The Aluminium Market is Expected to Reach USD 302.04 billion by 2030

The rise in demand for electric vehicles along with growth in construction sector is driving the aluminium market growth.

According to the Next Move Strategy Consulting, the aluminium market is valued at USD 222.59 billion in 2024, and is expected to reach USD 302.04 billion by 2030, with a CAGR of 4.6% from 2025 to 2030. 

Growing demand for electric vehicles is accelerating the demand for light, yet strong and resilient material to increase the efficiency of the vehicle and fuel the market growth. The International Energy Agency's recent report states that nearly 14 million new electric vehicles were registered in 2023. Demand for electric vehicles fuels the consumption of aluminium to produce components of electric vehicles to reduce overall weight and improve vehicle acceleration. 

Additionally, the growth of the construction sector propels the demand for aluminium as includes characteristics such as it is versatile, durable, and light weighted that are ideal for diverse construction uses. This light weighted material is utilized in windows, doors, roofs and other structural components with corrosion resistance and energy-efficient qualities. 

As per the report published by the McKinsey, around USD 13 trillion gross annual output is invested in construction activities in 2023. This rise in infrastructure development increases the demand for sustainable and durable construction material, thereby driving the aluminium market expansion.

However, regulatory and environmental factors restrain the aluminum market demand due to strict emission limitation and recycling specifications. For instance, the EU Emissions Trading System place limitation upon greenhouse gas emission that increases the cost of production for producers of aluminum. Similarly, the Clean Air Act of the U.S. place limitation on pollution from aluminum smelting. Such strict environment legislations hinder the growth of the aluminium market. 

On the other hand, growing demand for green packaging acts a prospective opportunity for the market growth, as organizations seek out environment friendly packaging options for the traditional products. 

Recyclability of aluminium allows it to be reused several times without any loss of quality, making it an ideal product material for green packaging solutions within diverse industrial sectors. With the increasing regulatory needs for sustainability and shifts in consumer trends toward greener options, thereby presents lucrative opportunity for the aluminium market growth. 

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According to the report, the top key players operating in the aluminum industry include Rio Tinto, China Hongqiao Group Limited, Aluminum Corporation of China Limited (CHALCO), United Company RUSAL PLC., Norsk Hydro ASA, Emirates Global Aluminium PJSC, Alcoa Corporation, East Hope Group Company Limited, Vedanta Aluminium & Power, Xinfa Group Co., Ltd., Hindalco Industries Ltd., South32, Century Aluminum Company, Saudi Arabian Mining Company, Arconic Inc., Vivalda Group,  Jack Aluminium, Thai Metal Aluminium Co., Ltd., Metalcom Ltd., United Aluminium Industry among others. 

These market players are adopting strategies, including partnership, acquisitions and product launches across various countries and regions to maintain their dominance in the market.

For instance, in February 2025, Hydro and Rio Tinto partnered to construct carbon capture technologies for smelting aluminium. Under the agreement, they were to design and pilot test carbon capture technologies to reduce CO2 emissions from the electrolysis process that makes up a significant percentage of smelter emissions. 

In addition, in June 2024, Rio Tinto acquired the ELYSISTM technology, a zero-carbon emission aluminum smelting technology. The deal is the first ELYSISTM technology license and is part of Rio Tinto's transition to lower carbon emissions and achieve net-zero carbon emissions by 2050.

Furthermore, in January, 2024, Vivalda Group launched MetSkin, a solid aluminium cladding system to the UK high-rise residential and local authority development sectors. As a system of configurations, it delivers stylish design solutions securely and with simplicity of installation. 

Moreover, in July, 2023, Jack aluminium expanded its aluminium factory by 17,000 sq. ft., making the new area 28,000 sq. ft. The bigger site improve stockholding, cope with growing demand particularly for the ID30 Internal Glazing suite and improve delivery performance.

Key Insights from the Aluminium Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the aluminium market is provided in the report.

• The value chain analysis in the aluminium market study provides a clear picture of the roles of each stakeholder.

• The report provides an analysis of the aluminium market share and competitive landscape of key players in the industry.