The Aluminum Association claims in its latest estimates that demand increased by 5.2% year-on-year during the first half of 2024. This is lower than at the same time in 2023, driven largely by inventory reductions in the industry and a drop in imports of around 25% that year.
Nevertheless, Charles Johnson, president and CEO of the Aluminum Association has stated that “2024 remains a strong year for aluminum demand as “Customers and end consumers have made it clear that they want sustainable and recyclable materials like aluminum. Our members are investing in U.S. production and jobs to help meet this demand both now and in the future.”
According to the report aluminum demand in the United States and Canada (domestic producer shipments plus imports) totaled an estimated 14.056 billion pounds during the first half of 2024, representing a 5.2% increase compared to a total of 13.365 billion pounds in the first half of 2023.
Overall, demand for semi-fabricated or “mill” products remained mostly flat year-on-year through the second quarter. Demand for sheet and plate increased by 7.5% year-on-year during the second quarter, while the aluminum foil, extruded products and electrical markets showed declines.
Aluminum exports (excluding scrap) to foreign countries increased 25.6% year-to-date. On the other hand, the Association’s aluminum mill products net new orders index (base index of 100) increased by 1.1% through June, standing at 105.97.
Imports of aluminum and aluminum products in North America (U.S. and Canada) have decreased by 14% so far this year.
Over the past decade, Aluminum Association member companies have announced more than $10 billion in domestic manufacturing operations, including new greenfield facilities in the U.S. for the first time since the 1980s. Aluminum’s growth is driven by increased demand for sustainable packaging, safe and efficient vehicles, greener buildings and vital infrastructure.
The Aluminum Situation report is one of more than two dozen industry statistical reports developed exclusively by the Aluminum Association through surveys of aluminum producers, fabricators and recyclers. Subscribers to the Aluminum Association’s statistical reports have access to an online portal with data that users can manipulate directly to produce interactive, presentation-ready graphs and charts.
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