Aluminum Recycling Market Size, Share, Growth, and Industry Analysis by Material (Aluminum Ingot, Aluminum Flat Rolled Products, and Others) By Application (Transportation Industry, Packaging, Construction, Electronics, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Aluminum Recycling Market Report Overview

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The global aluminum recycling market size was USD 106440 million in 2022 and is projected to touch USD 131769.6 million by 2031 at a CAGR of 2.4% during the forecast period. 

Aluminum recycling is a process of recycling or reusing a product after its production. The process includes simply re-melting the metal.

Increased use of aluminum in the automobile and automotive sector is estimated to surge market growth. The high need to recycle products for their benefits coupled with environmental concerns are predicated to surge market growth. Aluminum has several advantages, such as fast, safe, and environmental-friendly solutions to boost fuel economy and cost-effectiveness. These properties are anticipated to accelerate market progress. Further, several automotive companies such as Nissan, Tata, and Hyundai extensively demand recycled aluminum for work. These factors are predicated to expand market growth in the forthcoming years. Rapid urbanization and industrialization are projected to accelerate market growth. On the contrary, decreased rate of used beverage cans is predicated to hamper the market growth. The presence of alternatives such as paper packing for food and beverage is anticipated to reduce the demand for recycled aluminum.

COVID-19 Impact: Quarantine and Lockdown Restrictions to Reduce Product Demand

The global COVID-19 pandemic has been unprecedented and staggering, with aluminum recycling experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the aluminum recycling market growth and demand returning to pre-pandemic levels once the pandemic is over.

The Coronavirus pandemic has obstructed several business activities such as construction, food and beverage, packing, automotive, consumer products and others. Quarantine and worldwide lockdown restrictions reduced the demand for the product. Shutdown of production activities to prevent the spreading of the virus to hamper the market growth. Supply chain disruption and lack of workers to reduce market progress during the pandemic period.  

LATEST TRENDS

"Increased Demand for Aluminum in the Automobile Industry to Surge Market Growth"

Increase in demand for aluminum in the automobile sector is estimated to fuel market growth. Growing adoption of aluminum recycling practices coupled with increased demand for automobiles globally is predicted to accelerate the demand for the product. Further, an increase in demand for steel and high demand for alumina to make commercial products are anticipated to fuel market growth. Automobile companies are focusing on using recycled aluminum for manufacturing vehicles. These factors are estimated to surge aluminum recycling market growth over the forecast period.

Aluminum Recycling Market Segmentation

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• By Type

Based on type, the market is divided into aluminum ingot, aluminum flat rolled products, and others.

Aluminum flat rolled products are expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into transportation industry, packaging, construction, electronics, and others.

Transportation industry is expected to be the leading part of application segmentation.

 DRIVING FACTORS

"Growing Need from Building and Construction Sector to Foster Market Growth "

Increased demand for recycled aluminum from the building and construction sector to fuel market growth. Growing construction activities and rapid industrialization is predicated to accelerate market progress. The high need to recycle products for their benefits coupled with environmental concerns are predicated to surge market growth. Aluminum has several advantages, such as the fast, safe, and environmental-friendly solution to boost fuel economy and cost-effectiveness. These properties are anticipated to accelerate market progress. Extensive adoption of the product in food and beverage coupled with the packing sector is awaited to surge market growth. The rapid adoption of technological advancement in the recycled aluminum process coupled with huge investment by major key players is anticipated to fuel aluminum recycling market growth. 

"Energy and Environmental Factors to Drive Market Progress"

Increased use of recycled aluminum offers to reduce energy consumption. Government regulation to reduce emissions is predicated to surge market growth. The recycling process of aluminum reduces about 95% of energy consumption. These features are anticipated to expand market growth. Increased awareness about environmental conservation is predicated to fuel market growth. High demand for paperboard beverages is anticipated to surge market progress. Further, increased demand for recycled products in electronic equipment. Growing demand for electronic products and rapid digitalization. These factors are anticipated to accelerate aluminum recycling market growth over the forecast period.

RESTRAINING FACTORS 

"Presence of Alternatives and Reduced Demand for Beverage Cans to Hamper Market Growth"

Decreased rate of the used beverage cans is predicated to hamper market growth. The presence of alternatives such as paper packing for food and beverage is anticipated to reduce the demand for recycled aluminum.

Aluminum Recycling Market Regional Insights

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"Growth in Automobile Sector in Asia Pacific to Drive Market Share"

Asia Pacific is predicted to witness the highest aluminum recycling market share due to increased aluminum use in the automobile and automotive sectors. A rise in the need to recycle products for their benefits coupled with environmental concerns is predicated to surge market growth. Aluminum has several advantages, such as a fast, safe, environmentally-friendly solution to boost fuel economy and cost-effectiveness. These properties are anticipated to accelerate market progress in the region. Further, several automotive companies such as Nissan, Tata, and Hyundai extensively demand for recycling aluminum for work purposes. These factors are predicated to expand market growth in the forthcoming years. Rapid urbanization and industrialization in the Asia Pacific are projected to accelerate the aluminum recycling market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Novelis (U.S.)
• Norsk Hydro (Norway)
• Real Alloy (U.S.)
• Sigma Group (Taiwan)
• Constellium (France)
• UACJ (Japan)
• Ye Chiu (China)
• Raffmetal (Italy)
• Matalco (Philippines)
• Kobe Steel (Japan)
• Kaiser Aluminum (U.S.)
• Delta Aluminium Industry (China)
• Zhejiang Wantai Aluminium (China)
• Assan Alüminyum (Thailand)
• Hebei Sitong New Metal Material (China)
• Chongqing Shunbo Aluminum (China)
• Huajin Aluminum (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.