The Global aluminum Market is expected to exceed $280 billion by 2032, according to a new report by Global Market Insights. The key drivers of aluminium demand growth are rapid urbanisation and industrialisation, particularly in the Asia-Pacific region.
As the population grows, so does spending on residential and commercial construction projects in developed countries. In the first nine months of 2022, construction spending reached $1,353.7 billion, up 11.4 percent from a year earlier, according to the Census Bureau. Factors such as these will increase the use of aluminium alloys and semi-finished products, including extrusions and aluminium sheets for construction applications.
Aluminum market share for forged products is expected to grow at a CAGR of over 5% through 2032. Forged aluminum products can be used in ocean, aerospace and defense, transportation, commercial and military aviation and other fields. The total value of the industry will exceed $12 billion. Forged aluminum is also used by automobile manufacturing companies to produce lightweight aluminum parts. As the demand for auto parts continues to surge, aluminum is becoming a key material in the automotive industry, further boosting the production of forged aluminum.
Aluminum market share in electrical and electronic applications is expected to grow at a CAGR of more than 6.5% through 2032. During the COVID-19 lockdown, an increasing number of stay-at-home consumers have become the main force buying consumer electronics. Due to its light weight and high strength compared to other metals such as copper, aluminum is suitable for switchgear and major electrical system applications, which in turn "feeds" to enhance aluminum product development and facilitate its application in electronic component manufacturing.
The European aluminum market is expected to exceed $45 billion by 2032. The growing demand for semi-finished aluminum flat-rolled products in the packaging and automotive industries is one of the major expansion drivers. According to Alupro, aluminium recycling in the UK reached a record high of 68% in 2021, making it one of the most recycled drinks packaging materials. This will drive aluminum production for food and beverage industry applications across the region, according to the report.
