In 2021, with 69% value share, Asia Pacific held the highest market share and will continue to dominate the demand by 2030. Huge investment in commercial sector coupled with thriving vehicle electrification in China, India, and Southeast Asia will boost the demand for aluminum in the region.
The global aluminum market was valued at US$245.7 Bn in 2021 and is predicted to be valued at US$ 498.5 Bn by the end of 2030, wherein primary aluminum held more than 60% of the total market value.
Rise in usage of lightweight materials in automotive and transportation sector owing to the implementation of fuel standards and stringent emission regulations coupled with growing population, urbanization, and increased use of green materials in construction sector to drive the demand globally.
Aluminum continues exceptional growth in the automotive sector in the US, and Europe. The aluminum content in the passenger vehicles is expected to grow with increasing demand body closures, chassis applications as well as from the new energy vehicles.
China-based players have strong grip on global aluminum market owing to the strong domestic demand. Companies such as Chalco, China Hongqiao Group, Xinfa, SPIC, and EastHope are among the largest producers of aluminum in China.