The British consultancy CRU predicts that world aluminum demand should remain strong in the coming years.
The forecast trend reflects the recovery and growth movements of the major economies, with an increase such that global demand will reach around 113 million tonnes by 2027.
CRU specializes in the analysis of commodity markets, including metals, mining and fertilizers.
The following is CRU’s projection of global aluminum demand:
- 2021: 67 million tons.
- 2022: 69 million tons.
- 2023: 71 million tons.
- 2024: 73 million tons.
- 2025: 74 million tons.
- 2026: 75 million tons.
Companhia Brasileira de Alumínio (CBA) points out that aluminum is one of the most used chemical products in the world, mainly due to its lightness, high conductivity, recyclability, strength, corrosion resistance and flexibility.
World aluminum demand
Here are some other characteristics of this metal:
- It is present in the major transportation, construction, electrical, packaging and consumer goods industries.
- Among all metals, aluminum consumption is second only to steel.
- In fact, it is increasingly used as a substitute for other materials, particularly iron and steel, in construction and vehicles.
- As a lighter metal, it has the advantage in the automotive industry of reducing fuel consumption.
- Aluminum is commonly used in food packaging because of its lightness, practicality and high resistance to light and heat.
- Its low density and lower cost per unit conductance compared to copper also make it preferable for some power transmission lines, especially over long and medium distances.
China
In 2022, according to CRU’s Aluminum Market Outlook January 2023 report, primary aluminum production grew 2.6% over 2021, reaching 69,157 kt.
China is the leading player in aluminum production, with 40,243 kt produced in 2022, accounting for more than half of the global volume.