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Aluminium Market Size, Share & Industry Analysis, By Product (Sheet, Plate, Cast Products, Extrusion, and Others), By Alloy Type (Cast Alloy and Wrought Alloy), By End-use (Construction, Transportation {Aerospace, Automotive, and Marine}, Packaging {Food & Beverages, Cosmetics, and Others}, Electrical, Consumer Durables, Machinery & Equipment, and Others), and Regional Forecast, 2024-2032

Last Updated: May 13, 2024 | Format: PDF | Report ID: FBI100233



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The global aluminium market size was valued at USD 229.85 billion in 2023 and is projected to grow from USD 243.89 billion in 2024 to USD 393.70 billion by 2032, exhibiting a CAGR of 6.2% during the forecast period.

Aluminium is a silvery-white, non-magnetic, and ductile metal that plays a critical role in modern industry and commerce. Its unique combination of lightweight and exceptional strength has drastically transformed sectors ranging from the aerospace to automotive sectors, where weight reduction is equivalent to efficiency. Its corrosion resistance and conductivity have become an integral part in construction and electrical applications. In addition, its extensive use in everyday consumer products and packaging, as well as in transportation systems, highlights its significance in modern society. Moreover, the rising demand for the product from electric vehicles and OEMs is supporting aluminium market growth.

During the COVID-19 pandemic, the prolonged slowdown of operations in several industries, such as automotive, construction, electronics, consumer appliances, and industrial machinery worldwide, led to short-term production halts. The prices for the product fluctuated significantly during this period, where the metal lost its value during the pandemic and followed a downward trend as the pandemic aggravated. As the world recovered from the pandemic and demand rose, a reversal in metal prices was observed and prices reached their historic peak value. 

Aluminium Market Trends

Rising Product Incorporation in the Automotive & Transportation Industries is the Current Trend

Although Al has been used in automobiles for many years, its proportion in new vehicles is rising. This metal is highly preferred by automotive engineers and designers for reducing emissions and increasing fuel economy. Electric vehicle manufacturers are using this metal to reduce the weight of the vehicle and achieve a better driving range. Moreover, automotive manufacturers such as Mercedes and BMW are increasingly substituting stainless steel with the product as it exhibits similar physical properties and has a lightweight nature. The above-mentioned factors are estimated to drive market growth.

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Aluminium Industry Growth Factors

Rising Demand for Emerging Applications to Drive Market Growth

Technological advancements in different end-use industries are anticipated to offer significant potential to the market. From solar energy to battery technology to 3D printing, aluminium products are finding limitless applications and growing faster. Aluminium, being a lightweight metal with higher strength, unmatched durability, and higher corrosion resistance, is witnessing a large-scale demand for building renewable energy platforms, including wind turbines and solar panels.

The growing demand for mobile and electric devices and the continuously expanding renewable energy industry are demanding improved cost-efficient energy storage systems. Aluminium is the most abundant material available in the earth’s crust and offers batteries volumetric capacity higher than that the lithium analog offers. This has led to a rising demand for aluminium-ion battery production, which is anticipated to grow significantly in the near future.

The rising 3D printing industry is pushing the product demand for the production of several parts used in different end-use industries, further driving market growth. For instance, due to its higher strength-to-weight ratio, the metal is frequently used for producing parts such as gearboxes, housings, brackets, heat exchangers, and engine parts in the automotive, aerospace, and other industries.

Increasing Popularity of Secondary Product to Aid Market Growth

Global consumption of recycled or secondary products accounts for a significant proportion. Waste obtained from the automobile industry, beverage cans, equipment and machinery is recycled and reused due to its cost-effectiveness. Secondary or scrap metal recycling uses a fraction of the energy required to produce new metals from ore, thereby reducing damage to the environment. In addition, secondary product recycling does not reduce the quality of the metal, so it can be recycled indefinitely. The demand for aluminium cans continues to lead to increasing demand for the product. Moreover, recycling product cans saves natural resources and energy and reduces pressure on landfills. Manufacturing new cans from reused products saves about 95% of the energy used to create cans from bauxite. The growing focus on the consumption of sustainably sourced products is expected to further boost product recycling and drive the growth of this market during the forecast period.


Implementation of Stricter Environmental Regulations May Hamper Market Growth

Several countries across the globe have had to adopt new regulations as a result of expanding environment-related issues and increasing public expectations for government action to reduce the level of pollution. The implementation of stringent industry standards and regulations by governments and associations is expected to limit the market growth. In the past decade, consumers have become increasingly aware and concerned about environmental health. Governments and international organizations, in collaboration with the private sector, are establishing methodologies to monitor the adverse effects of bauxite ore mining. In order to fulfill the stringent standards, companies producing the product will need to spend more to meet the strict regulations, which is likely to restrict the market growth. Strict government regulations on Al products to reduce environmental impact are anticipated to shift the focus of the aluminium industry toward sustainability.

