Saudi Arabia Aluminum Market Expected to Witness Explosive Growth at a 6.8% CAGR

SEATTLE (Scrap Monster): The Saudi Arabia aluminum market has experienced significant growth, driven by developments in the transportation industry, technological advancements, and favorable government policies. However, competition from the growing aluminum industries in China and Russia presents challenges. Nonetheless, increased emphasis on recycling and reusing aluminum scrap offers promising opportunities for future expansion.

According to a report by Allied Market Research, the Saudi Arabia aluminum market was valued at $1.7 billion in 2018 and is projected to reach $2.4 billion by 2026, with a CAGR of 6.8% from 2019 to 2026. The study highlights key trends, market size, and segment analysis.

Key Segments:

By Series:

- The series 1 segment held the largest share in 2018, accounting for more than one-fifth of the market. It is expected to maintain its leadership throughout the forecast period.
- The series 7 segment is projected to witness the highest growth, with a CAGR of 8.5% from 2019 to 2026.

By Processing Method:

- Extrusion was the dominant processing method in 2018, contributing to nearly one-third of the market.
- Casting is expected to grow at the fastest rate, with a CAGR of 7.8% during the forecast period.

By End-Use Industry:

- The electrical industry held the largest share, over one-fourth of the market, in 2018.
- The foil & packaging segment is expected to grow the fastest, with a CAGR of 7.3% from 2019 to 2026.

Key Players:

The report profiles major industry players, including:

- Aboura Metals
- Al Taiseer Aluminium Company
- Al Saudia Metal Scrap Trading LLC
- Aluminum Product Company (Alupco)
- Alcoa Corporation
- Maaden - Saudi Arabian Mining Company

The report offers an in-depth analysis of market trends and investment opportunities, positioning Saudi Arabia as a growing player in the global aluminum industry.

Courtesy: www.einnews.com