A report released this week by the International Aluminium Institute predicts demand for aluminium will grow by 40% by the end of the century, and it is calculated that the global aluminium industry will need to increase overall primary aluminium production by 33.3 million tonnes a year to keep up.
The report, titled “Opportunities for aluminum in a post-pandemic economy,” said the transport, construction, packaging and electrical sectors are expected to see the biggest increases in demand. The report believes that these four industries could account for 75% of aluminum demand growth this decade.
China is expected to account for two-thirds of future demand, with an estimated annual demand of 12.3 million tons. The rest of Asia is expected to require 8.6 million tonnes of primary aluminium per year, while North America and Europe are expected to require 5.1 million and 4.8 million tonnes per year, respectively.
In the transportation sector, decarbonization policies coupled with the shift to fossil fuels will lead to a substantial boost in electric vehicle production, which will rise to 31.7 million in 2030 (compared to 19.9 in 2020, according to the report) million). In the future, the industry’s demand for renewable energy will increase, as will the demand for aluminum for solar panels and copper cables for power distribution. All told, the power sector will need an additional 5.2 million tonnes by 2030.
“As we seek a sustainable future in a decarbonized world, aluminum has the qualities consumers are looking for – strength, light weight, versatility, corrosion resistance, a good conductor of heat and electricity, and recyclability,” Prosser concluded. “About 75% of the nearly 1.5 billion tonnes of aluminium produced in the past is still used in production today. This metal has been at the forefront of many industrial and engineering innovations in the 20th century and continues to power a sustainable future.
Post time: May-27-2022