Aluminum Market: Definition

The aluminum market is an ecosystem that encompasses all operations related to the use of this versatile metal in various industries. manufacturing, trade, and consumption of aluminum metal are essential to the global economy. This metal can be used in electric applications, motor vehicles, construction, packaging, and aerospace since it is robust, lightweight, and rust-resistant. According to recent procurement intelligence studies by ELINT Market Research, the global aluminum market is expected to rise by around 70 million metric tons in terms of manufacturing capacity by 2022. The industry is growing at a CAGR of 5.82% and is expected to reach $258.3 billion by 2031.

Aluminum Market: Growth Driving Factors

The automotive industry’s increased use of aluminum in place of stainless steel is anticipated to propel aluminum market expansion. Additionally, the construction industry’s need for durable materials has increased the application of aluminum.

Aluminum Market: Challenge

The government’s strict environmental restrictions and the growing cost of aluminum are two things that are anticipated to hinder global aluminum industry growth.

Aluminum Market: Opportunity

Aluminum’s increasing use in the renewable energy sector is predicted to open up new business prospects for the aluminum market.

Aluminum Market: Leading Regions

Aluminum is dominated by China, the UAE, Russia, India, and Canada regions. These nations have a significant impact on the global aluminum ecosystem due to developing infrastructures and technical innovations.

Aluminum Market: Key Manufacturers

1. Aluminum Corporation of China Limited

Aluminum Corporation of China Limited established in 2001 is a global aluminum business with its headquarters located in Beijing, China. The organization has conducted its own research and development of numerous notable scientific and technological advancements, including electrolytic aluminum, bauxite, alumina, etc.

2. RUSAL

Created in 2007, RUSAL is the second-largest aluminum production firm in the world because of its primary manufacturing output. It is situated in Russia. The company produces and sells handy aluminum goods as well as related items. It also mines bauxite and refines it into alumina.

3. UACJ

UACJ is a renowned aluminum company, that was founded in Japan in 1897. Its primary economic activities are the manufacture and distribution of rolled, forged, and refined goods made of aluminum and other non-ferrous metals and their alloys.

4. Rio Tinto Group

One of the biggest mining and metals organizations in the globe is Rio Tinto Group which is an Australian-British company. It was established in 1873 in London, United Kingdom. It focuses on iron ores, aluminum, copper, diamonds, electricity, minerals, and other industries.

5. Hindalco Industries Limited

An Indian manufacturer of copper and aluminum, Hindalco Industries Limited was established in 1958 and has its its head office in Mumbai, Maharashtra, India. As an extensive company, Hindalco is one of the biggest producers of aluminum in the world, with operations in nine geographical countries beyond India.

6. Emirates Global Aluminum

Emirates Global Aluminum is one of the biggest businesses in the United Arab Emirates and a world pioneer in the manufacturing of aluminum. The organization manufactures primary aluminum, bauxite, and solar aluminum, which are the three main types of excellent-quality aluminum goods.

7. Alcoa Corporation

Alcoa Corporation was established in 1888 and has a main office in Pittsburgh, Pennsylvania. It is an industrial company that operates in ten countries and is the eighth-biggest aluminum manufacturer in the world. It generates superior aluminum with numerous benefits.

8. Vedanta Limited

Vedanta Limited is a worldwide mining firm based in India having its primary businesses in iron ore, gold, and aluminum mines in Goa, Karnataka, Rajasthan, and Odisha. It was established in 1965 and possesses top-notch thermal power plants, alumina factories, and smelters in India.

9. Norsk Hydro

Founded in 1905, Norsk Hydro ASA is a Norwegian aluminum and solar power corporation with its headquarters located in Oslo. It has operations in about 50 countries worldwide. Its aluminum goods include electric poles, accuracy pipe, welded pipe, low-carbon metal, bauxite, and silica.

10. Century Aluminum Company

Established in 1995, Century Aluminum Company is a US-based main aluminum manufacturer. It is the main source of high-quality aluminum production. Also, its aluminum factories produce standard-grade and additional-value raw aluminum products.

Conclusion:

Aluminum’s capacity to be recycled is helping it acquire popularity in the international market. Throughout the projection period of 2030, it is expected that the fight against climate change will increase demand for the aluminum industry. You can discover information on the major companies in the aluminum market with the aid of this informative guide.