North America Aluminium Market by Product Type (Flat-Rolled, Castings, Extrusions, Forgings, Powder & Paste, Other Types), by Type (Primary and Secondary), by End User Industry (Transport, Consumer Goods, Machinery & Equipment, Construction, Foil and Packaging, Electrical Engineering, Others) – Opportunity Analysis and Industry Forecast 2024–2030
Industry: Materials and Chemical | Publish Date: 01-Jun-2024 | No of Pages: 213 | No. of Tables: 118 | No. of Figures: 63 | Format: PDF | Report Code : N/A
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Market Definition
North America Aluminium Market size was valued at USD 25.92 billion in 2023, and is predicted to reach USD 38.71 billion by 2030, with a CAGR of 5.2% from 2024 to 2030.
Aluminum is a lightweight and silvery-white metal that belongs to the group of chemical elements called post-transition metals. This metal is a group of chemical elements with properties similar to metals, but are less reactive and have lower melting and boiling points than transition metals.
Aluminum’s remarkable properties make it highly versatile and widely used across various industries, such as aerospace, automotive, construction, packaging, and electronics. One of the critical characteristics of aluminum is its low density, which makes it lightweight compared to other metals, such as steel or copper. The lightweight nature of aluminum allows the production of lightweight and efficient products.
This property is particularly advantageous in industries, including aerospace, automotive, and transportation, in which reducing weight can improve fuel efficiency, increase payload capacity, and enhance overall performance. Despite its lightweight nature, aluminum possesses remarkable strength and durability, making it well-suited for various applications, including building facades and electrical wiring.
One of the key advantages of aluminum is its high corrosion resistance, attributed to the formation of a thin oxide layer on its surface. This natural oxide layer acts as a protective barrier, shielding the metal from various environmental factors. It is important to note that this oxide layer remains intact even when aluminum is used in various commodities, ensuring sustained corrosion protection and enhancing the longevity of aluminum-based products.
Increasing Utilization of Aluminium in Numerous Industries Drives the Market
In the United States, the demand for aluminium stems from the automotive, aerospace, construction, and packaging industries. Importing significant volumes of aluminium is necessary to meet the requirements of aluminium-intensive products such as vehicles, aircraft, infrastructure projects, and consumer goods. The country's focus on renewable energy sources, including solar energy, and the growing adoption of electric vehicles also contribute to the market growth, as aluminium finds extensive use in renewable energy infrastructure.
The Automotive Manufacturing Sector's Presence Enhances the Expansion of the Aluminium Market
Mexico's prominence in the automotive manufacturing sector, driven by lightweighting initiatives and fuel efficiency requirements, further fuels the demand for aluminium. With its lightweight, high strength, and corrosion-resistant properties, aluminium plays a crucial role in vehicle production. These factors collectively contribute to the growth and significance of the aluminium market in North America.
Environmental and Regulatory Constraints Hinders the Growth of the Aluminium Market
The aluminium industry is affected by environmental regulations and sustainability requirements such as emissions control, waste management, and energy efficiency targets, which can increase operational costs and pose challenges for some producers. Compliance with stringent emissions standards, waste management regulations, and energy consumption targets can require significant investments and efforts to reduce the environmental impact of aluminium production.
These sustainability measures aim to minimize emissions, promote responsible waste management, and encourage energy efficiency. While these regulations are essential to promote a greener and more sustainable industry, they can add to the overall costs and complexities of aluminium production.
The Increasing Adoption of Sustainable Packaging Presents a Significant Opportunity
The increasing emphasis on sustainable packaging is expected to create ample growth opportunities for the market in the future. Aluminium is well-suited for applications such as cans, bottles, and foils, benefiting from its recyclability and ability to maintain product quality and freshness. Eco-conscious consumers and brands seeking to minimize their environmental impact prefer aluminium as a preferred choice. By opting for aluminium packaging, they reduce waste and promote sustainability, aligning with their commitment to a greener future. This growing demand for sustainable packaging solutions drives the growth of the aluminium market.
The U.S. Holds the Dominant Market Share in the North American Market
The growing demand for aluminium from industries such as automotive, aerospace, construction, and packaging are driving the aluminium market in the country. The need for aluminium-intensive products and applications, such as vehicles, aircraft, infrastructure projects, and consumer goods, leads to significant aluminium imports to meet domestic demands. According to the International Trade Administration, the US imported around 66 million metric tonnes of aluminium in 2022, the highest of any country in the region.
Mexico is Expected to Show Steady Growth in the North American Aluminium Market
Mexico's aluminium market experiences significant demand spurred by its packaging and consumer goods industry. The escalating consumption of packaged goods, coupled with evolving consumer preferences, underscores the pivotal role aluminium plays in packaging.
This sustained growth in demand reflects a broader trend of increased reliance on aluminium for packaging solutions in Mexico. As consumer habits shift and demand for convenience and sustainability rises, the need for aluminium in the packaging sector is expected to continue its upward trajectory, driving further expansion of the Mexican aluminium market.
Competitive Landscape
The North America aluminium industry includes several market players such as Aluminium Corporation of China Limited (CHALCO), Hindalco Industries Ltd., Norsk Hydro ASA, China Hongqiao Group Limited, United Company RUSAL PLC, Rio Tinto, East Hope Group Company Limited, Xinfa Group Co., Ltd., Alcoa Corporation, and Arconic Inc., Emirates Global Aluminium PJSC, Vedanta Aluminium and Power, Ma’aden, South32, and Century Aluminium Company.
North America Aluminium Market Key Segments
By Product Type
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Flat-Rolled
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Castings
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Extrusions
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Forgings
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Powder & Paste
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Other Types
By Type
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Primary
-
Secondary
By End User Industry
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Transport
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Consumer Goods
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Machinery & Equipment
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Construction
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Foil and Packaging
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Electrical Engineering
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Others
By Country
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U.S.
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Canada
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Mexico
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 25.92 Billion |
|
Revenue Forecast in 2030 |
USD 38.71 Billion |
|
Growth Rate |
CAGR of 5.2% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Countries Covered |
3 |
|
Companies Profiled |
15 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Aluminium Corporation of China Limited (CHALCO)
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Hindalco Industries Ltd.
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Norsk Hydro ASA
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China Hongqiao Group Limited
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United Company RUSAL PLC
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Rio Tinto
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East Hope Group Company Limited
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Xinfa Group Co., Ltd.
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Alcoa Corporation
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Arconic Inc.
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Emirates Global Aluminium PJSC
-
Vedanta Aluminium and Power
-
Ma’aden
-
South32
-
Century Aluminium Company
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