Transportation Driving Demand for Aluminum, Market Projected to Stand at US$267.7 Billion by 2030

This latest report from Industry Experts, Inc., on Aluminum Market estimates that demand for the metal is estimated at US$189.3 billion in 2024 and is likely to maintain a 2024-2030 CAGR of 5.9% in reaching a projected US$267.7 billion by 2030.

A number of factors are responsible for driving the demand for Aluminum, a primary one of which includes the wider adoption of secondary or recycled aluminum in various applications, such as transportation, packaging, construction, electrical & electronics and machinery. The light weight and easy formability of aluminum in various forms and shapes makes it to be a multipurpose material with a plethora of applications. In the aerospace and automotive sectors, for instance, the metal has proved to be an ideal replacement for heavy steel panels and components, providing the similar, if not better, protection at a lower weight owing to its better strength-to-weight ratio than steel. As a consequence, vehicles made with a large percentage of aluminum panels and components are light in weight and consume less fuel than their steel-frame based counterparts.

In addition to being the largest, Asia-Pacific is also expected to be the fastest growing market for Aluminum. Infrastructure development and automobile production in countries, such as China and India, have been growing at a frenetic pace, for which aluminum forms a crucial input component. The region is also home to a very large and fast-growing electronics industry, where the utilization of Aluminum in various forms and applications is significant.

The report studies the Aluminum market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for Aluminum in this study has been analyzed according to five criteria. By series, categorization includes Series 1xxx, Series 2xxx, Series 3xxx, Series 4xxx, Series 5xxx, Series 6xxx, Series 7xxx and Series 8xxx. Basic and alloy types of Aluminum analyzed in the report comprise Primary & Secondary and Cast Alloy & Wrought Alloy, respectively. Further, the study also examines the market for Aluminum based on the type of processed product, including Pigments & Powder, Rods & Bars, Cast, Extruded, Flat-Rolled and Forged, among others. Finally, the focus shifts towards the end-use sectors where Aluminum and its various product types are used, which comprise Building & Construction, Consumer Durables, Electrical & Electronics, Industrial Machinery & Equipment, Packaging and Transportation.

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