Aluminum Procurement Market to Exhibit Strong Growth with a CAGR of 4.5% to 6% from 2023 to 2026 | ELINT Market Research
ELINT Market Research's latest findings reveal significant growth in the global aluminum market, with primary aluminum production increasing by 1% to almost 70 million metric tons. Additionally, global primary aluminum production rose by 0.7% to 68 million metric tons, indicating a promising outlook for the booming aluminum industry.
Albuquerque, April 02, 2024 (GLOBE NEWSWIRE) -- The latest research from ELINT Market Research paints a compelling picture of high growth in the Global Aluminum Market. While these figures testify to the industry's robustness amid economic uncertainty, the increase in primary aluminum by almost 70 million metric tons represents a commendable gain of 1% on the previous year. Another noteworthy development is global primary aluminum production, which increased 0.7% from last year to 68 million metric tons in the same period. All these statistics collectively cover a booming aluminum industry with great promise for the future.
The increasing adoption of aluminum in the building and construction industry drives a positive outlook. As global construction activity grows steadily over the next few years, the demand for aluminum will likely increase. It's also worth noting that China, which commands the world's biggest construction market (totaling some 21% of all construction investment), will put a staggering nearly USD 14 trillion into buildings by 2030. It provides an enormous scope for the aluminum market. The potential construction boom will further strengthen its path in the next few years.
Aluminum is a lightweight and corrosion-resistant metal, one of the most abundant components on Earth's crust. Bauxite is pure metal. Nearly all new aluminum comes from a highly complex extraction and refining process from bauxite. The aluminum market involves producing, consuming, and trading this essential material within various industries.
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*Rising Demand in the Automotive Sector and Expanding Construction Activities to Propel Market Growth*
Owing to its lightweight, aluminum has been widely adopted by the automotive industry to improve fuel efficiency and reduce emissions. Stricter environmental regulations and the trend away from petroleum products toward electric vehicles strengthen this demand. Thanks to its high strength-to-weight ratio, aluminum has long been favored in the aerospace industry. Aerospace and air travel have increased, encouraged by the aerospace industry's constant innovation. The aluminum market is set positively toward providing lightweight, long-lasting materials for aircraft construction. Aluminum's adaptability and toughness have made it an essential factor in the construction industry. Its resistance to corrosion property and ability to withstand harsh environmental conditions make aluminum a choice material for window frames and other structural components. Indeed, the world construction boom forms one of the significant sources of demand for aluminum products. The superior barrier properties of aluminum against moisture, light, and bacteria make it a popular packaging material. As consumer tastes gradually move toward sustainable, environmentally friendly packaging, aluminum's recyclability and low environmental impact further increase its attractiveness.
*Key Takeaways for the Aluminum Market*
· The packaged food industry in Japan is estimated retrospectively to have a retail value of USD 210 billion by 2025 to 2026. This growth trend will spur demand for aluminum, especially in the form of foils. An integral part of this growth tale, the properties of aluminum fill a crucial niche in the packaging sector.
· The automotive segment continues to lead the market, and the projection estimates a high share contribution from 2023 until 2026. With the industry's increasing recognition of aluminum benefits in car making, this sector is grabbing an ever-larger slice. Aluminium's role will continue to determine which cars people drive in future years.
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*Aluminum Market Regional Dynamics*
While the global aluminum market constantly changes, regional differences significantly influence the industry's definition and position. According to the latest analysis, different parts of the market have their trends and drivers, affecting overall market dynamics. For example, increasing automobile production in North America has helped to stimulate demand for aluminum as vehicles have become lighter and require less energy to run. With its continued focus on sustainable practices, the region drives aluminum into many industries, such as construction and packaging.
The broader Asia-Pacific region, particularly China, continues to rule the market on the other side of the Earth. This robust industrialization in China has led to a far larger than before consumption of aluminum domestically and for export, with rising improvements in living standards. Besides, the skyrocketing need for aluminum in high-tech industries (such as electronics), transportation, and construction has produced a boom across the Asia Pacific. However, while raw material prices regularly rise and fall and geopolitical disturbances threaten to disrupt the supply chain, stakeholders in these regions are actively devising their strategies to take advantage of opportunities brought about by an ever-changing market.
*Notable Developments in the Aluminum Market *
· Reliance Steel & Aluminum Co. recently finalized the acquisition of Southern Steel Supply, LLC. This brave undertaking is a milestone for both companies, helping propel each into unprecedented realms of development and market power. Besides expanding the product offerings within the Reliance umbrella, it allows it to be better equipped to handle diverse customer demands as they evolve.
· Korea's Infrastructure Management and Manufacturing (IMM) has invested USD 23 million in Choil Aluminum, an essential battery parts supplier. This massive cash injection is a turning point in the research for environmentally friendly transportation systems related to electric mobility.
*Leading Players in the Aluminum Market *
Many suppliers meet the demands of the aluminum industry. In this industry, major players are China Aluminum Corporation Limited, China Hongqiao Group Co. Ltd., Xinfa Group Co., RUSAL, Vedanta Aluminum, Rio Tinto, and France's Aluminia. The variety of suppliers helps create a competitive environment within the industry.
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*Major Questions Addressed in the Aluminum Market Report*
*What is the current state of the global aluminum market?*
The primary aluminum industry is expanding rapidly, with production reaching 68 million metric tons in 2022, an increase of 1% over the previous year.
*What factors contribute to the positive outlook of the aluminum market?*
One major factor is the broad application of aluminum in building and construction. The global surge in the construction industry drives the demand for aluminum, particularly in countries such as China that are making massive investments in construction.
*What industries are contributing to the growth of the aluminum market?*
Aluminum finds wide application in the automotive market and is observing an expanding industry. It directly enhances fuel efficiency and environmental protection by helping reduce emissions. In addition, the construction industry sees the benefit of aluminum's versatility and durability, while the aerospace sector uses aluminum for its strength-to-weight ratio.
*Who are the leading players in the aluminum market?*
The competition is heated up in the aluminum industry by China Aluminum Corporation Limited, China Hongqiao Group Co. Ltd, Xinfa Group Co., RUSAL, Vedanta Aluminum, Rio Tinto, Aluminia, and Britain's Arconic, as well as Emirates Global Aluminum and Century Aluminum.
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