The aluminum billets global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Aluminum Billets Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The aluminum billets market size has grown strongly in recent years. It will grow from $95.93 billion in 2023 to $104.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to demand from automotive industry, demand from aerospace industry, rising construction and infrastructure development, government initiatives.
The aluminum billets market size is expected to see strong growth in the next few years. It will grow to $141.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing urbanization and infrastructure development, renewable energy infrastructure, rising demand for aluminum in the packaging industry, rising disposable incomes, aluminum based products launch. Major trends in the forecast period include technological advancements in aluminum production, transportation innovations, investments in aluminum productions.
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Scope Of Aluminum Billets Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Aluminum Billets Market Overview
Market Drivers –
The rapid adoption of billets in the automotive industry is expected to propel the growth of the aluminum billet market going forward. The automotive industry refers to the collection of companies, organizations and activities involved in designing, developing, manufacturing, marketing and selling motor vehicles. Aluminum billets are widely used in the automotive industry due to their superior strength-to-weight ratio, durability and versatility. They are used to manufacture various components, such as engine components, suspension components, wheels, transmission components and other components. For instance, in May 2023, according to a study by European Aluminum, a Belgium-based industry association, the average amount of aluminum used in European cars had increased to 205 kg in 2022, an increase of 18% from 174 kilograms in 2020. Further, the average aluminum content is projected to increase from 205 kilograms in 2022 to 237 kilograms by 2026 (+15.6%) and 256 kilograms per vehicle by 2030 (+24.9%). Therefore, the rapid adoption of billets in the automotive industry will drive the growth of the aluminum billet market.
Market Trends –
Major companies operating in the aluminum billet market are adopting new technologies to develop better products, such as high-speed billets to sustain their position in the market. High-speed billets are a type of billet used in the extrusion industry that are manufactured with high engineering precision to improve extrusion speed. For instance, in December 2021, Vedanta Aluminum Limited, an India-based aluminum producer, introduced high-speed billets targeting the global extrusion sector. These billets are crafted using advanced engineering technologies such as the Wagstaff Hot-Top Air Slip Casting System from the USA and the Hertwich Continuous Homogenizing Furnace from Austria. Through meticulous process control and optimized chemistry, these billets offer exceptional extrusion speed while maintaining the robustness of the final extruded profile and enhancing extrusion speed by a minimum of 25% or more, contingent on the extrusion environment.
The aluminum billets market covered in this report is segmented –
1) By Type: Aluminum Billets Series 1000; Aluminum Billets Series 3000; Aluminum Billets Series 6000; Other Types
2) By Manufacturing Process: Continuous Casting; Direct Chill Casting; Semi-Continuous Casting
3) By Size: Small-Diameter Billets; Large-Diameter Billets
4) By Purity: High Purity; Standard Purity
5) By Application: Automotive; Building And Construction; Transportation; Electrical And Energy; Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the aluminum billets market in 2023. The regions covered in aluminum billets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major players in the aluminum billets market are Glencore PLC, BHP Group Limited, Rio Tinto PLC, Hindalco Industries Ltd., Norsk Hydro ASA, Vedanta Resources, Novelis Inc., China Hongqiao Group Limited, Alcoa Corporation, United Company RUSAL, South32 Ltd., Arconic Inc., Constellium SE, Emirates Global Aluminium (EGA), Aluminum Bahrain (Alba ), Shandong Nanshan Aluminum Co. Ltd., Kaiser Aluminum Corporation, Century Aluminum Company, National Aluminium Company Limited15, Kamensk-Uralsky Metallurgical Works, Aluar Aluminio Argentino S.A.I.C, Guangxi Liuzhou Yinhai Aluminum, Aluminum Corporation of China (CHINALCO), Gulf Aluminium Rolling Mill Company (GARMCO), Vista Metals Corp., Matalco Inc., FutureX Holding Limited, Jiangyin Comat Metal Products, Shawinigan Aluminium Inc.
Table of Contents
1. Executive Summary
2. Aluminum Billets Market Report Structure
3. Aluminum Billets Market Trends And Strategies
4. Aluminum Billets Market – Macro Economic Scenario
5. Aluminum Billets Market Size And Growth
…..
27. Aluminum Billets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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