Domestic Aluminum Demand Up 4.3% in First Quarter in Signs of Industry Rebound
June 25 2024 - 1:22PM
The Aluminum Association released preliminary estimates as part of
its monthly Aluminum Situation statistical report showing demand
for the aluminum industry in North America (U.S. and Canada)
increased 4.3% year-over-year through the first quarter of 2024.
This follows an estimated drop in demand of 3.9% last year after
strong results in 2022.
“Domestic aluminum demand is rebounding so far this year amidst
continued interest from our customers and end consumers in more
sustainable, recyclable material options,” said Charles Johnson,
president & CEO of the Aluminum Association. “We continue to
believe that the North American region – and the United States in
particular – is one of the best places in the world to make and use
aluminum. The ongoing investment and demand we are seeing appear to
agree.”
Among key takeaways from the report:
- Aluminum demand in the United States and Canada (shipments by
domestic producers plus imports) totaled an estimated 6,955 million
pounds through March 2024, compared to the Q1 2023 total of 6,666
million pounds.
- Primary aluminum ingot shipments increased 16% year-over-year
compared to Q1 of 2023 while sheet & plate shipments grew 6.1%
during the same time period.
- At the same time, foil shipments dropped 19.2% and extruded
product shipments dropped 5.4% in the first quarter compared to
last year.
- Total semi-fabricated – or “mill” – product demand was up
five-tenths of one percent year-over-year.
- Exports of aluminum ingot and mill products from the U.S. and
Canada (excluding cross border trade) totaled 769 million pounds to
date, up 36.6 over like-2023.
- On average, orders recorded by domestic producers year-to-date
in 2024 (through April) increased 4.8 percent over year-to-date
2023, according to the Association’s Index of Net New Orders of
Aluminum Mill Products (baseline index of 100).
- Total imports of unwrought aluminum and semi-fabricated
aluminum products into the North America (US and Canada) have
fallen 13.5% year-to-date in 2024 (through April).
Over the last decade, Aluminum Association member companies have
announced more than $10 billion in investments for domestic
manufacturing operations including nearly $200 million in U.S.
manufacturing in 2024 alone. This historic investment is largely
thanks to demand for sustainable packaging, safe and efficient
vehicles, greener buildings and vital infrastructure.
With sustainability an increasingly important driver of future
demand for the material, the Aluminum Association recently
completed a report, Pathways to Decarbonization: A North American
Aluminum Roadmap, that lays out theoretical pathways to achieve
industrywide carbon emission reductions consistent with the
International Energy Agency’s (IEA) Net Zero by 2050 goals. The
report concluded that North America enjoys a significant carbon
emissions advantage over much of the rest of the global aluminum
industry. Moving forward, access to abundant clean energy and
investment in new technologies will be central to hitting ambitious
emissions targets by mid-century.
The Aluminum Situation report is one of more than two-dozen
ongoing industry statistical reports developed exclusively by the
Aluminum Association through surveys of aluminum producers,
fabricators and recyclers. Subscribers to the Aluminum Association
statistical reports have access to an online portal with data users
can manipulate directly to produce interactive, presentation-ready
charts and graphs.
To learn more about the Aluminum Association’s statistical
offerings or to subscribe, visit www.aluminum.org/statistics.
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About The Aluminum AssociationThe Aluminum
Association represents the full value chain of aluminum production
and jobs in the United States, including companies that make 70% of
the aluminum and aluminum products shipped in North America. The
association is the industry’s leading voice, developing global
standards, business intelligence, sustainability research and
industry expertise for member companies, policymakers and the
general public. Aluminum helps manufacturers make good products
great and great products even better – from fuel-efficient vehicles
and sustainable packaging to the infrastructure of tomorrow and
more. The industry supports $228 billion in economic activity and
nearly 700,000 jobs in the United States. Aluminum companies have
invested more than $10 billion in U.S. manufacturing over the past
decade to capture next generation growth. For more information,
visit https://www.aluminum.org.
Matt Meenan
Aluminum Association
703-358-2977
mmeenan@aluminum.org