Global Aluminum Market Size By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), By Processing Method (Rolling, Extruding, Drawn, Casting, Forging), By Application (Transport, Construction, Electrical & Electronics, Packaging, Equipment & Machinery, Consumer Durables, Foil Stock), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021-2027

Published Date: Feb 2021  |  Report ID: GMI4521  |  Authors: Kunal Ahuja, Sarita Bayas

Report Format: PDF   |   Pages: 310   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Aluminum Market size was over USD 150 billion in 2020 and is estimated to grow at over 5.0% CAGR between 2021 and 2027 owing to extensive application in transport, construction, electrical & electronics, packaging, equipment & machinery, consumer durables, and foil stock.
 

Aluminum is a significant material for manufacturing in almost every industrial and consumer durable. Key aspects such as lighter weight, thinner and greater connectivity properties are propelling the product demand. It is widely used in fitness and sports equipment such as exercise machines, baseball nets, soccer goal posts and archery equipment. Air conditioning and refrigerator condensers and other home appliance trim and components also use aluminum owing to its ability to improve product efficiency. Hence, increasing application scope in consumer durable and other consumer good anticipated to drive the aluminum market growth.
 

Aluminum Market Outlook

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The outbreak of COVID-19 pandemic has resulted in lockdowns in several countries of the world which has resulted in serious disruption of supply chain across the globe. Distributors of aluminum products rely heavily on regional transportation rules and may face issues in material handling and conveyance, which may result in supply shortages within a short to medium timeframe.
 

 Few manufacturers are vertically integrated which saves them the efforts of shipping raw materials to their production sites. Whereas the product demand from different applications has observed a considerable fluctuation during the initial half of 2020, Major factors affecting the product demand include decline in automotive sales, reduced production rates, and disruptions across the value chain. However, 2021 is projected to be an optimistic year for the global aluminum industry.
 

Stringent government regulations on aluminum products to reduce the environmental effect is has shifted the industry focus towards sustainability. For instance, According to EN 15530:2008, this European standard provides a structure on how to identify and consider environmental aspects and potential environmental impacts of aluminum products throughout their life cycle. Whereas the aluminum market share has managed to reduce emissions from the production steps to a significant degree. Also, the industry observes a considerable rise in recycling of aluminum products across various industries thus supporting the business expansion.
 

Growing construction industry expected to drive the demand for extrusions products

Aluminum Market by Extruded Products

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Extruded products segment accounted for over USD 50 billion in 2020 is anticipated to grow at over 5.5% CAGR from 2021 to 2027. Increasing incentives to employ aluminum extrusions in Building Integrated Photovoltaic (BIPVs) that are used in the generation of renewable energy is escalating the aluminum market revenue.
 

In addition, rise in government spending on infrastructure development, and residential projects is propelling the product demand. Extruded products are used in a diverse range of applications such as high conductivity of heat and electricity; air conditioning, radiators, heatsink, and electronics. Increasing demand for power generation and air conditioning units is fueling the extrusion product growth.
 

Lightness, strength, and durability properties of flat-rolled aluminum generate high demand for rolling processing

Aluminum Market by Rolling Process

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Rolling process accounted for over 25% of market share in 2020 and is projected to reach over USD 55 billion by 2027. Increasing demand for flat-rolled products such as plate, sheet, and foil owing to properties of lightness, strength, and durability is providing a boost to the global aluminum market trends.
 

Through rolling-processing, the product can be rolled to the desired thickness, making it highly versatile for diverse industrial applications. Furthermore, in packaging industry, these sheets are used to manufacture packaging foils and cans, by working as a barrier against light, bacteria, oxygen, and moisture. In transportation, aluminum sheets are used to build panels for tractor-trailers and automobile bodies.
 

Positive outlook for the cell phones & laptop industry after the outbreak of Covid-19 should support the aluminum demand

Aluminum Market by Electrical & Electronics Application

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Electrical & Electronics application segment accounted for over USD 17.5 billion in 2020 of is anticipated to witness CAGR growth of over 5.5% over the forecasted period. Growing demand for electronics products such as cell phones, laptops and other electronic gadgets may induce aluminum owing to its light weight and high strength properties.
 

Moreover, the product is used in switchgear and rising main systems owing to its lighter weight compared with copper may drive industry growth. This extensive application in the electronics products and growing demand for electronics products after the outbreak of covid-19 should support the aluminum market growth. Additionally, it is an excellent starting point for designing a wide range of electrical application. The product extrusions have become important in shaping lights and fixtures in the fast-growing market of LED lighting.
 

Technological advancement in construction sector should support product growth in Asia Pacific region

Aluminum Market by Region

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Asia Pacific holds a dominating share in the global aluminum market in 2020 and is projected to witness a CAGR growth of around 6% over the projected period. The booming construction sector in the region is projected to drive industry growth up to 2027. Large aluminum production capacity facilities the ease in the product availability at lower costs thereby augmenting the regional share in the overall market.
 

China alone accounts for more than half of the global aluminum production. These products are utilized in the construction industry owing to its performance properties such as high reflectivity, design, high strength-to-weight ratio, durability, flexibility, and low maintenance. In addition, increasing recycling rates are likely to generate significant opportunities and provide a boost to the product sales.
 

Strategic mergers & acquisitions are among the key strategies observed among industry participants

Key players operating in the aluminum industry are Chalco, Rio Tinto, Hongqiao Group, Norsk Hydro, Hindalco and Hangzhou Jinjiang Group, Alcoa Corporation, and others. Various players are engaged in mergers and acquisitions to strengthen their market position. Players are also focusing on new product launch to attain a competitive advantage over other market players.
 

In January 2021, Emirates Global Aluminum (EGA), one of the leading aluminum producers globally entered into a partnership with Dubai Electricity and Water Authority (DEWA) to produce primary aluminum by smelting process using solar power. This partnership would enable the government of Dubai to transform the city into the world’s most sustainable city as well as developing it into a scientific and technology leader in the global metals sector.
 

In April 2019, Novelis a major producer of flat rolled aluminum products announced the launch of their first aluminum sheet battery enclosure. The company has enhanced its focus on R&D to take advantage of emerging trends in automotive industry towards electric vehicles by producing precise and specialized solutions.
 

The global aluminum market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons & revenue in USD Million from 2016 to 2027 for the following segments.

By Product

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

By Processing

  • Processing Method
  • Rolling
  • Extruding
  • Drawn
  • Casting
  • Forging

By Application

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

The above information has been provided for the following countries:

By Region

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

 

Frequently Asked Questions (FAQ) :

The global aluminum industry size exceeded USD 150 billion in 2020 and will expand at a CAGR of 5% over 2021-2027.
Extruded products held more than USD 50 million of the total market value in 2020 and will grow at a CAGR of 5.5% between 2021 and 2027 due to rising incentives for the deployment of aluminum extrusions in BIPVs.
Rolling processes are anticipated to record a valuation of over USD 55 billion through 2027 owing to the surging demand for products such as sheet, plate, and foil.
The Asia Pacific share will escalate at a CAGR of nearly 6% from 2021 to 2027, driven by the expanding construction sector in the region.
Aluminum market share is expected to surpass USD 210 billion by 2027 with high demand for electronics gadgets like cell phones, laptops and other devies.

Premium Report Details

  • Published Date: Feb 2021
  • Pages: 310
  • Tables: 258
  • Charts / Figures: 60
  • Companies covered: 20
  • Countries covered: 5

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