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This statistic represents the global aluminum consumption forecast from 2021 to 2029, at a compound annual growth rate of *** percent. In 2021, global aluminum consumption is projected to amount to some **** million metric tons.

Aluminum usage for industrial production

Thanks to its light weight, durability, and malleability, aluminum is a highly used metal in consumer goods, electronics, and vehicle production. In 2020, roughly ** percent of total aluminum globally was used by the transport sector for manufacturing and production. The trend towards high industrialization across the globe triggered a demand increase for all types of metals necessary for production. In 2020, the size of the global aluminum market was *** billion U.S. dollars. This market is expected to reach approximately *** billion U.S. dollars by 2026. As of 2020, the top three major importers of aluminum and aluminum products were the United States, Germany, and China. The top three exporters were the same countries that same year.

Aluminum recycling

Primary aluminum production is an very energy-intensive process and this induces organizations to repurpose waste aluminum. Across the globe, firms recycle aluminum to meet the increasing demand and gain profits. The price of one pound of recycled aluminum cans was ** U.S. cents in 2018, down from ** U.S. cents per pound in 2017. This rapid decline in the price of recycled aluminum suggests a surge in aluminum recycling and increasing efficiency of the recycling process worldwide. In 2018, the production volume of recycled aluminum in Asia reached roughly ** million metric tons, up from *** million metric tons in 2014. Nonetheless, not all aluminum waste is recycled. In North America, only ** percent of total aluminum waste was recycled between 2015 and 2017.