Aluminum Market size is anticipated to reach over USD 280 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Rise in construction spending is one of the major reasons fueling aluminum demand, the report reveals. Based on data from the U.S. Census Bureau, in December 2021, USD 1,639.9 billion was spent on construction projects, a 9% rise from December 2020, boosting the requirement for building materials including aluminum. In Europe, the green building sector has also become a key measure for addressing high energy prices. These regional trends are likely to augment the use of recyclable and lightweight materials such as aluminum for green building applications.
Rising HVAC unit installation to promote extruded aluminum product use
Aluminum market value from the extruded products segment is set to cross USD 100 billion by 2032. Extruded aluminum products are used extensively in applications including electronics, heatsinks, radiators, and air conditioning, owing to their high thermal and electricity conductivity. The HVAC industry has witnessed substantial growth, especially in wake of the COVID-19 pandemic. With more people spending time indoors and retrofitting their homes, the installation of HVAC units increased drastically, spurring the development of extruded aluminum products worldwide.
Flat-rolled aluminum gains traction in can-making and beverage industries
Based on the processing method, the aluminum market share from the rolling segment is slated to register over 6% CAGR through 2032, due to the robust demand for foil, sheet, plate, and other flat-rolled aluminum products. Advantageous properties associated with these rolled products include lightness, high strength, and durability. The use of flat-rolled aluminum has become especially prominent in the can-making and beverage industries across North America, thereby boosting its production using the rolling method.
Advancements in aerospace technology to proliferate aluminum alloy consumption
Global aluminum market share from the transport applications segment will exceed USD 84 billion by 2032, owing to the robust product usage in aircraft and aerospace applications. Considering the high volumetric energy density and low risks of accidental ignition, aluminum alloys are used as a primary propellant for rocket boosters. Furthermore, with the advancement in rocket and aircraft technologies, the need for this metal will surge, driving aluminum industry expansion.
Browse key industry insights spread across 320 pages with 258 market data tables and 67 figures & charts from the report “Aluminum Market Statistics By Product (Flat Products, Extruded Products, Forged Products, Long Products, Cast Products), 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”, in detail along with the table of contents:
Growing urbanization in the APAC region to fuel usage of aluminum products in construction
Asia Pacific aluminum market is projected to depict over 6.5% CAGR through 2032, due to the increase in design and construction projects. Aluminum is utilized extensively in the construction sector, given its high strength-to-weight ratio, design, reflectivity, flexibility, durability, and low maintenance attributes. rapid urbanization, and the expansion of the transport sector will also stimulate the usage of aluminum across the Asia Pacific region.
Strategic business development initiatives to expedite industry development
Some of the key companies profiled in the report include Hindalco, Norsk Hydro, Chalco (Aluminium Corporation of China Limited), Rio Tinto, Rusal, South 32, Emirates Global Aluminum, SPIC, Vedanta Limited, Alcoa Corporation, Aleris Rolled Products, AWAC (Alcoa and Aluminium Ltd), and Novelis, among others. These companies are emphasizing business expansions, acquisitions, product launches, and collaborations to boost their consumer base and strengthen their presence across the global market.
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