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 perce...