South Korea Aluminium Market

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South Korea 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: 142 | No. of Tables: 108 | No. of Figures: 53 | Format: PDF | Report Code : N/A

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Market Definition

South Korea Aluminium Market size was valued at USD 10.00 billion in 2023, and is predicted to reach USD 15.56 billion by 2030, with a CAGR of 7.6% 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.

The Expanding Electronic Industry Drives the Demand for Aluminium Market

The growing electronic industry in South Korea is a significant driver of the country's aluminium market. South Korea's expertise in electronics manufacturing, combined with aluminium's lightweight, corrosion-resistant, and heat-conductive properties, make it crucial for producing electronic devices such as smartphones, laptops, and PCBs. The increasing demand for consumer electronics fuels the need for aluminium to reduce device weight while maintaining strength.

South Korea's leadership in electronics manufacturing presents opportunities for aluminium producers, as the trend towards miniaturization and advanced heat management systems further increases the demand for aluminium. Overall, the growth of South Korea's electronic industry, driven by technology advancements and consumer demand, stimulates the demand for aluminium and supports market expansion.

 

South Korea's Growing Automobile Industry Boosts Aluminium Market Expansion

The growing automobile industry in South Korea is a significant driver of the country's aluminium market. South Korea's robust automotive manufacturing sector relies on aluminium for its lightweight strength and corrosion resistance. Aluminium is used in various components such as engine blocks, body panels, wheels, and chassis, helping to reduce vehicle weight, enhance fuel efficiency, and comply with emission regulations.

The industry's focus on electric and hybrid vehicles further increases the demand for aluminium due to its lightweight properties. This growth in the automobile industry creates opportunities for aluminium producers and suppliers, contributing to the overall expansion of the aluminium market in South Korea.

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.

 

Competitive Landscape

The South Korea aluminium industry includes several market players such as Aluminium Corporation of South Korea Limited (CHALCO), Hindalco Industries Ltd., Norsk Hydro ASA, South Korea 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.

South Korea Aluminium Market Key Segments

By Product Type        

  • Flat-Rolled

  • Castings

  • Extrusions

  • Forgings

  • Powder & Paste

  • Other Types

By Type    

  • Primary

  • Secondary

By End User Industry

  • Transport

  • Consumer Goods

  • Machinery & Equipment

  • Construction

  • Foil and Packaging

  • Electrical Engineering

  • Others

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 10.00 Billion

Revenue Forecast in 2030

USD 15.56 Billion

Growth Rate

CAGR of 5.8% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Billion (USD)

Growth Factors

  • The growing electronic industry drives demand for aluminium.

  • The growing automobile industry boosts the growth of the market.

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

  • 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

  • Arconic Inc.

  • Emirates Global Aluminium PJSC

  • Vedanta Aluminium and Power

  • Ma’aden

  • South32

  • Century Aluminium Company

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Frequently Asked Questions

According to the report published by the Next Move Consulting, the South Korea Aluminium Market business is expected to hit at $15.56 billion (USD) by 2030.

The South Korea Aluminium Market industry includes several market players such as Aluminium Corporation of South Korea Limited (CHALCO), Hindalco Industries Ltd., Norsk Hydro ASA, South Korea Hongqiao Group Limited, United Company RUSAL PLC, Rio Tinto, East Hope Group Company Limited, Xinfa Group Co., Ltd., Alcoa Corporation, Arconic Inc., Emirates Global Aluminium PJSC, Vedanta Aluminium and Power, Ma’aden, South32, and Century Aluminium Company.

The South Korea Aluminium Market share is segmented on the basis of product type, type, end user industry, and country.

The expansion of the South Korea aluminium market is attributed to the growing electronic industry and growing automobile industry.

Environmental and regulatory constraints hinder the growth of the aluminium market.

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