Industry: Materials and Chemical | Publish Date: 19-Nov-2024 | No of Pages: 110 | No. of Tables: 78 | No. of Figures: 43 | Format: PDF | Report Code : MC1364
Latin America Aluminium Market size was valued at USD 3.77 billion in 2023, and is predicted to reach USD 7.37 billion by 2030, at a CAGR of 10.1% 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 makes up around 8% of the Earth's crust and is noted for its low density, strength, and natural corrosion resistance due to an 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 growing automotive sector drives the demand for aluminum in this region. Brazil, as one of the world's significant emerging economies, has a prominent automotive market. With a population exceeding 212 million, it ranks sixth globally in new car registrations and is among the top ten passenger vehicle manufacturers.
According to CEIC, Brazil's motor vehicle production increased to 2,380,161 units in 2022, up from 2,256,324 units in the previous year. This growth in vehicle production heightens the need for aluminum, essential for manufacturing various automotive components, thereby boosting the aluminum market in this region.
Infrastructure development is a significant driver of the aluminum market. As the region invests in expanding and upgrading its infrastructure such as roads, bridges, and buildings the demand for aluminum rises.
Aluminum's lightweight and durable properties make it an ideal material for various construction applications, including structural components, facades, and fittings. This growing need for aluminum in infrastructure projects supports market growth, as suppliers and manufacturers respond to the increasing demand driven by these extensive development initiatives.
The aluminum industry encounters significant challenges stemming from strict environmental regulations and sustainability requirements. Compliance with emissions control, waste management, and energy efficiency targets often leads to increased operational costs for producers.
Adhering to these rigorous standards demands substantial investments in technologies and processes designed to minimize the environmental impact of aluminum production. Although these measures are essential for promoting a greener industry, they also add complexity and raise production costs, ultimately impacting the efficiency and profitability of aluminum manufacturing.
The increasing emphasis on sustainable packaging presents substantial growth opportunities for the aluminum market. Aluminum is highly valued for packaging applications such as cans, bottles, and foils due to its recyclability and effectiveness in preserving product quality and freshness.
As eco-conscious consumers and brands strive to minimize their environmental impact, they are increasingly opting for aluminum as their preferred packaging material. This choice helps reduce waste and supports sustainability goals, contributing to the Latin America aluminum market expansion.
Several key market players operating in the Latin America aluminium industry are Alcoa Corporation, Norsk Hydro ASA, Novelis, Rio Tinto, South32, Arconic, Inc., Aluar Aluminio Argentino S.A.I.C., Albras (Alumínio Brasileiro S.A.), Aluminio Nacional S.A. (Alunasa), Emirates Global Aluminium, and others.
Flat-Rolled
Castings
Extrusions
Forgings
Powder & Paste
Other Types
Primary
Secondary
Transport
Consumer Goods
Machinery & Equipment
Construction
Foil & Packaging
Electrical Engineering
Others
Alcoa Corporation
Norsk Hydro ASA
Novelis
Rio Tinto
South32
Arconic, Inc.
Aluar Aluminio Argentino S.A.I.C.
Albras (Alumínio Brasileiro S.A.)
Aluminio Nacional S.A. (Alunasa)
Emirates Global Aluminium
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 3.77 Billion |
Revenue Forecast in 2030 |
USD 7.37 Billion |
Growth Rate |
CAGR of 10.1% 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. |