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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Overview

Aluminum Market size reached USD 160 billion in 2022 and is poised to depict over 5% CAGR through 2023-2032, owing to the rising preference for aluminum packaging in the food and pharma sectors.
 

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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.
 

Ease of transportation to boost flat aluminum products demand

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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.
 

Extrusion to emerge as a cost-effective processing method for aluminum manufacturing

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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 statistics over the forecast period.
 

High strength & aesthetic appeal augment aluminum usage in construction applications

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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 structures can deliver the same strength characteristics as their steel counterparts while ensuring a 35% to 65% reduction in weight. Aluminum composite panels are also used for drywalls, façades, and ceilings as an alternative to plaster and brickwork, fueling product usage across the dry construction sector.
 

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 to become a profitable production hub for aluminum industry players

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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.
 

Strategic acquisitions by industry players to define the competitive landscape

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, and 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.
 

Impact of COVID-19 outbreak on aluminum industry trends

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 aluminum 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:

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