Aluminium Market Segmentation Analysis

By Product Analysis

Cast Products Segment Accounted for Largest Share due to their Affordability.

Based on product, the market is segmented into sheet, plate, cast products, extrusion, and others.

The cast products segment accounted for the largest share of the market in 2023 and is estimated to maintain the leading position throughout the forecast period. The products manufactured using cast aluminium are highly versatile and range from simple personal hand-held devices to complex parts in automobiles. The affordability offered by cast alloy makes it an irreplaceable material.

The sheet segment is estimated to grow at the fastest rate during the forecast period. The metal sheet is widely used in manufacturing packaging cans, auto parts, cookware, and building products. The increasing trade activities and expansion of the construction industry amongst developing countries are fueling the segment growth.

Extrusion products are used in the construction industry and can be considered an impeccable part. The ever-growing construction industry and the rising trend of modular interiors are anticipated to augment the segment growth.

By Alloy Type Analysis

Wrought Alloy Segment Dominated due to High Strength and Ductility

On the basis of alloy type, the market is bifurcated into cast alloy and wrought alloy.

The wrought alloy segment accounted for the largest share of the global market in 2023. In wrought alloy production, the metal is subjected to mechanical processes such as forging, rolling, and extrusion. This makes wrought alloy mechanically stronger and ductile compared to cast alloys. This increasing usage of wrought alloy in various applications requires high material strength, including welding rods, aircraft frames, motorcycle frames, and pressure vessels. Hence, the wrought alloy segment is anticipated to grow substantially during the forecast period. 

The high casting flexibility offered by cast alloys increases their use to form a wide range of shapes. This alloy is preferred in applications such as machine tools, window fittings, cast wheels, axle housings, gearbox housings, engine cylinder heads, garden tools, and farm equipment. In addition, cast alloys have a lower price relative to wrought alloys. The specific functionality and cost offered by cast alloys make them irreplaceable in many applications, thus resulting in high segment growth.

By End-use Analysis

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Transportation Segment Dominated owing to the Rising Preference for Lightweight Metal

Based on end-use, the market is segmented into construction, transportation, packaging, electrical, consumer durables, machinery & equipment, and others. The transportation segment held the largest aluminium market share in 2023. The growing adoption of metal in the automotive industry due to its lightweight feature is expected to drive segment growth.

The construction segment is expected to grow with the highest CAGR by the end of the forecast period. The rising number of construction and infrastructure development activities and increasing product adoption in interior countertops and cladding are the key factors behind the segment growth.

The growing demand for sustainable product packaging from the food & beverage industry and strict government regulations to curb the use of plastic packaging are expected to have a positive impact on the packaging segment growth.

The increasing demand for Al metal from machinery manufacturers and the industrial sector is boosting the growth of the machinery & equipment segment.


Based on region, the market is divided into North America, the Asia Pacific, Latin America, the Middle East & Africa, and Europe.

Asia Pacific Aluminium Market Size, 2023 (USD Billion)

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The market size in Asia Pacific stood at USD 147.63 billion in 2023. The region accounted for the dominant share of the market, in 2023. The rapid urbanization and infrastructure development, particularly in countries such as China and India, growing extensive use of the product in construction, including for structural components and facades, propels the regional growth. The regional automotive industry, driven by the goal to achieve fuel efficiency and reduce emissions, significantly relies on materials such as Al, both in conventional and electric vehicle production. In addition, the growing metal recycling and the expansion of the packaging industry in developing countries are a few factors supporting the region's market growth.

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The metal demand in the European market is linked to its rapid adoption in the automotive industry. The automotive industry is anticipated to play a critical role as Europe is committed to reducing carbon emissions and promoting the shift to electric vehicles. The product’s lightweight properties are essential in achieving fuel efficiency and limit carbon footprint, making it a preferred choice in automotive manufacturing. In addition to complex structural designs, automakers are using advanced processes and techniques to integrate lightweight metals into other vehicle parts. Moreover, high demand for applications such as packaging and solar panels is driving market growth in Europe.

The market in North America is characterized by high demand from the automotive & transportation industry. The adoption of this metal by EV manufacturers to reduce the weight of vehicles is a prominent factor that is driving the market growth in this region. In addition, the region's rapidly growing aerospace industry relies on Al due to its high strength-to-weight ratio, further contributing to the demand. In addition, the region’s strong emphasis on sustainability is prompting various industries to adopt the metal in manufacturing, packaging, and construction applications.

