Aluminium Mining Market Dynamics, Forecast, Analysis and Supply Demand 2024February 24, 2021
Global Aluminum Mining Market: Overview
The extensive use of aluminum in multifarious applications over several industries is likely to bolster growth of the global aluminum mining market.
The report discusses the major developments, restraints, growth drivers, and opportunities in the global aluminum mining market. The major market players have been discussed in detail, wherein their key market strategies, product portfolios, and market shares are revealed. The report also sheds light on value chain analysis, market attractiveness, market forecasts, Porter’s five force analysis, and competitive landscape.
Global Aluminum Mining Market: Drivers and Restraints
The robust advancement of the automotive industry is one of the key growth drivers of this market, as automotive industry appears to partake a major share of the production of this metal. The prominent properties of aluminum such as high density, resistance to corrosion, and light weight will also prove to be beneficial to market growth, as these enable aluminum to be extensively used in a plethora of applications. The food and beverage industry and the packaging sector are two significant applications of aluminum, as using aluminum for packing food does not pose any potential hazards to health. Cans, foils, bottle tops, and tubes are some examples of packing applications.
The global aluminum mining market is expected to soar on account of its widespread use in the transportation sector. Since aluminum has about 63% of electrical conductivity, and half of its density, it makes for an ideal substitute for copper. Therefore, aluminum is used in transmission lines and electric cables on a large scale, which is likely to increase its demand. The construction industry too needs aluminum for building window and door frames, roofing, and cladding. Aluminum has also finds application in modern and lightweight furniture. Utensils such as pans, plates, pressure cookers, canisters, tiffin boxes, baskets, trays, and buckets are also made from aluminum.
However, the presence of alternatives such as plastic and glass in the packaging industry might pose a threat to market expansion.
Global Aluminum Mining Market: Regional Outlook
On the basis of geography, the global aluminum mining market can be segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Africa, Australia, South America, and the Caribbean are some of the major areas where aluminum is mined. Europe is slated to experience marginal growth.
Asia Pacific will emerge with substantial opportunities on account of large scale construction projects, the construction of smart cities, and high rate of urbanization in the countries of this region. China, in particular, will be responsible for a major share in terms of demand in the Asia Pacific aluminum mining market due to its trade surplus of aluminum. The flourishing automotive industry in emerging economies such as Japan and India are slated to display considerable growth in demand as motor vehicles deploy aluminum parts.
The booming manufacturing industry of India is likely to boost the growth of the aluminum mining market. The extensive opportunities presented by this region can be attributed to the continuous production of items made from aluminum. These include ladders, utensils, containers, perforated sheets, rods, bars, handles, and even wallets for carrying cards.
Companies Mentioned in the Report
Some of the major companies operating in the global market for aluminum mining are Norsk Hydro ASA, Century Aluminum, Dubai Aluminium Ltd., United Company RUSAL PLC, Rio Tinto Group, Alcoa Inc., Mitsubishi Aluminum Co., BHP Billiton, Alcan Inc, Aluminium Bahrain B.S.C., Tata Steel Europe Ltd., and Chalco Company.