Press Release

Global Green Aluminum Market to Witness a CAGR of Around 37.85% in the Forecast Period 2024-2030

The Global Green Aluminum Market size is anticipated to grow at a CAGR of about 37.85% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The industry's growth can be attributed to the considerable upward thrust in carbon emissions from worldwide aluminum production and the concurrent efforts to mitigate them. According to the International Energy Agency, the aluminum production company accounted for nearly 270 million heaps of direct carbon emissions in 2022, representing about 3% of the worldwide industrial carbon emissions. This underscores the urgent necessity of rapidly decarbonizing the aluminum industry. Furthermore, given that this industry is still in its nascent stage, a lot of attention is being placed on the feasibility of manufacturing environmentally friendly aluminum. However, aluminum companies, with government aid, are actively engaged in research and improvement endeavors to enhance low-carbon aluminum production procedures.

Moreover, aluminum's essential properties include light weight, ductility, ease of fabrication, and recyclability, making it necessary across diverse industries as a vital raw material. It is the second most utilized metal globally after steel. Consequently, the drive to use OEMs worldwide to cleanse and decarbonize their delivery chains has spurred aluminum manufacturers to innovate technologies and methodologies for producing low-carbon aluminum. This trend is expected to augment the size & volume of the Global Green Aluminum Market in the coming years.

Additionally, in efforts to mitigate the unfavorable effects of climate change stemming from carbon emissions in sectors like transportation, production, and construction, governments worldwide have been actively promoting the transition to green aluminum production and the adoption of eco-friendly practices by companies. Countries such as the US, India, the UAE, and others have been offering attractive incentives and opportunities to manufacturers and consumers alike to incorporate and fully integrate sustainable practices into their operations. Further, international partnerships aimed at fostering sustainable development are expected to drive growth in the Global Green Aluminum Market in the coming years, further states the research report, “Global Green Aluminum Market Analysis, 2024.”

Global Green Aluminum Market Segmentation Analysis:

Renewable Electricity Segment Holds a Major Market Share

Based on the method, the market is bifurcated into renewable electricity and recycled aluminum. Renewable electricity presents a primary pathway to mitigate carbon emissions during aluminum manufacturing. The energy required for producing about one ton of molten aluminum typically ranges from 13 to 15 MWh (DC). Such tremendous electricity intake, particularly while sourced from polluting power outlets like fossil fuels, drastically contributes to international CO2 emissions. Nonetheless, this technique has transformed sustainability by drastically lowering emissions via the adoption of renewable energy resources such as solar, wind, and hydroelectricity. For example, Hindalco Aluminium has ambitions to cut down its aluminum production emissions by 30% by using 30% of its energy from renewable resources, for which the organization has invested in pumped hydroelectric plants, solar energy plants, and so forth. As renewable power plants continue to proliferate worldwide, they are poised to further bolster the growth & development of the Global Green Aluminum Market in the coming years.

Europe Leads the Green Aluminum Industry

Europe holds a notable market share in the Green Aluminum Industry. Europe played a vital role in the Global Green Aluminum Industry, often due to the fantastic industrial sectors present in the region, along with the attention and willingness of original equipment manufacturers (OEMs) to include green or low-carbon solutions in their manufacturing strategies. The continent boasts a massive presence in industries that include automotive, aerospace, food and beverage, packaging, and metals, all of which heavily rely on aluminum for manufacturing.

Furthermore, European Aluminum emphasized the significance of decarbonizing aluminum manufacturing, consistent with the European Union's goal of reducing emissions by almost 55% through 2030. With governments setting ambitious goals and OEMs taking proactive measures, Europe is expected to maintain its prominent position in the Global Green Aluminum Market in the coming years.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, Norsk Hydro, Rusal, Emirates Global Aluminium, Century Aluminum, Vedanta Aluminium, and others (Hindalco Aluminium, Rio Tinto, etc.), are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?