North America Aluminium Market by Product Type (Flat-Rolled, Castings, Extrusions, Forgings, Powder & Paste, and Other Types), by Type (Primary and Secondary), and by End-User Industry (Transport, Consumer Goods, Machinery & Equipment, Construction, Foil & Packaging, Electrical Engineering, and Others) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Materials and Chemical | Publish Date: 01-Oct-2024 | No of Pages: 128 | No. of Tables: 88 | No. of Figures: 53 | Format: PDF | Report Code : MC2678
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North America Aluminium Market Overview
The North America Aluminium Market size was valued at USD 25.92 billion in 2023, and is predicted to reach USD 36.97 billion by 2030, at a CAGR of 5.2% from 2024 to 2030. The aluminum market includes the industry involved in the production, distribution, and use of aluminum, a lightweight, silvery-white metal. Aluminum constitutes about 8% of the Earth's crust and is recognized for its low density, strength, and inherent corrosion resistance, that is provided by a natural oxide layer.
These features make it highly useful in sectors such as aerospace, automotive, construction, packaging, and electronics. Its low weight is especially beneficial for improving efficiency in transportation. The production process involves extracting aluminum from bauxite ore using the Bayer process and electrolysis. Advances in technology and recycling have improved the environmental sustainability of production, supporting industry growth.
The Expanding Automotive Industry Drives Market Growth in North America
The expanding automotive industry plays a pivotal role in driving the demand for aluminum. As vehicle manufacturers prioritize lightweighting to enhance fuel efficiency and meet stringent emissions regulations, aluminum has become a critical material due to its lightweight and high-strength properties.
The automotive sector's growing focus on producing energy-efficient vehicles, including electric vehicles (EVs), has significantly increased the need for aluminum in car bodies, engine components, and structural parts. Additionally, manufacturers strive to meet global standards for fuel efficiency and vehicle performance, further boosting the demand for aluminum. Its ability to reduce vehicle weight without compromising strength or safety makes aluminum an indispensable material in the production of modern vehicles, thus fueling its demand across the automotive sector.
The Rising Packaging Industry Boosts the Market Growth in North America
The growing packaging industry is a significant factor contributing to the increasing demand for aluminum. Aluminum's versatility and properties, such as durability, lightweight nature, and ability to preserve the freshness and quality of products, make it an ideal material for packaging applications.
As consumer preferences shift towards convenient, ready-to-eat food products and beverages, the use of aluminum in packaging, including cans, foils, and containers, is on the rise. The packaging industry's focus on sustainability further amplifies aluminum demand, as its recyclability aligns with eco-friendly practices. This rising reliance on aluminum for packaging solutions drives the growth of the aluminum market, making it a key material in meeting the evolving needs of the packaging sector.
Environmental and Regulatory Constraints Hinders the Growth of Aluminium Market
The aluminium industry faces challenges from environmental regulations and sustainability requirements, including emissions control, waste management, and energy efficiency targets, that leads to higher operational costs for some producers. Compliance with strict emissions standards, waste management rules, and energy consumption goals often necessitates substantial investments and efforts to reduce the environmental impact of aluminium production.
These sustainability measures are designed to minimize emissions, ensure responsible waste management, and promote energy efficiency. Although these regulations are essential for fostering a greener and more sustainable industry, they also contribute to the overall costs and complexities of aluminium production.
Sustainable Packaging Creates Future Opportunities
The growing focus on sustainable packaging is expected to provide significant growth opportunities for the aluminium market in the future. Aluminium is ideal for packaging applications such as cans, bottles, and foils due to its recyclability and ability to preserve product quality and freshness.
Eco-conscious consumers and brands looking to reduce their environmental impact increasingly choose aluminium as a preferred packaging material. By selecting aluminium, they help reduce waste and support sustainability, aligning with their commitment to a greener future. This rising demand for sustainable packaging solutions is a key driver in the North America aluminium market expansion.
The U.S. Dominates the North America Aluminium Market Share
The growing demand for aluminum from industries such as automotive, aerospace, construction, and packaging are significantly driving the aluminum market in the country. The need for aluminum-intensive products and applications, such as vehicles, aircraft, infrastructure projects, and consumer goods, leads to substantial aluminum imports to meet domestic demands.
According to the International Trade Administration, the U.S. imported around 66 million metric tons of aluminum in 2022, the highest of any country in the region. This strong demand underscores the crucial role of aluminum in supporting the growth and sustainability of these key industries, making it an essential material in meeting the country’s industrial needs.
Moreover, the U.S. is experiencing a significant shift towards renewable energy sources and the adoption of electric vehicles (EVs). Aluminum is crucial in renewable energy infrastructure due to its lightweight, strength, and resistance to corrosion. It is used in solar panels, wind turbines, and transmission lines.
The growing use of solar energy is increasing the demand for aluminum in solar panel frames and mounting systems. Additionally, the rise in electric vehicles, supported by consumer interest and government incentives, is boosting aluminum use in EVs to reduce weight and enhance energy efficiency. This transition towards renewable energy and electric vehicles is driving significant growth in the aluminum market.
Mexico to Witness Substantial Growth in the North America Aluminium Market
The packaging and consumer goods industry in Mexico is a major driver of the country's increasing demand for aluminum. With consumer preferences evolving towards convenience and sustainability, there is a growing reliance on packaged goods. This trend has led to a higher demand for aluminum packaging due to its lightweight nature, durability, and excellent recyclability.
Aluminum not only helps in preserving the freshness and quality of products but also aligns with environmental goals, making it a preferred choice for manufacturers. As a result, the rise in packaged goods consumption is significantly boosting the aluminum market in Mexico, creating more opportunities for market expansion and innovation in packaging solutions.
The growing demand for aluminum in Mexico is substantially driven by the country's expanding automotive sector. As Mexico attracts significant investments from global car manufacturers, the need for aluminum rises due to the industry's focus on improving fuel efficiency and achieving lightweight designs.
Aluminum’s properties such as its low weight and strength make it ideal for enhancing vehicle performance and meeting stringent fuel economy standards. In 2022, Mexico imported approximately 27 million metric tons of aluminum, reflecting its crucial role in the global aluminum market.
This rising demand is fueled by both domestic automotive growth and broader international trends towards more efficient and sustainable vehicle manufacturing. As a result, Mexico continues to strengthen its position as a major consumer of aluminum, driving market expansion and contributing to the global aluminum industry's development.
Competitive Landscape
Several key players operating in the North America aluminium industry include Norsk Hydro ASA, Rio Tinto, Tri-Arrows Aluminum, Aluminerie Alouette Inc, Alcoa Corporation, Novelis, Century Aluminum Company, CCL Container, Arconic, South32, and others.
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
-
Primary
-
Secondary
By End-User Industry
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Transport
-
Consumer Goods
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Machinery & Equipment
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Construction
-
Foil & Packaging
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Electrical Engineering
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Others
By Country
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The U.S.
-
Canada
-
Mexico
Key Players
-
Norsk Hydro ASA
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Rio Tinto
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Tri-Arrows Aluminum
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Aluminerie Alouette Inc
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Alcoa Corporation
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Novelis
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Century Aluminum Company
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CCL Container
-
Arconic
-
South32
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 25.92 Billion |
|
Revenue Forecast in 2030 |
USD 36.97 Billion |
|
Growth Rate |
CAGR of 5.2% from 2024 to 2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Countries Covered |
3 |
|
Companies Profiled |
10 |
|
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. |
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