Industry: Materials and Chemical | Publish Date: 01-Oct-2024 | No of Pages: 111 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : MC1339
Canada Aluminium Market size was valued at USD 9.59 billion in 2023, and is predicted to reach USD 13.77 billion by 2030, at a CAGR of 5.3% 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, which 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 rising demand for aluminum in smelting is significantly boosting the aluminum market. This increase is driven by the need for high-quality aluminum products across various sectors. Smelting involves extracting aluminum from bauxite ore using substantial amounts of energy, which necessitates the use of significant resources. Canada, with its vast reserves of bauxite and abundant hydroelectric power, provides an ideal environment for this process. As a result, Canada remains a leading producer of smelted aluminum in North America, with approximately 3 million metric tons produced in 2022, the highest in the region. The substantial output from Canadian smelters helps meet global demand and supports the growth of the aluminuim market.
The increasing export of aluminum plays a crucial role in driving market growth. Canada's strong trade relationships and access to global markets, including the United States, Europe, and Asia, support this trend. The country exported around 31 million metric tons of aluminum in 2022, reflecting its significant presence in the global market. Favorable trade agreements and export policies facilitate this high level of aluminum export, contributing to the overall Canada aluminium market expansion of the aluminum industry.
The aluminum market faces significant challenges due to environmental regulations and sustainability requirements. These include controls on emissions, waste management, and energy efficiency, that leads to higher operational costs for some producers. Complying with strict emissions standards, following waste management rules, and meeting energy consumption targets often Canada aluminium market demands substantial investments and efforts. While these measures are essential for fostering a greener and more sustainable industry, they also increase the overall costs and complexities of aluminum production.
The growing focus on sustainable packaging is expected to provide 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 of the Canada aluminium market growth.
Several key players operating in Canada aluminium industry include Alcoa Corporation, Rio Tinto, Aluminerie Alouette Inc, Norsk Hydro ASA, Glencore, Novelis, Arconic, METRA S.p.A., Constellium, TriMetals Aluminium, and others.
Flat-Rolled
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 9.59 Billion |
Revenue Forecast in 2030 |
USD 13.77 Billion |
Growth Rate |
CAGR of 5.3% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
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. |