CM Group: An Initial Assessment of The Impact of the Covid-19 Pandemic on Global Aluminium Demand
Global demand for aluminium set for long term recovery post-COVID.
Driven by a growing appetite for environmentally friendly solutions in transport, infrastructure, energy and food security, there are signs that post-COVID, aluminium demand is set to increase, according to the latest forecast by the CM Group.
CM Group’s assessment of growth trends in the global aluminium markets to 2050 which was published last month forecasts that global demand for aluminium could grow by as much as 3.8% CAGR over the next 30 years. The report was commissioned by the IAI and is based on a survey of industry stakeholders including analysts, academics and industry experts.
The report concludes that significant short-term impacts from the coronavirus pandemic will be overturned by robust demand for aluminium applications over the long term, leading to a 2050 demand of about 300 million tonnes of the metal.
There was some advice from respondents to the industry: ‘segregating the industry into ‘green’ and ‘non-green’ metal could potentially confuse customers and damage the aluminium ‘brand’. And this could negatively impact growth projections.’