Aluminium Market to Surge to $320.25 Billion by 2032, Driven by Robust 5.61% CAGR Over 2024-2032

Rising Demand for Aluminium in Transportation, Construction, and Renewable Energy Sectors to Drive Aluminium Market Growth

AUSTIN, TX, UNITED STATES, January 31, 2025 /EINPresswire.com/ -- The Aluminium Market size was USD 195.93 billion in 2023 and is expected to Reach USD 320.25 billion by 2032 and grow at a CAGR of 5.61% over the forecast period of 2024-2032.

Trends Shaping the Aluminium Market

One of the primary drivers of the aluminium market is the growing demand for lightweight and durable materials in the automotive and aerospace industries. Aluminium’s high strength-to-weight ratio makes it an ideal material for vehicle manufacturing, helping automakers reduce overall vehicle weight and improve fuel efficiency. This trend is further reinforced by stringent government regulations aimed at reducing carbon emissions and increasing fuel economy standards. Major automotive manufacturers are increasingly incorporating aluminium in vehicle frames, body panels, and engine components to enhance performance while meeting sustainability targets.

In the aerospace sector, aluminium is widely used in aircraft structures due to its corrosion resistance and excellent mechanical properties. The expansion of commercial aviation and rising investments in space exploration projects are expected to propel aluminium consumption in this industry.

Additionally, government initiatives promoting sustainable construction practices are fueling the demand for aluminium in the building and construction sector. Aluminium is a preferred material in modern architectural designs due to its durability, recyclability, and ability to enhance energy efficiency in buildings. The growing adoption of green building certifications and sustainable infrastructure projects is expected to support the aluminium market growth.

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Prominent Players Included are: 

• RusAL
• Vedanta Aluminium & Power
• Alcoa Corporation
• Emirates Global Aluminium (UAE)
• Norsk Hydro ASA
• Aluminium Corporation of China Limited
• Rio Tinto (U.K.)
• Hindalco Industries Ltd. (India)
• Jindal Aluminium
• National Aluminium Company Limited (NALCO)

Market Segmentation

By Product
• Plate
• Sheet
• Cast products
• Extrusion

The cast products segment held the largest market share of 42% in 2023. The favourable machinability of cast aluminium, its cost-effectiveness, and its favorable strength-to-weight ratio make it a prime metal of choice for many complex components such as engine blocks, transmission housings, and components in aerospace applications. High demand among industries especially automotive, which serves as the high gear for cast aluminium usage as manufacturers continue to replace bulky, heavy automotive components with cast aluminium parts to cut down vehicle mass, and, in turn, enhance fuel economy. Further, the growing popularity of casting technologies including high-pressure die casting and vacuum-assisted casting has increased efficiency and product quality which in turn propels the growth of the segment.

By Alloy Type
• Wrought Alloy
• Cast Alloy

The wrought alloy sector accounted for the largest share of 68% in the aluminium market in 2023. Wrought alloys have been mechanically worked, where they were rolled, extruded, or forged to help them gain strength and formability, unlike cast aluminium. One of the industries that have played a critically important role in this has been automotive, especially within the realm of electric vehicle (EV) manufacturing, where wrought aluminium has been used to help improve fuel efficiency and performance via the deployment of body panels, chassis, and structural components. Car manufacturers started using wrought aluminum to attain weight reduction and shape body panels, as well as structural components. At the same time, due to the high strength and low weight of wrought alloys, these are often used in the aerospace industry for the fuselage, wings, and landing gear of aircraft, where high fatigue resistance over a long period is required.

By End-user
• Transportation
• Electric
• Consumer Durables
• Construction
• Packaging
• Machinery & Equipment
• Other

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Regional Insights

In 2023, the Asia-Pacific region dominated the aluminium market, accounting for approximately 56% of the global market share. China, India, and Japan are major contributors to the region’s growth, driven by rapid industrialization, urbanization, and expanding manufacturing activities. China, being the world’s largest producer and consumer of aluminium, continues to invest heavily in smelting and recycling facilities to meet domestic demand. Government policies supporting energy-efficient production methods and the development of sustainable materials are further strengthening the aluminium industry in Asia-Pacific.

North America is also a key player in the aluminium market, with the United States leading in aluminium consumption across automotive, aerospace, and construction industries. The Biden administration’s infrastructure plans, focusing on sustainable and resilient infrastructure, are expected to drive aluminium demand in the coming years. Additionally, recycling initiatives and circular economy strategies are gaining momentum, with companies investing in closed-loop recycling systems to reduce dependency on primary aluminium production.

In Europe, stringent environmental regulations and carbon reduction targets are prompting industries to adopt sustainable aluminium solutions. The European Union’s emphasis on promoting a circular economy and increasing aluminium recycling rates is expected to play a crucial role in market expansion. Germany, France, and the United Kingdom are leading the adoption of aluminium in various applications, including electric vehicles, packaging, and renewable energy projects.

Recent Developments

• In 2023, Rio Tinto announced the expansion of its low-carbon aluminum production capacity in Canada. The company aims to produce sustainable aluminum using hydro-powered smelters, reducing carbon emissions in the manufacturing process.
• In 2023, Alcoa Corporation introduced a breakthrough technology for carbon-free aluminum production. The new process, developed in partnership with ELYSIS, eliminates direct greenhouse gas emissions from smelting, making it a game-changer for the aluminum industry.
• In 2023, Norsk Hydro launched a new aluminum recycling facility in Europe to boost secondary aluminum production. The facility is expected to support the growing demand for recycled aluminum in automotive and packaging applications.

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