The Aluminum Market is being driven by Increasing demand for aluminum in EVs
The Aluminum Market is expected to grow at a CAGR of 3.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 37871 million. In the dynamic business landscape, aluminum has emerged as a preferred material in various sectors due to its exceptional properties. Notably, in construction, aerospace, and automotive industries, aluminum is increasingly being utilized for its lightweight yet robust characteristics. Manufacturers are prioritizing materials that enable weight reduction without compromising on strength. In the automotive industry, for instance, aluminum's low specific gravity reduces the average weight of vehicles by up to 24%. Similarly, in aerospace, the adoption of aluminum in aircraft and spaceship components significantly decreases their overall weight, ensuring improved fuel efficiency and reduced emissions.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
233 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.9% |
Market growth 2025-2029 |
USD 37871 million |
Market structure |
fragmentation |
YoY growth 2024-2025(%) |
3.0 |
Key countries |
China, US, Germany, Italy, India, Canada, Brazil, Poland, Japan, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Aluminum sector encompasses various industries such as Aerospace, Electrical applications, Electric vehicles, Solar energy, and Battery technology. Aluminum's lightweight property makes it ideal for these sectors. In Electric vehicles, Aluminum-ion batteries and 3D printing are emerging trends. Secondary Aluminum from recycled sources is gaining popularity due to environmental concerns and strict regulations. The Building and construction industry, including Residential real estate, relies heavily on Aluminum for its strength and durability. Bauxite is the primary source of Aluminum, and its processing method is crucial to its production. The Electric vehicles market is expected to significantly impact Aluminum demand in the future.
The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as aluminum, lead, nickel, tin, titanium, zinc, cobalt, mercury, and various others. Aluminum, in particular, holds significant importance due to its extensive use in the aerospace and electrical industries, as well as in the manufacturing of electric vehicles. The market size for this sector is calculated by Technavio based on the consolidated revenue generated by companies specializing in metal and mineral extraction and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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