Latest News- Aluminum Market: Transportation is expected to lead the End-user segment during 2024-2028

The Aluminum Market is being driven by Increasing demand for aluminum in EVs

The Aluminum Market is expected to grow at a CAGR of 3.33% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 31.43 billion. In the dynamic business landscape, aluminum has emerged as a preferred material in various sectors due to its exceptional strength-to-weight ratio. This attribute is particularly valuable in industries such as aerospace and automotive, where weight reduction is a critical factor in enhancing fuel efficiency and improving overall performance. Aluminum's low specific gravity, which translates to a 24% reduction in weight when used in car parts, makes it an ideal choice for manufacturers seeking to meet weight reduction targets without compromising on strength. The increasing adoption of aluminum in construction frames, aircraft bodies, and automobile components underscores its growing importance in these industries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Transportation
  • Construction
  • Packaging
  • Electrical engineering
  • Others
• Type
  • Primary aluminum
  • Secondary aluminum
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for aluminum in EVs
• Increasing demand for aluminum cans in beverage industry
• Stringent regulations for environmental protection

However, the market also witnesses some limitations, which are as follows:

• High volatility in London Metal Exchange (LME) prices of aluminum
• Presence of substitutes products
• Closure of aluminum smelting units

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Market Scope in Aluminum Market Research Report

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Research Analysis Overview

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 industries. In Electric vehicles, Aluminum-ion batteries are being developed as a secondary product. Recycled Aluminum is also gaining popularity due to environmental concerns. Processing methods like 3D printing are being explored for Aluminum production. The Building and construction sector, including Residential real estate, relies heavily on Aluminum for its strength and durability. Strict regulations and growing environmental concerns, however, pose challenges to the Aluminum market's growth. The Bauxite mining industry is the primary source of Aluminum, and Secondary Aluminum production methods are being adopted to reduce environmental impact. The Electric vehicles market is expected to significantly boost Aluminum demand.

Market Research Overview

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, specifically, holds significant importance in the aerospace and electrical applications sectors, as well as in the emerging electric vehicle market. The market size is determined by the consolidated revenue generated by these companies from their metal and mineral production and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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