Market Size of Aluminum Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aluminum Market Analysis
The Aluminum Market is expected to register a CAGR of greater than 3.5% during the forecast period.
- COVID-19 negatively impacted the market in 2020. Building and construction, a major sink for aluminum, was badly hit, especially due to curtailment in residential real estate resulting in the suspension of home registrations and slow home loan disbursements. However, the sector is recovering well since restrictions were lifted. The aluminum market recovered significantly in 2021-22, owing to rising consumption from various end-user industries such as building and construction, packaging, and others.
- A major factor driving the market studied is the increasing construction activities in the Asia-Pacific region. The rising demand for aluminum from the food, packaging, and pharmaceutical industries will likely favor the market's growth.
- However, strict regulations and environmental concerns about aluminum processing will likely hamper the market's growth.
- Growth in the electric vehicles market will likely provide new growth opportunities.
- The Asia-Pacific accounts for the highest market share and is expected to dominate the market during the forecast period.
