Forecast for the Global Aluminum Market, 2023-2030

The analysis by Triton Market Research puts forth that the global aluminum market is likely to reach $146054.04 million by 2030, with a CAGR of 5.24% during the forecast period 2023-2030.

Triton Market Research presents the 'Global Aluminum Market' report sectioned by Industry Vertical (Electronics, Automotive & Transportation, Foil & Packaging, Building & Construction, Other Industry Verticals), by Product (Bauxite, Alumina, Primary Aluminum, Other Products), Regional Outlook (Middle East and Africa, North America, Europe, Asia-Pacific, Latin America).

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Aluminum, being one of the lightest metals, is widely used across various industries like aviation, marine, electrical, transportation, construction, and others. Extracted from the ore of bauxite, aluminum is a good conductor of heat and electricity.

According to Triton Market Research's report, the global aluminum market is expected to grow at a compound annual growth rate (CAGR) of 5.24% between 2023 and 2030, with a projected revenue of $221113.42 million by that time.

Aluminum has replaced copper in large-scale power transmission lines due to its approximately twofold increase in conductivity and lower cost. Copper has replaced a wide range of materials, including concrete, composites, steel, titanium, stainless steel, zinc, and many more.

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Automakers choose aluminum over other materials because it uses less gasoline and produces less pollution. The aforementioned characteristics will lead to the rapid expansion of the global aluminum market. However, a lot of energy is required in the production of aluminum. Consequently, there has been an increase in corporate expenses, which is anticipated to restrain market expansion during the projected year.

The market for aluminum is essentially split into products and industry verticals. The market is segmented based on industry verticals, such as building and construction, foil and packaging, electronics, automotive, and transportation. Four product groups comprise the market: primary aluminum, alumina, bauxite, and others.

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The Asia-Pacific region is predicted to have the highest growth in the global market during the forecast period. This increase can be ascribed to the rising popularity of hybrid and battery-electric automobiles. Aluminum is widely used in the automotive industry because it is lightweight. Furthermore, rising awareness of the need to minimize greenhouse gas emissions has encouraged the usage of aluminum, which can be recycled.

China Hongqiao Group Co Ltd, Aluminum Bahrain BSC (Alba), Rio Tinto, Century Aluminum Company, Alcoa Corporation, Norsk Hydro ASA, Emirates Global Aluminum PJSC, RUSAL, Aluminum Corporation of China Limited (Chalco), and Novelis Inc are the prominent companies in the global aluminum market.

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Question & Answer: Aluminum Market

Question 1: What factors are expected to drive the aluminum market's growth?
Answer: Aluminum has approximately double the conductivity of copper, and has therefore replaced the latter in extensive power transmission lines as it is more cost-effective. Apart from copper, numerous other materials like titanium, stainless steel, zinc, steel, concrete, composites, and others have been replaced by this metal. Automotive manufacturers prefer aluminum over other materials because it improves fuel efficiency and lowers pollution. As a result of the aforementioned factors, the global aluminum market will experience rapid expansion.

Question 2: What factor is anticipated to restrict the market's growth?
Answer: Aluminum production is an energy-intensive process. This has led to an increase in its costs, and will likely hamper the market's growth over the forecast period.

Question 3: Which region is expected to grow the fastest in the global aluminum market?
Answer: The Asia-Pacific region is expected to experience the fastest growth in the global market during the forecast years. This growth can be attributed to the increasing popularity of hybrid-electric and battery-electric vehicles. Aluminum is commonly used in the automotive sector as it is lightweight. Moreover, the growing awareness of the need to reduce greenhouse gas emissions has accelerated the use of aluminum since it can be recycled.

Question 4: Which are the prominent players operating in the aluminum market?
Answer: China Hongqiao Group Co Ltd, Aluminum Bahrain BSC (Alba), Rio Tinto, Century Aluminum Company, Alcoa Corporation, Norsk Hydro ASA, Emirates Global Aluminum PJSC, RUSAL, Aluminum Corporation of China Limited (Chalco), and Novelis Inc are the prominent companies in the global aluminum market.

Related Reports:

GLOBAL HIGH PURITY ALUMINA (HPA) MARKET
https://www.tritonmarketresearch.com/reports/high-purity-alumina-market

According to Triton Market Research, the global market for high-purity alumina is anticipated to develop at a CAGR of 16.65% during the forecast years from 2021 to 2028.

The market's outlook is influenced by many factors, such as the rising popularity of LED bulbs and the significant demand for electric vehicles (EVs). Moreover, increased investments in end-user industries also provide the HPA market with growth opportunities.

GLOBAL ELECTRIC STEEL MARKET
https://www.tritonmarketresearch.com/reports/electric-steel-market

As per Triton's report, the global electric steel market is predicted to grow at a CAGR of 5.85% during the forecast years from 2020 to 2028.

Rapid urbanization, growing EV demand, and the rising need for electric steel in the power sector are a few factors driving the market. On the other hand, the volatility in raw material prices is expected to hamper the market's growth.

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This release was published on openPR.