PUBLISHER: Roots Analysis | PRODUCT CODE: 1721377
PUBLISHER: Roots Analysis | PRODUCT CODE: 1721377
As per Roots Analysis, the global aluminum market size is estimated to grow from USD 199.7 billion in the current year to USD 374.1 billion by 2035, at a CAGR of 5.87% during the forecast period, till 2035.
The opportunity for aluminum market has been distributed across the following segments:
Type of Aluminum
Type of Alloy
Type of Series
Type of Product
Type of End User
Building & Construction
Consumer Goods
Electrical & Electronics
Machinery & Equipment
Packaging
Transportation
Others
Geographical Regions
Aluminum is a lightweight metal characterized by its silvery-white appearance and is well-known for its outstanding properties, making it a highly valued material in various sectors. Primarily, aluminum is extracted from bauxite ore through the Bayer process to produce alumina, and then it is refined into aluminum metal using the Hall-Heroult method. The combination of high strength and low weight has significantly changed the automotive, transportation, and aerospace sectors.
Additionally, aluminum's benefits, such as its resistance to corrosion, excellent thermal and electrical conductivity, as well as its ductility and malleability, significantly drive the demand for this metal across various applications. Metal has also become a vital component in the food and beverage industry due to its non-toxic properties and recyclability, which are extensively utilized for beverage cans, foil, and packaging materials, thus reinforcing trends in aluminum packaging. Moreover, by harnessing advancements in technology, industry players are consistently searching for innovative ways to create advanced products that meet the evolving demands of technologies such as electric vehicles, renewable energy, and 3D printing.
Driven by the increasing demand for aluminum from various end-use industries, a growing focus on sustainability and recyclability, and ongoing technological innovations, the aluminum market is anticipated to grow at a healthy pace during the forecast period.
Based on the type of aluminum, the global aluminum market is segmented into primary aluminum and secondary aluminum. According to our estimates, currently, primary aluminum segment captures the majority share of the market and is projected to maintain this position, as the aluminum production sector expands, with aluminum being produced directly from bauxite ore for its alloys and products. However, secondary aluminum segment is anticipated to grow at a higher CAGR during the forecast period.
Based on the type of alloy, the aluminum market is segmented into cast alloy and wrought alloy. According to our estimates, currently, wrought alloy segment captures the majority share of the market. The production of wrought alloys involves mechanical processes like forging, rolling, and extrusion, which enhance the ductility and strength of the alloy compared to cast alloys. Additionally, the extensive utilization of wrought alloys in industries such as aerospace, transportation, and automotive significantly boosts demand for the metal, contributing to market expansion. However, cast alloy segment is anticipated to grow at a higher CAGR during the forecast period.
Based on the type of series, the aluminum market is segmented into series 1, series2, series 3, series 4, series 5, series 6, series 7, and series 8. According to our estimates, currently, series 1 segment captures the majority share of the market. The significant demand for series 1 in the electrical sector, attributed to its conductivity, has propelled the growth of this segment. Furthermore, the corrosion resistance of 1xx series aluminum alloys contributes to its widespread use in chemical processing equipment, further enhancing segment growth. However, series 6 segment is anticipated to grow at a higher CAGR during the forecast period.
Based on the type of product, the aluminum market is segmented into billets, castings, extrusion, flat rolled, foils, forgings, ingots, pigments, and powder, rod and bar. According to our estimates, currently, extrusion segment captures the majority share of the market. This can be attributed the rising demand for aluminum products in specific shapes, which are created through the extrusion process involving the heating of aluminum. This method is predominantly utilized in construction for window and door frames, as well as in consumer goods like furniture, all of which play a significant role in driving the growth of this segment.
Based on the type of end user, the aluminum market is segmented into building & construction, consumer goods, electrical & electronics, machinery & equipment, packaging, transportation, and others. According to our estimates, currently, transportation segment captures the majority share of the market. This can be attributed to the growing adoption of aluminum in the automotive industry due to its lightweight properties. However, building & construction segment is anticipated to grow at a higher CAGR during the forecast period.
Based on the geographical regions, the Aluminum market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, Asia captures the majority share of the market. This can be attributed to the highest levels of production and consumption within this region. However, market share in North America is anticipated to grow at a higher CAGR during the forecast period.
The report on the aluminum market features insights on various sections, including: