Market Commentary: Middle East aluminium industry's past, present and tentative future analysed amid global market shifts in 2024
The Middle Eastern aluminium market is poised for significant growth, with projections indicating a valuation of USD 16.68 billion by 2030, driven by a compound annual growth rate (CAGR) of 5 per cent from 2024. This burgeoning market, according to an elaborate report by NextMSC, is currently valued at USD 11.33 billion and is being fuelled by a confluence of factors, including a growing emphasis on sustainability and the region's position as a major global producer.
Global production landscape
While China continues to dominate global aluminium production, accounting for an estimated 39,653 thousand tonnes in 2024 (January-November), representing nearly 60 per cent of the total output, the Gulf Cooperation Council (GCC), which consorts a massive middle-eastern aluminium trading countries, solidifies its position as the second-largest producer, contributing 5,726 thousand tonnes. Other key contributors include Asia (excluding China) at 4,403 thousand tonnes, North America at 3,646 thousand tonnes, and Russia & Eastern Europe at 3,808 thousand tonnes.
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