In Latin America, increasing metal consumption for construction and infrastructure development activities in the countries such as Brazil and Mexico are the key driving factors. In addition to this, the food and beverage industry in the region extensively uses the product owing to its recyclability and the preservative properties that keep edible products fresh.

The market in the Middle East & Africa is expected to witness moderate growth during the forecast period due to the rising construction sector in the region. The ongoing regional building and construction activities driven by the need to achieve economic diversification is a prominent reason behind metal demand. Al is favored for its corrosion resistance, making it a vital component in building materials and structures, especially in coastal areas where saltwater exposure is a concern.


Key Players Focus on Various Strategies to Increase their Presence in the Market

The global market is fairly fragmented, with UC RUSAL, CHALCO, Alcoa Corporation, China Hongqiao Group, and Rio Tinto as the major players. These players capitalize on research and development activities to serve multiple end-use industries. They are employing various growth strategies, including product portfolio expansion, distribution network strengthening, capacity expansion, and acquisitions to maintain their competitive edge in the market.



  • September 2023 - Norsk Hydro ASA announced the opening of its new HyForge foundry line in Rackwitz, Germany. The move responds to calls from the auto industry to decarbonize by incorporating recycled aluminium scrap into vehicle manufacturing.

  • June 2023 - Rio Tinto announced plans to invest USD 1.1 billion to expand its “low carbon” aluminium smelter at the Jonquière Complex in Quebec, Canada. This decision will allow the company to increase its annual capacity by approximately 160,000 tons of primary product.

  • April 2023 - Emirates Global Aluminum announced a partnership with Veolia's RECAPP to promote product recycling in schools and universities across the UAE. Since recycling the product requires 95% less energy than producing new metal, the move is expected to help the company significantly reduce production costs.

  • August 2022 - Rio Tinto announced plans to invest USD 29 million in building a new product recycling plant at its Arvida plant in Quebec, Canada. This move is in line with the company's goal to expand its offering of low-carbon aluminium solutions for customers in the construction, packaging, and automotive industries.

  • February 2022 - RusAL developed an optimized 5xxx series Aluminium alloy with anodizing ability. The company started production of this new alloy at its Bratsk Aluminium Smelter. Due to the anodization of alloys, the final product is covered with a protective oxide film. This also improves the corrosion resistance of products, increasing their service life and enhancing their aesthetic appearance.


An Infographic Representation of Aluminium Market

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The research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, competitive landscape, product types, and leading end-use. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.2% from 2024 to 2032


Value (USD Billion) and Volume (Kiloton)


By Product

  • Sheet

  • Plate

  • Cast Products

  • Extrusion

  • Others

By Alloy Type

  • Cast Alloy

  • Wrought Alloy

By End-use

  • Construction

  • Transportation

    • Aerospace

    • Automotive

    • Marine

  • Packaging

    • Food & Beverages

    • Cosmetics

    • Others

  • Electrical

  • Consumer Durables

  • Machinery & Equipment

  • Others

By Geography

  • North America (By Product, By Alloy Type, By End-use, and By Country)

    • U.S. (By End-use)

    • Canada (By End-use)

  • Europe (By Product, By Alloy Type, By End-use, and By Country)

    • Germany (By End-use)

    • France (By End-use)

    • U.K. (By End-use)

    • Italy (By End-use)

    • Spain (By End-use)

    • Russia (By End-use)

    • Poland (By End-use)

    • Rest of Europe (By End-use)

  • Asia Pacific (By Product, By Alloy Type, By End-use, and By Country)

    • China (By End-use)

    • India (By End-use)

    • Japan (By End-use)

    • South Korea (By End-use)

    • Indonesia (By End-use)

    • Rest of the Asia Pacific (By End-use)

  • Latin America (By Product, By Alloy Type, By End-use, and By Country)

    • Brazil (By End-use)

    • Mexico (By End-use)

    • Rest of Latin America (By End-use)

  • Middle East & Africa (By Product, By Alloy Type, By End-use, and By Country)

    • UAE (By End-use)

    • Saudi Arabia (By End-use)

    • Bahrain(By End-use)

    • Egypt (By End-use)

    • Iran (By End-use)

    • Rest of the Middle East & Africa (By End-use)

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 229.85 billion in 2023 and is projected to reach USD 393.70 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 147.63 billion.

Growing at a CAGR of 6.2%, the market is expected to exhibit rapid growth during the forecast period (2024-2032).

By end-use, the transportation segment captured the largest share in 2023.

The increasing popularity of secondary Al is the key factor driving the market growth.

UC RUSAL, CHALCO, Riot Tinto, and Alcoa Corporation are the major players in the global market.

Asia Pacific dominated the market share in 2023.

Superior physical properties and adoption in automobiles due to its less weight is the factor driving the product adoption.

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