Expansion of 3D Printing Sector, Rapid Pace of Urbanization, and Usage of Electric Vehicles: A Competitive Overview of Factors Boosting the Demand Amongst Top 9 Aluminium Companies in the World

The increasing adoption of aluminium in the automotive sector for the reduction of emissions is expected to fare well for the global business scenario over the coming years. The lightweight nature of the material has led automakers to consider its usage as a substitute for stainless steel in vehicle production. The product is touted to record an appreciable demand in the Asia Pacific region. This can be attributed to the growing infrastructure development and the rapid pace of urbanization in the region.

According to Fortune Business Insights, the global aluminium market size stood at USD 229.85 billion in 2023. The market is anticipated to expand from USD 243.89 billion in 2024 to USD 393.70 billion by 2032, exhibiting a CAGR of 6.2% over 2024-2032. Leading aluminium companies are centered on deploying numerous growth strategies to gain an edge over their competitors. Some of these strategies comprise capacity expansion initiatives, product portfolio expansion, and acquisitions, among others.

The top 9 aluminium companies in the world and the vital steps adopted by them to strengthen their industry foothold have been enlisted below:

1. RusAL:

RusAL is focused on nepheline and bauxite mining operations, electrolytic production of primary aluminium, alumina production, and value-added aluminium products. The company owns 11 smelters. Of these, nine plants are situated in Russia, one in Sweden, and one in Nigeria. In 2022, the company’s revenues reached USD 13,974.0 million. The company carries out the complete production cycle beginning with bauxite extraction to the production of finished products.

In June 2021, RusAL shared plans for the implementation of a Modernization Project. The project is centered on constructing manufacturing facilities on the sites of existing aluminium smelter workshops. The move was focused on enhancing the production technology used in the units.

2. Aluminium Corporation of China Limited:

Based in Beijing, China, Aluminium Corporation of China Limited produces non-ferrous metals and is involved in power generation using emerging alternatives of energy and fossil fuels. The company’s value chain involves various activities, including mining, exploration, logistics and sales, production of coal and bauxite, and research and development activities pertaining to primary aluminium, alumina, and alloy products.

In 2022, the company’s revenues touched USD 42,013.4 million.

3. Rio Tinto:

Rio Tinto is a U.K.-based metals and mining company. The key products offered by the company comprise critical minerals, iron ore, copper, aluminium, and other materials required for global energy transition. In 2022, the company generated a revenue of USD 55,554.0 million. In June 2023, Rio Tinto shared plans for investing USD 1.1 billion for the expansion of its Complexe Jonquière, Quebec, Canada-based low carbon aluminium smelter. The move would help in enhancing the company’s primary aluminium capacity by nearly 160,000 metric tons. The company has a workforce of 52,000 employees.

4. Alcoa Corporation: 

Alcoa is a key player in the manufacturing of alumina, bauxite, and aluminium products. Operating through 28 locations, the company has a presence in nine countries. The organization is keen on the production of value-added primary products in various forms, including foundry, slab, and rod. In 2022, the company’s revenues touched USD 12,451.0 million. The company has a workforce of 13,100 employees.

In September 2023, Alcoa entered a collaboration with RMI (Rocky Mountain Institute). The move would help overcome GHG emission-related challenges, such as the need for breakthrough technologies and significant capital investments.

5. Emirates Global Aluminium:

Emirates Global Aluminium is a UAE-based company operating smelters in Dubai and Abu Dhabi. The company claims that it accounts for nearly 4% of the global aluminium production making it one of the top 9 aluminum companies in world. In 2022, its cast metal production reached 2.72 million tons.

In April 2023, the company struck a collaboration with RECAPP by Veolia for the promotion of aluminium recycling across universities and schools in the UAE. The move would help the company in the reduction of production cost.

6. Norsk Hydro ASA: 

Norsk Hydro ASA operates in energy, metal recycling, batteries, and renewables segments. Based in Thailand, the company’s operations are spread across 40 countries at over 140 locations. In 2022, the revenues of the company touched USD 21,072.8 million.

In September 2023, Norsk Hydro ASA announced its launch of a new HyForge casting line at Rackwitz, Germany. The move helps improve post-consumer aluminium and recycled scrap.

7. Hindalco Industries Ltd.: 

Hindalco Industries Limited, a subsidiary of the Aditya Birla Group, has an extensive range of operations. These comprise alumina refining, bauxite mining, captive power plants, coal mining, foils, extrusions, downstream rolling, and aluminium smelting.

In December 2021, Hindalco Industries Limited inked an agreement for the acquisition of Norsk Hydro ASA’s India-based aluminium extrusions business. The deal would provide Hindalco with an experienced team and an integrated facility situated in Andhra Pradesh, helping it consolidate its foothold in South India.  

In 2022, the company’s revenues touched USD 27,141.4 million. Hindalco’s product portfolio comprises wire rods, billets, aluminium ingots, standard and specialty grade hydrates and aluminas, extrusions, foil, and flat rolled products.

8. Vedanta Aluminium & Power:

Based in India, Vedanta Aluminium & Power has customers in almost 50 countries in Europe, America, Africa, and Asia. In FY22, the company’s production recorded a 15% rise reaching 2,268 kilotons compared to 1,969 kilotons that was registered in the previous year. In Odisha, India, the company has an installed capacity of 2.3 MTPA (million tons per annum). The refinery feeds Vedanta’s Chhattisgarh and Odisha-based aluminium smelters.

9. China Hongqiao Group Limited:

China Hongqiao Group is specialized in thermoelectric, mining, and aluminium production. The product portfolio of the company comprises alumina, rolled and cast aluminium alloy products, aluminium alloy ingots, hot liquid aluminium alloy, high-precision aluminium plates with foil, aluminium busbar, and other new materials.

In 2022, the Tokyo-based company’s revenues reached USD 20,725.7 million. The company has a workforce of 42,650 employees.

Rising Product Usage in Electric Vehicles to Fuel Industry Expansion in the Future

In the forthcoming years, the increasing product demand from OEMs (Original Equipment Manufacturers) and electric vehicles is slated to favor industry growth. This is further supplemented by the expanding 3D printing sector and escalating product demand across the aerospace, automotive, and other industries.