IMARC Group, a leading market research company, has recently releases report titled “Aluminium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global aluminium market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global aluminium market is expected to exhibit a growth rate (CAGR) of 5.4% during 2023-2028. High Strength Aluminium
Aluminium is a chemical element with the symbol Al and atomic number 13. It is a lightweight, silvery-white metal and is the third most abundant element in the Earth's crust, making up approximately 8% of the planet's total mass. The first step in aluminum production is refining bauxite into alumina (aluminum oxide) through the Bayer process. In this method, bauxite is crushed and mixed with a hot, concentrated solution of sodium hydroxide. The reaction separates alumina from the other components, resulting in a white powder known as alumina hydrate. Next, alumina is subjected to the Hall-Héroult process, which was developed simultaneously by Charles Martin Hall and Paul Héroult in the late 19th century. This electrolytic reduction process takes place in large electrolytic cells called reduction cells. The cells are lined with carbon, which acts as both the cathode and the anode. Alumina is dissolved in molten cryolite (a mineral compound) within the reduction cell. When an electric current is passed through the cell, it breaks down the alumina into aluminum metal and oxygen. The aluminum sinks to the bottom of the cell and is periodically siphoned off, while the oxygen reacts with the carbon anodes, forming carbon dioxide. After the aluminum is collected, it is then further processed and cast into various shapes for specific applications. The entire aluminum production process requires a substantial amount of electricity due to the energy-intensive nature of the electrolytic reduction step. This versatile metal possesses remarkable properties, including a low density, high strength, and excellent corrosion resistance, which have contributed to its wide-ranging applications across various industries.
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The economic expansion in emerging and developed economies is a major driver of aluminum. The metal's wide-ranging applications in construction, transportation, packaging, and electrical industries is propelling the market growth. Additionally, the ongoing process of industrialization and rapid urbanization in various regions, particularly in Asia and Africa, is boosting the demand for aluminum. As cities expand and infrastructural development accelerates, the need for lightweight, durable, and corrosion-resistant mate rials like aluminum becomes more significant. Other than this, the automotive sector is a significant consumer of aluminum due to its quest for fuel efficiency and lightweight vehicle designs. As automakers focus on producing electric vehicles (EVs) and improving conventional vehicles' fuel economy, the demand for aluminum in the automotive industry is on the rise. Besides this, aluminium’s unique properties, such as excellent barrier protection and recyclability, make it a preferred material in the packaging industry. The increasing adoption of aluminum packaging, especially in the food and beverage sector, contributes to the market's growth. In line with this, the aerospace and transportation industries rely heavily on aluminum for manufacturing aircraft, trains, ships, and other vehicles. With the expansion of air travel and the need for efficient transportation systems, the demand for aluminum in these sectors is projected to increase. Furthermore, global aluminum trade can be significantly impacted by international trade policies and tariffs. Trade disputes and barriers between major aluminum-producing and consuming countries can disrupt supply chains and affect market dynamics.
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The report has segmented the market into the following categories:
The report covers the major market players including:
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