropriate alloying elements such as Copper, Magnesium, Manganese, and Silicon, among others. It is commonly used in both cast forms and wrought. The low density of the metal results in its extensive use in the aerospace sector, and in other transportation fields. It is also resistant to corrosion, which leads to its use in food and chemical handling and architectural purposes.
Aluminum is an excellent electrical conductor and thus is used frequently in electrical transmission lines. Moreover, it is used as a primary propellant for solid rocket booster motor in space shuttle due to its high volumetric energy density. Corrosion resistance, recyclability, and reflectivity are other characteristics of Aluminum, which makes it a favorable choice for different industrial applications.
Asia Pacific led the market of Aluminum. Rapid urbanization, rise in income of people living in urban areas, and rapid industrial development are driving the growth in the market. The continuous advancement in the transport industry and ongoing research and development activities are leading to more effective and cheaper Aluminum, which is fueling the market demand.
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Further key findings from the report suggest
Primary Aluminum is tapped from electrolytic cells during the electrolytic reduction of metallurgical alumina. It thus excludes recycled Aluminum and alloying additives. The production of the market product is defined as the quantity of primary Aluminum in a defined period. It is the quantity of liquid or molten metal tapped from the pots, and that is weighed before transfer to a holding furnace before further processing.
Extrusion is a technique that is used to transform aluminum alloy into objects with a definitive cross-sectional profile for a wide range of applications. The product's malleability permits it to be easily cast and machined, and yet it is one third the stiffness and density of steel. Hence, the resulting products offer strength and stability, particularly when alloyed with other metals.
All types of vehicles, from spaceships to bikes, are made from Aluminum. This metal allows drivers to move at breakneck speed. The metal makes up 75-80% of the modern aircraft. The aluminum alloys are used in several products, such as the body of space shuttle vehicles, telescopic antenna of the Hubble space telescope, parts of launch vehicles and orbital stations, hydrogen tanks used in rockets, fastening units for solar panels, and tips of rockets.
Key participants include Aluminium Corporation Of China Limited, China Power Investment Corporation, Emirates Global Aluminium PJSC, Rio Tinto Alcan Inc., Norsk Hydro Asa, United Company Rusal Plc, Alcoa Corporation, East Hope Group Company Limited, Dubai Aluminum Company Limited, and Century Aluminum Company, among others.
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Product Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
Primary Aluminum
Secondary Aluminum
Processing Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
Flat Rolled
Extrusions
Forgings
Castings
Rod and Bar
Pigments and Powder
End-use Verticals Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
Transport
Electrical and Engineering
Building and Construction
Consumer Goods
Foil and Packaging
Machinery and Equipment
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The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Aluminum market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Aluminum market.
The global Aluminum market is segmented into:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Addressed in the Report:
What are the dominating factors that are influencing the growth of the industry?
In the forecast period, which market segment is expected to rise the most?
What are the risks and challenges that the industry is facing?
In the coming years, which area is projected to dominate the market?
Who are the major players in the market?
What kind of strategic business plans have they made?
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Nikhil Morankar
Reports and Data
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