The global aluminum market is expected to auger impeccable growth with a surging CAGR of 6.2% from 2022 to 2032. The aluminum market is anticipated to be valued at US$ 155,352.44 Million in 2022 and is anticipated to reach US$ 283,506.6 Million by 2032.
Growth is attributed to the increasing use of lactic acid in end-user industries. From 2016-2021 a CAGR of 4.3% was registered for the lactic acid market. Aluminum is considered one of the most abundant metals found in the Earth’s crust. On the basis of weight, it accounts for approximately 8% of the earth’s crust.
Owing to the wide availability and numerous properties of aluminum make it a widely used metal all over the world. The diverse application of aluminum in various industries such as food beverage, packaging, household products, transportation, and electronics is fueling market growth during the forecast period.
Aluminum is said to be the perfect substitute for materials such as iron and steel majorly due to its lower self-weight and high strength properties. Due to its application in several end-use industries, the prices of aluminum fluctuate occasionally.
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Aluminum Corp. of China Ltd., BHP Billiton Ltd., Vedanta Resources plc, Norsk Hydro ASA, United Co., RUSAL, Dubai Aluminum Co. Ltd., Hindalco Industries, Xinfa Group Co. Ltd., Emirates Global Aluminum PJSC, Rio Tinto Alcan Inc. is some of the key companies profiled in the full version of the report.
Key players in the aluminum market are inclined towards research development for efficient and scalable casting methods that will offer leading manufacturers a competitive edge.
More Insights into the Aluminum Market
North America showcases lucrative growth opportunities in the global aluminum market. Rising technological advancements in various product manufacturing technologies and processing equipment are expected to boost the growth of the aluminum market.
North America is predicted to account for the dominant share of the global aluminum market by generating 21% of the global market revenue in 2022. Industries such as automotive, aerospace, and defense are projected to rise during the forecast period.
Countries like Russia and Canada also fall among the leading countries to generate the highest revenue for the global aluminum market over the forecast period. According to the analysis, the European aluminum market is projected to witness significant growth opportunities in the forecast period.
On the basis of year-on-year growth, the Asia Pacific region is the best-performing portion globally. Increased industrialization and urbanization surged investments and activities in the region to boost growth in the aluminum market.
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