Asia Pacific was the largest region in the global alumina and aluminum production and processing market, accounting for 70% of the market in 2019. Western Europe was the second largest region accounting for 10% of the global alumina and aluminum production and processing market. South America was the smallest region in the global alumina and aluminum production and processing market.
Aluminum manufacturers are producing customized aluminum alloys for automobile manufacturers to produce light weigh vehicles. The use of aluminum alloys in vehicles reduces carbon emissions Increases fuel economy and improves overall stability as aluminum alloys considerably reduces vehicle body weight. This is primarily driven by stringent emission regulations and growing pressure to improve economy by many national and state governments. For instance, the US government’s federal emission standards, makes it mandatory for automobile manufacturers to increase corporate average fuel economy (CAFE) from 35.5 miles per gallon (mpg) in 2016 to 54.5 mpg by 2025. This increase in CAFE is being achieved by increasing the aluminum content in the vehicle’s body to reduce its weight by around 30%. In line with this trend, global automobile manufacturers are increasing the aluminum content in their vehicles. For instance, in 2015, automobile manufacturer Ford launched its all-aluminum body F-150 mini truck which was 700 pounds lighter than the vehicle’s earlier version. Similarly, automobile manufacturer Cadillac uses a mix of steel and aluminum for its CT6 luxury cars launched in 2015.
The alumina and aluminum production and processing market consists of sales of alumina and aluminum by entities (organizations, sole traders and partnerships) primarily engaged in alumina extraction primarily from bauxite ore, producing aluminum from alumina, recovering aluminum from scrap or dross, refining aluminum by any process, alloying purchased aluminum and rolling, drawing, casting, extruding and alloying aluminum and aluminum-based alloy into primary forms such as bar, foil, pipe, plate, rod, sheet, tube, wire.
The global alumina and aluminum production and processing market is expected to decline from USD 810.9 billion in 2019 to USD 718.2 billion in 2020 at a compound annual growth rate (CAGR) of -11.5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 10% from 2021 and reach USD 932.4 billion in 2023.
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Global Alumina and Aluminum Production and Processing Market
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Alumina and Aluminum Production and Processing Global Market Forecast To 2022
Alumina and Aluminum Production and Processing Global Market Report 2019
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