Global aluminum market to grow at rate of 4.82%
According to reports, the global aluminum market was expected to grow at a compound annual growth rate (CAGR) of 4.82% during 2020-2024, and it will be worth around US$177 billion in 2024.
The growth was driven by the expansion of primary aluminum smelter capacity, recycled aluminum, speeding-up industrialization and urbanization, rising demand for flat-rolled aluminum products, and so forth. However, the growth might still be impacted by the weakening automotive industry and unstable aluminum prices.
Besides, the COVID-19 epidemic has brought many uncertainties to the aluminum market because the national prevention blockade measure seriously affected the global economy.
