The Asia Pacific Aluminum Market is expected to surpass USD 69.5 billion by 2026, growing at a CAGR of 7.3%. Growth is driven by the high economic growth rate in the region, ongoing R&D activities, and an increase in the number of pounds of aluminum used per vehicle. However, some challenges are hampering the growth of the market. One of them is the availability of aluminum and its ease of use, as alternatives such as plastic and paper are available.
The COVID-19 pandemic in the Asia Pacific region has negatively affected the market since December 2019. The epidemic has hampered the growth of the region’s aluminum extrusion market. Lockdowns were imposed in various parts of the region, causing temporary closure of various manufacturing units. However, despite these challenges, the market is expected to witness a “W”-shaped recovery over the next four years, with major portion of growth coming from China’s automobile and construction industries.
In addition to the growing automotive sector, the region is also a major consumer of aluminum.
Rapid urbanization and a high per capita income are two primary factors driving the market’s growth. Moreover, the region’s automotive industry has high potential for growth, with demand for lightweight vehicles soaring as a result. Aluminium castings are used in automobiles and construction, and the region is also a significant consumer of semiconductors.
The global aluminium market is segmented by application. Building and construction are the largest applications, followed by automotive, lithosphere, and hardware and accessories. The rod and bar segment is further subdivided into aluminium conductors, wires, cables, and other metal products. In addition, the report provides detailed information on key stakeholders in the market. With these statistics, readers will have a better understanding of the competitive landscape in the Asia Pacific aluminum market.
Market research has shown that the aluminum industry is a major global contributor to the global economy, and the region has seen a steady increase in its production in recent years. The global aluminum industry is one of the fastest-growing segments of the global economy, with the biggest demand for aluminum in Asia. The region is largely dominated by China, with China accounting for nearly half of global production. And as aluminum production grows, global aluminum demand is expected to rise.
The growth of the Asian Pacific aluminum market is expected to be driven by government regulations that encourage manufacturers to create packaging that is effective in protecting the food and beverage industries. Changing retail dynamics will drive demand for various products. The emergence of e-commerce will likely continue to drive the online food industry and aluminum foil. Meanwhile, the growth of the biotechnology sector will boost the aluminum market. Lastly, the region will witness a steady growth in the supply of aluminum foil products.
The market for Aluminium Casting Products is projected to grow at a CAGR of 7.56% from 2021 to 2030, driven by the rapid development of manufacturing and research activities in the region. Market research reports categorize the market by casting process, end-use industry, and region. The market includes products for Aerospace, engineering and construction hardware, packaging, and Telecom. The region is expected to remain a leader in the market for aluminum products.