Global Aluminum Market to Touch $458.5 Billion by 2031

SEATTLE (Scrap Monster): The global aluminum market is expected to expand at a compound annual growth rate (CAGR) of 7.04% between 2023 and 2031, according to a recent study report released by Persistent Market Research. The market is expected to reach $458.5 billion by 2031, up from $304.7 billion in 2023.

The growing need for aluminum in important industries including packaging, automotive, and construction will be the primary driver of the anticipated strong market expansion. The metal's special qualities, such as its light weight, resistance to corrosion, and capacity to be recycled, make it an essential part of applications involving sustainable manufacturing.

RELATED NEWS:

BMI Foresees Higher Aluminum Prices in 2024, Driven by Robust Demand

LME, SHFE Data Indicates Rapid Decline in Global Aluminum Inventory

At the same time, there are some difficulties facing the global aluminum market. These include the environmental effects of mining and processing, supply chain disruptions brought on by trade restrictions and geopolitical tensions, and high production prices. According to the research, the aforementioned difficulties lead to uncertainty in aluminum availability and pricing.

According to the report, the global aluminum industry is presently experiencing substantial changes due to shifting customer tastes and technology breakthroughs.

One of the biggest markets for aluminum consumption is North America, especially the United States. Other important markets for the metal are Europe and the Asia-Pacific area, particularly China and India.