World Aluminum Market to Witness Significant Growth Momentum

SEATTLE (Scrap Monster): The latest Technavio market study report predicts significant growth momentum to global aluminum market over the period from 2022 to 2030. The market is estimated to grow by $28,014.19 million during the forecast period. This translates to a CAGR growth of 3.5%.

The market growth will be mainly driven by transportation segment. The use of aluminum by various industries such as aerospace, automotive, rail transportation, and marine is expected to see notable increase. Specifically, the report predicts strong passenger traffic growth in Asia Pacific (APAC) and Middle East regions, which will deliver robust growth to aerospace industries.

Region-wise, APAC held the largest share of global aluminum market during the previous year. The region will contribute 33% to the global market growth during the forecast period. The demand growth from the region will be fuelled by various industries, including construction, automotive, and packaging.

According to the report, the growing demand for aluminum in electric vehicles will boost market growth.

Meantime, products such as glass, paper, plastic and polymer composite materials, which are being used as substitute for aluminum, poses challenges to aluminum market growth.