Aluminum Market to Reach Valuation of USD 230.9 Billion by 2028 –Increasing Popularity of Secondary AluminumDrives the Market

In terms of revenue, the Global Aluminum Market is expected to reach USD 230.9 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.30% from 2022 to 2028.

The worldwide Aluminum industry has been growing due to China's growing need for this plentiful base metal. In China, the bulk of industries is owned by the government. Many of these companies are rapidly growing and evolving. Consequently, it increases the need for Aluminum. Aluminum is widely used in China's construction, packaging, transportation, and electrical sectors, to name a few. These four industries collectively use most of the Chinese industry's Aluminum annually. The government is working hard to make Aluminum more available to industrialists. Its outcomes are anticipated to substantially impact the growth of the global Aluminum industry.

Nevertheless, a few issues keep the Global Aluminum sector from growing. One of them is that producing Aluminum from bauxite through mining and processing could be more environmentally friendly. In response to this reality, several Aluminum refineries produce and market secondary Aluminum. Long- and short-term market growth for Aluminum is anticipated to be hampered by this.

Key Developments in the Industry

· Aleris Corporation, a major supplier of rolled Aluminum goods on a global scale, was purchased by Novelis, a subsidiary of Hindalco Industries Ltd., in April 2020. The integration of complementary assets, including casting, recycling, rolling, and finishing capabilities, has improved Novelis' position in the market. This action will assist the business in satisfying the significant consumer demand.

· In July 2020, UC RUSAL declared that the EcoSoderberg technology transfer at Krasnoyarsk Aluminium Smelter (KrAZ) was complete. The refurbishment cost the corporation USD 74 million. The EcoSoderbergprocess modification required a total of 1954 reduction cells. The Engineering and Technology Center at UC RUSAL created the procedure.

· Alcoa and China Power Investment Corporation (CPI) signed a memorandum of understanding (MOU) in January 2021 to work together on projects totaling more than USD 7.5 billion for energy and Aluminum over time.

Market Dynamics

An important portion of the world's usage of Aluminum is secondary or recycled Aluminum. Due to its affordability, scrap from machinery, automobiles, equipment, and beverage cans is recycled and reused. Reprocessing used metal or scrap causes less environmental harm because it uses less energy than mining new metal from ore. Additionally, initiatives like creating depollution centers and facilities for dismantling and shredding cars are anticipated to accelerate market expansion. The widespread use of the material in transportation is also predicted to boost Aluminum consumption.

Additionally, it is projected that increasing Aluminum use in the automotive and transportation sectors will fuel market expansion. Despite being used in autos for a long time, many new cars are now made of Aluminum. For its ability to lower emissions and improve fuel efficiency, this metal is highly favored by engineers and designers in the automotive industry. In addition, manufacturers of electric vehicles use this metal to lighten the car and increase its operating range. Due to its lightweight nature and similar physical characteristics to stainless steel, automakers like Mercedes and BMW are replacing it more frequently. According to estimates, the elements mentioned above will fuel market expansion.

During the forecast period, the Aluminum Market in Asia Pacificis anticipated to develop at the quickest rate. Because big consumers like China, Japan, and India are present, it is the main factor driving the market's expansion. In addition, the expanding construction and automobile industries are driving the region's demand for metal. The market is expanding in Europe due to factors like the introduction of legislation to reduce automobile emissions and the strong demand from end-use sectors like solar panels and packaging.

The Global Aluminum Market is Segmented as follows

• Series
  • Series 1
  • Series 2
  • Series 3
  • Series 4
  • Series 5
  • Series 6
  • Series 7
  • Series 8
• Types
  • Primary
  • Secondary
• Processing Methods
  • Flat Rolled
  • Castings
  • Extrusions
  • Forgings
  • Pigments & Powder
  • Rod & Bar
• End Use Industries
  • Transport
  • Building & Construction
  • Electrical Engineering
  • Consumer Goods
  • Foil & Packaging
  • Machinery & Equipment
  • Other End Uses
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Aluminum Market is

Alcoa Corporation (US), Aluminum Corporation of China Limited (CHALCO) (China), Century Aluminum Company (US), China Hongqiao Group Limited (China), China Power Investment Corp. (China), China Zhongwang Holdings Limited (China), Dubai Aluminum Company Limited (UAE), East Hope Group (China), Emirates Global Aluminium (UAE), H.P. (Australia), Hindalco Industries Ltd. (India), Kaiser Aluminium (US), Norsk Hydro A.S.A. (Norway), Novelis (US), Rio Tinto Ltd. (UK), United Company RUSAL PLC (Russia), Vedanta Aluminium Limited (India), Xinfa Group Co. Ltd. (China)

The Global Aluminum Market Scope can be Tabulated as below