What is the current Aluminum Market size?

The Aluminum Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029) Read More

Who are the key players in Aluminum Market?

Aluminum Corporation of China Limited (CHINALCO), China Hongqiao Group Limited, Xinfa Group Co. Ltd, Rio Tinto and RusAL are the major companies operating in the Aluminum Market. Read More

Which is the fastest growing region in Aluminum Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Aluminum Market?

In 2024, the Asia-Pacific accounts for the largest market share in Aluminum Market. Read More

What years does this Aluminum Market cover?

The report covers the Aluminum Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aluminum Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the leading segments in the market by end use?

The leading segments in the market by end use are building & construction, packaging, transportation, and consumer durables. Read More

Aluminum Market Trends

Market Trends of Aluminum Industry

Increasing Demand from the Building and Construction Industry

In the building and construction industry, aluminum is the second most widely used metal. It is extensively used in windows, curtain walls, roofing and cladding, solar shading, solar panels, railings, shelves, and other temporary structures.
The revenue of the global construction industry is expected to grow steadily over the next few years. At the end of 2022, it is projected to be around USD 8.2 trillion.
China includes the largest construction market in the world, encompassing 20% of all construction investments globally. China is expected to spend nearly USD 13 trillion on buildings by 2030. According to the National Bureau of Statistics of China, the total output value of construction businesses in China in the fourth quarter of 2022 was approximately CNY 276 billion (~USD 40 billion), a growth of approximately 50% when compared with the previous quarter (~USD 27.6 billion).
The privately-owned residential units permitted by building permits were at a seasonally adjusted annual rate of 1,873,000 in December 2021, according to figures published by the US Census Bureau and the US Department of Housing and Urban Development. A total of 1,128,000 single-family permits were issued each year. The yearly rate of unit authorizations in structures with five or more units was 675,000. In 2021, 1,724,700 housing units were scheduled to be granted through building permits. This figure was 17.2% more than the 1,471,100 predicted for 2020.
India will likely witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it will likely witness the construction of 60 million new homes. The availability rate of affordable housing is expected to rise by around 70% in 2024. The Indian government's 'Housing for All by 2022' is also a major game-changer for the industry.
The value of construction new work in current prices in Great Britain in 2021 experienced strong growth (15.3%) to GBP 115,579 million (~USD 1,59,008.77 million) after a 15.9% fall to GBP 100,199 million (~ USD 1,28,622.12 million) in 2020.
Overall, the recovering construction activities worldwide are expected to drive the demand for aluminum from the building and construction industry during the forecast period.

Aluminum Market: Annual Value of Construction in the Residential Sector, in USD Million, United States, 2016-2021

Understand The Key Trends Shaping This Market

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Asia-Pacific Region Expected to Dominate the Market

The Asia-Pacific region is expected to be the largest market for aluminum during the forecast period. Industries such as electronics, building and construction, aerospace, etc., are growing in countries such as China, India, and Japan.
The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturers, in 2022, automotive production in the country reached 27.02 million units, which increased by about 3.4%, compared to 26.08 million vehicles produced in 2021.
India will likely witness an investment of around USD 1.3 trillion in housing over the next seven years, during which it will likely witness the construction of 60 million new homes. The Union Cabinet of India approved the setting up a USD 3.58 billion alternative investment fund (AIF) to revive around 1,600 stalled housing projects across the top cities in the country.
The Indian electronics market is expected to reach USD 400 billion by 2025. Additionally, India is expected to become the world's fifth-largest consumer electronics and appliances industry by 2025.
According to the Packaging Industry Association of India (PIAI), the Indian packaging industry is expected to grow at 22% during the forecast period. Moreover, the Indian packaging market is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% between 2020 and 2025.
In Japan, it is estimated that by 2025, the retail sales in the packaged food market are expected to reach USD 204.5 billion, a growth of 3.6% or USD 7 billion. Such projected growth in the packaging industry will likely drive the demand for aluminum used as foils during the forecast period.
Hence, with the rapidly growing end-user industries in countries of the Asia-Pacific region, the region is expected to dominate the global market during the forecast period.