The global aluminum market is expected to experience significant growth in the coming years, according to a recent market research report by Fairfield Market Research. The market, valued at US$ 245.7 bn in 2021, is projected to reach a Value of US$ 498.5 bn by the end of 2030, exhibiting a healthy compound annual growth rate (CAGR) of 5.8% between 2022 and 2030. The market is poised for a two-fold expansion by 2030, driven by the widespread applications of aluminum across various industries.

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Aluminum, regarded as a strategic resource, has become one of the most widely consumed metals in modern society, second only to steel. Its lightweight nature, excellent strength-to-weight ratio, corrosion resistance, and high conductivity of heat and electricity have made it a sought-after alternative to metals like zinc, copper, and steel. Additionally, aluminum offers design freedom and flexibility, allowing for the creation of infinite new shapes, which has further increased its application base.

 In terms of volume, secondary aluminum accounted for 29% of the global aluminum market in 2021. The recyclability and durability of aluminum make it an attractive choice for various industries, including construction, transportation, packaging, and more. Secondary aluminum offers advantages such as lower production costs, reduced energy consumption, and improved sustainability. It finds applications in construction materials, transportation, packaging foils and cans, kitchen utensils and containers, and paints.

 Aluminum flat-rolled products play a crucial role in industries such as aerospace, automotive, electrical, consumer goods, and packaging. Rolled products, in particular, are extensively used in automotive body structures, interior and exterior panels, and as heat exchanger materials.

Extruded aluminum products have witnessed a growing demand in recent years due to their excellent strength, durability, and flexibility. These products find applications in construction, electrical, automotive, transport, and consumer goods industries. 

 The rise of electric vehicles (EVs) is expected to be a major driver for the aluminum market. With an estimated production of over 30 million units worldwide by 2030, EVs are set to significantly increase the demand for aluminum in the form of extruded and rolled products. Aluminum offers performance, safety, and environmental benefits in EVs, making it a cost-competitive and readily available alternative to materials like carbon composites and titanium.

The construction, automotive, and packaging industries are expected to be key contributors to the growth of the aluminum market in the Asia Pacific region. In 2021, Asia Pacific accounted for more than 65% of the global aluminum market. China, the largest producer and consumer of primary aluminum, is witnessing growing demand from industries such as automotive and aerospace. India is also expected to experience exceptional market growth, driven by strong demand from the construction and transportation sectors.

In Europe, recycled aluminum is in high demand from industries such as automotive, aerospace, electronics, and packaging, making the region's aluminum industry cost-competitive and energy-efficient. New legislation, such as the Carbon Border Adjustment Mechanism (CBAM), is expected to reshape the aluminum market in Europe. The recent Russia-Ukraine crisis has caused energy prices to soar, leading to increased aluminum prices in the region.

Key players in the global aluminum market include Aluminum Corporation of China Limited (Chalco), China Hongqiao Group Co. Ltd., United Company Rusal IPJSC, Shandong Xinfa Aluminium Group, Rio Tinto Group, Emirates Global Aluminium, Alcoa Corporation, State Power Investment Corporation Limited (SPIC), Norsk Hydro ASA, Hindalco Industries Limited, Vedanta Limited, and South32 Limited.

The comprehensive market research report provides valuable insights into the aluminum market, including production output and trade statistics, price trends analysis, regional market outlooks, and a competitive landscape analysis.

About Fairfield Market Research: Fairfield Market Research is a global market intelligence and research firm specializing in providing market insights and strategic business information. With a meticulous approach, our research experts strive to deliver accurate and reliable information for clients across various industries and regions.