The global aluminium scrap market is projected to reach US$ 25.1 billion (EUR 23.7 billion) by 2030, up from US$ 5.6 billion in 2021, a compound annual growth rate of 8%.
The North American region currently holds the biggest market share in this segment and is expected to remain on top.
Analysts at Sperical Insights expect a 40% increase in aluminium demand by 2030, fuelled by an uptake in various markets, including packaging, transport, especially automotive and aerospace. This would require an additional production of 33.3 million tonnes, bumping up metal output from 86.2 million tonnes in 2020 to 119.5 million tonnes by 2030.
Total annual demand from China is expected to average 12.3 million tonnes, with the rest of Asia accounting for about 8.5 million tonnes.
Meanwhile, new figures released by the International Aluminium Institute puts the increase in global demand for aluminium at 80% by 2050.
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