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The global aluminium market size is anticipated to show strong progress by reaching USD 255.91 billion by 2029. Fortune Business Insights™ in its report titled “Aluminium Market Size, Share & COVID-19 Impact Analysis, By Product (Sheet, Plate, Cast Products, Extrusion, and Others), By Alloy Type (Cast Alloy and Wrought Alloy), By End-use (Construction, Transportation, Packaging, Electrical, Consumer Durables, Machinery & Equipment, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 159.32 billion and is expected to reach USD 168.84 billion in 2022. The market is expected to witness a strong CAGR of 6.1% during 2022-2029. Increasing demand from the automotive and transportation industries is projected to drive market growth. The increasing popularity of secondary aluminium (Al) increases the market expansion.
Joint Venture between PT Apical Kao Chemicals and Apical Group to Propel Market Progress
In March 2021, Rio Tinto announced its agreement to provide a commercial batch of high-performance Al-scandium specialized alloy from its North American operations to Amaero. Amaero will further process the billets into powder for 3D printing and other high temperature applications. The new agreement by Rio Tinto will offer new performing alloys, which is set to enhance the market share.
Low Cost and Sustainability of Chemicals to Fuel Market Expansion
Rising incorporation of the product in the automotive and transportation industry is expected to aid the aluminium market growth. This metal is highly preferred by automotive engineers and designers for reducing emissions and increasing fuel economy. Automotive manufacturers such as Mercedes and BMW have been substituting stainless steel with the metal owing to its similar physical properties and its lightweight nature. Rising emphasis on consuming sustainably sourced products is expected to propel market growth.
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Decline in Various End-use Industries to Inflate Market Trajectory
The pandemic led to a decline in various sectors such as construction, automotive, electronics, industrial machinery, and consumer appliances. The demand for Al from the industrial sector reduced, which led to decrease in the market growth. Owing to supply chain disruptions in key consuming countries across all regions, the demand for bauxite ore across was significantly impacted due to shortage of raw material & inventory, short-term production halt, economic slowdown, trade restrictions, and changing consumer behavior.
Market Players Upgraded their Product Portfolio to Strengthen their Market Position
Major players of market are UC RUSAL, CHALCO, Alcoa Corporation, China Hongqiao Group, and Rio Tinto. Key players have been adopting acquisition strategies for enhancing their market share. For example, in August 2021, RUSAL collaborated with Lipetsk Pipe Company Svobodny Sokol for the production of aluminium cast pipes. The final pipes have a quality comparable to products made from conventional materials. These pipes can be made in a diameter of up to 1 meter and length of up to 6 meters for applications in housing and utility services, oil and gas production, and fire extinguishing.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
Value (USD Billion) and Volume (Kiloton)
By Product, Alloy Type, End-use, and Geography
By Alloy Type