Aluminum Demand Up in 2022
By Metal Center News Staff
on Mar 10, 2023
Aluminum demand in 2022 approached record levels in the United States and Canada, the Aluminum Association reported. Demand in the country was up 4.8 percent last year compared with 2021, outpacing overall GDP.
“Despite some headwinds and softer demand in the second half of the year, this latest data shows an industry built to last,” said Charles Johnson, president and CEO of the Aluminum Association. “Geopolitical disruptions, supply chain issues and inflationary pressures could continue to pose some challenges in 2023. However, with historic investment in U.S. aluminum manufacturing last year and continued market growth opportunities, the mid-and long-term trendlines for aluminum in America remain incredibly strong.”
Key takeaways from the report include:
• Aluminum demand in the United States and Canada (shipments by domestic producers plus imports) totaled an estimated 27.5 billion pounds in 2022. Overall demand in 2022 approached record levels seen in 2018 and 2019.
• Compared with December 2021, aluminum demand contracted 3.7 percent in December 2022 following a similar contraction in November.
• Most major mill product categories saw increased year-over-year demand growth, led by sheet and plate products at 6.1 percent and foil at 5.1 percent. In total, mill product demand grew 4.1 percent year-over-year in 2022.
• Aluminum exports (excluding scrap) to foreign countries increased 3.8 percent from the year-ago level.
Last year, the U.S. aluminum industry announced more investment in domestic manufacturing than in the past several decades combined. Firms announced billions to build new aluminum rolling and recycling capacity, including greenfield plants slated to come online in the coming years. It has been more than 40 years since a similar, new U.S.-based mill was built.