Top Companies in Aluminum Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Aluminum Market is projected to reach USD 230.9 billion by 2028 at a CAGR of 5.5% over the forecast period.
The Global Aluminum Market is valued at USD 167.5 billion in 2021 and is projected to reach USD 230.9 billion by 2028 at a CAGR of 5.5% over the forecast period. Aluminum has several uses in the production of consumer electronics since it is lightweight and affordable. As a result, the market is expanding due to the rising demand for devices, including tablets, smartphones, laptops, and televisions. The market for Aluminum is anticipated to expand positively as customer preference for green and sustainable devices grows. Additionally, the market is projected to grow due to the increasing use of Aluminum as a replacement for plastics and steel due to its dependability, adaptability, high mechanical strength, cost-effectiveness, and lightweight.
The rise in packaged goods demand and the growing usage of Aluminum by automobiles in place of stainless steel is pushing the market. In addition, the industry is growing due to O.E.M. manufacturers and the rising demand for electric vehicles.
However, decarbonization is one of the global Aluminum industry's biggest challenges. Most companies in the Aluminum industry are under great pressure to run more sustainably. They can only achieve this by using moderate amounts of low-quality steel.
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Amidst Exponential Growth in Aluminum Adoption, What Trends Should We Look Forward to?
- The usage of Aluminum in electric vehicles is one trend that the Aluminum industry anticipates growing. Aluminum is widely used in electric vehicles to make them lighter and more efficient. A car's body, wheels, and chassis are only a few Aluminum applications.
- The rising usage of lightweight materials across numerous end-user industries is another trend that will persist in the Aluminum business. Manufacturers are increasingly seeking lightweight materials that can still provide the required strength for building structures, airplanes, and automobiles, driving market growth.
- A sizeable portion of the world's usage of Aluminum is made from secondary or recycled sources. Because it is more economical, the scrap from machinery, automobiles, equipment, and beverage cans is recycled and reused. Reprocessing second-hand metal or scrap uses a small amount of energy needed to make new metal from ore, minimizing environmental harm.
- Aluminum is the most popular metal utilized in the building and construction sector. It is widely used in windows, curtain walls, roofing and cladding, solar shade, solar panels, railings, shelves, and other temporary structures. As a result, one of the major drivers driving the market under study today is an increase in construction activity on a global scale.
The Aluminum Market is dominated by globally established players such as Alcoa Corporation (US), Aluminum Corporation of China Limited (CHALCO) (China), Century Aluminum Company (US), China Hongqiao Group Limited (China), China Power Investment Corp. (China), China Zhongwang Holdings Limited (China), Dubai Aluminum Company Limited (UAE), East Hope Group (China), Emirates Global Aluminium (UAE), H.P. (Australia), Hindalco Industries Ltd. (India), Kaiser Aluminium (US), Norsk Hydro A.S.A. (Norway), Novelis (US), Rio Tinto Ltd. (UK), United Company RUSAL PLC (Russia), Vedanta Aluminium Limited (India), Xinfa Group Co. Ltd. (China). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Aluminum Market.
Let's Look at the Top 5 Companies That are Taking the Aluminum Market by Storm
The Aluminum Market is expected to grow from USD 167.5 billion in 2021 to USD 230.9 billion in 2028 due to the food and pharmaceutical industries' growing preference for Aluminum packaging. In addition, rising income levels, an increased concern for appearance, and the expanding influence of social media all contribute to an increase in the sales of beauty and personal care goods globally.
- Alcoa Corporation (US)
Pittsburgh-based industrial company Alcoa Corporation was founded. It is the eighth-largest producer of Aluminum in the world. Alcoa has activities in ten different nations.
- Aluminum Corporation of China Limited (CHALCO) (China)
Chinese Corporation Aluminum Corporation of China Limited is listed in Hong Kong and New York. Beijing, People's Republic of China, is home to the headquarters of a multinational Aluminum corporation. It is the third-largest producer of basic Aluminum in the world and the second-largest producer of alumina.
- Century Aluminum Company (US)
The United States-based Century Aluminum Company manufactures primary Aluminum at facilities in Iceland, South Carolina, and Kentucky. In the U.S., it is the biggest producer of primary Aluminum.
- Emirates Global Aluminum (UAE)
Investment Corporation of Dubai and Mubadala Investment Company of Abu Dhabi jointly operate Emirates Global Aluminum. EGA is a multi-faceted Aluminum company interested in the bauxite/alumina and primary Aluminum smelting industries.
- Vedanta Aluminum Limited (India)
A division of Vedanta Limited, Vedanta Aluminum is one of the top manufacturers of Aluminum, the "Metal of the Future," in the world. With operations in Odisha and Chhattisgarh, it is India's largest Aluminum producer.
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