The aluminium market has exhibited remarkable growth, achieving a significant volume of about 72.5 million tons in 2022. According to extensive market analysis and insights, the market is expected to continue its upward trajectory during the forecast period of 2023 to 2028, with an estimated compound annual growth rate (CAGR) of 3.90%.
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Key Market Insights:
Construction Boom: The booming construction industry across the globe is a key driver for the aluminium market. The metal’s versatility and eco-friendliness make it a preferred choice for architects and builders in various construction applications.
Transportation Sector: Aluminium’s lightweight properties have led to its increasing use in the transportation sector, particularly in automobiles and aircraft. The need for fuel efficiency and reduced emissions has prompted manufacturers to utilize aluminium in vehicle components.
Packaging Industry: The packaging industry is witnessing the adoption of aluminium packaging solutions due to the metal’s ability to preserve the quality of food and beverages and enhance shelf life.
Electrical and Electronics: The electrical and electronics sector relies on aluminium for the manufacturing of conductors, heat sinks, and other electronic components.
Recyclability: Aluminium is highly recyclable, making it an environmentally sustainable choice. The emphasis on circular economy practices and sustainable materials contributes to the growing demand for aluminium.
Primary Aluminium: Primary aluminium refers to the metal extracted from bauxite ore and is utilized in various industries for its raw form.
Secondary Aluminium: Secondary aluminium is derived from recycled aluminium products, offering cost-effective and eco-friendly solutions to end-users.
Downstream Industries: The aluminium market is further segmented based on its application in downstream industries such as construction, transportation, packaging, electrical and electronics, and others.
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