The Global Low-Carbon Aluminum Market Size is valued at 84.08 billion in 2022 and is predicted to reach 117.33 billion by the year 2031 at a 3.78% CAGR during the forecast period for 2023-2031.
Low-carbon aluminum is manufactured with much lower carbon emissions than typical processes. It entails using innovative technologies and adopting sustainable practices to lower the carbon footprint of aluminum production. In recent years, the low-carbon aluminum sector has received a lot of attention and has seen some interesting changes. Industries such as aluminum production are under pressure to reduce their environmental impact as the globe focuses on lowering carbon emissions and migrating to more sustainable practices.
The growing worldwide awareness of climate change and the need for long-term solutions has increased demand for low-carbon aluminum goods. Automobile, construction, packaging, and aerospace industries are aggressively exploring environmentally friendly materials, such as low-carbon aluminum, to satisfy their sustainability goals.
However, the pandemic of COVID-19 has had a substantial influence on a variety of businesses, notably the low-carbon aluminum market. The epidemic disrupted worldwide supply systems, particularly those in the aluminum sector. Aluminum production and distribution were slowed as a result of lockdown measures, travel restrictions, and the temporary shutdown of manufacturing sites. These interruptions have an impact on the supply and delivery of low-carbon aluminum products.
Competitive Landscape:
Some of the Low-carbon aluminum market players are:
- Vedanta Aluminum and Power
- Emirates Global Aluminium PJSC
- Capral Limited
- Rio Tinto
- China Hongqiao Group Limited
- EN+ Group
- Century Aluminum Company
- Norsk Hydro ASA
- Alcoa Corporation
- China Hongqiao Group Limited
- South32
- PT Indonesia Asahan Aluminium
- EN+ Group
- Century Aluminum Company
- Emirates Global Aluminium PJSC
- Norsk Hydro ASA
- Constellium SE
- Aluminium Dunkerque
- Norsk Hydro ASA
Market Segmentation:
The Low-carbon aluminum Market is segmented on the basis of end-user, source of production, and product. End-user segment includes transportation, building & construction, electrical industry, consumer goods, foil & packaging, machinery & equipment, and others. The source of production segment includes solar energy, wind energy, hydro energy, recycling, carbon capture and storage (CCS), and others. By product, the market is segmented into flat-rolled castings, extrusion, forgings, rod and bar, and others.
Based On End-User, The Transportation Segment Is Accounted As A Major Contributor In The Low-Carbon Aluminum Market
The transportation category is expected to hold a major share of the global Low-carbon aluminum Market in 2022. Transportation plays an essential role in the low-carbon aluminum market since it involves the movement of raw materials, completed goods, and various components throughout the supply chain. Companies in the low-carbon aluminum sector are working on adopting sustainable logistics practices to reduce the environmental impact of transportation. To reduce carbon emissions during transportation, optimize transportation routes, develop efficient loading and unloading operations, and use fuel-efficient vehicles.
The Recycling Segment Witnessed Growth At A Rapid Rate
The recycling segment is projected to develop at a rapid rate in the global Low-carbon aluminum market. Recycling is essential in the low-carbon aluminum market because it reduces energy usage, carbon emissions, and the requirement for primary aluminum manufacturing. Aluminum is extremely recyclable, and the closed-loop recycling system is a pillar of the low-carbon aluminum market. Aluminum scraps, such as post-consumer packaging, car parts, and construction debris, can be collected, sorted, and recycled to make secondary aluminum. When compared to primary aluminum manufacturing, this process uses much less energy, resulting in lower carbon emissions.
In The Region, Europe's Low-Carbon Aluminum Market Holds A Significant Revenue Share
Europe's Low-carbon aluminum Market is expected to register the most increased market share in terms of revenue shortly. The European low-carbon aluminum market has seen tremendous expansion and development in recent years. The region's sustainability activities enact a variety of rules and regulations to encourage low-carbon practices. The European Union (EU) has built a comprehensive regulatory framework to promote the low-carbon aluminium sector.
The EU's Circular Economy Action Plan and the Green Deal project both aim to encourage resource efficiency, waste reduction, and using recycled materials such as aluminum. The low-carbon aluminum industry in North America is expanding rapidly as sustainability and environmental concerns gain significance in the region.
Low-Carbon Aluminum Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 84.08 Bn |
|
Revenue forecast in 2031 |
USD 116.28 Bn |
|
Growth rate CAGR |
CAGR of 3.78 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
End-User, Source Of Production, And Product |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Vedanta Aluminum and Power, Emirates Global Aluminium PJSC, Capral Limited, Rio Tinto, China Hongqiao Group Limited, EN+ Group, Century Aluminum Company, Norsk Hydro ASA, Alcoa Corporation, China Hongqiao Group Limited, South32, PT Indonesia Asahan Aluminium, EN+ Group, Century Aluminum Company, Emirates Global Aluminium PJSC, Norsk Hydro ASA, Constellium SE, Aluminium Dunkerque, Norsk Hydro ASA. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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