PORTLAND, OR, July 7, 2022 (GLOBE NEWSWIRE) — The global aluminum market will grow cumulatively by $148.1 billion in 2021 and is expected to grow by $258.3 billion by 2031 (CAGR) , according to a report published by Allied Market Research. the growth rate is 5.8% from 2022 to 2031. The report provides a detailed analysis of changing market trends, leading segments, key investment areas, value chain, regional landscape and competitive scenario.
Significant use of aluminum in the transportation, energy, consumer and construction industries is driving the growth of the aluminum market. The positive characteristics of the product, such as light weight, dust resistance and high electrical conductivity, determine the market trend. The significant use of aluminum in the food, packaging and pharmaceutical industries will create new opportunities for market growth. Conversely, the extraction and processing of bauxite into aluminum is not environmentally friendly and will reduce the demand for this metal.
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The report provides detailed segmentation of the global aluminum market by end-user industry, series, processing method and region.
In terms of end-user industries, the transport sector will hold the largest market share in 2021, accounting for nearly a third of the total global aluminum market share. However, the machinery and equipment segment is expected to register the highest CAGR of 6.4% from 2022 to 2031.
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In terms of processing methods, extrusions will hold the largest market share in 2021, accounting for almost a third of the entire global aluminum market. However, flat products are predicted to take the largest market share in 2031.
By region, the Asia-Pacific region provided the largest market share in 2021, accounting for almost two-thirds of the global aluminum market. Moreover, the aluminum market in the Asia-Pacific region will register the fastest CAGR of 6.0% from 2022 to 2031. The study also analyzes regions such as North America, Europe and LAMEA.
Key players featured in the Global Aluminum Market Research Report include Rio Tinto Alcan, Alcoa, United Rusal, China Aluminum Corporation, UAE Global Aluminum PJSC, China Hongqiao Group Co., Ltd., East Hope Group Ltd., Hindalco Industries, Norsk hydro. ASA and Xinfa Group Co., Ltd.
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About us: Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unrivaled market research reports and business intelligence solutions to global corporations and small and medium enterprises. AMR provides targeted business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market segments.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We have established professional corporate relationships with various companies that help us collect market data, help us create accurate research data tables, and confirm our market forecasts with the highest accuracy. Each piece of data presented in our published reports has been extracted from preliminary interviews with senior executives from leading companies in the respective field. Our approach to finding secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
Post time: Dec-23-2022