Aluminium demand likely to be up 30pc by 2030, says Saudi minister
RIYADH, November 25, 2023
Global demand for aluminium is set to rise by 20% to 30% over the next seven years, thus creating immense growth opportunities for the region's aluminum industries, reported SPA citing a senior minister.
"Our region is home to some of the largest aluminum production facilities globally, accounting for approximately 10% of worldwide production," said Engineer Khalid bin Saleh Al Mudaifer, the Vice Minister of Industry and Mineral Resources for Mining Affairs, while speaking at the Arab International Aluminium Conference (Arabal) held recently in Riyadh.
In his address, Al Mudaifer highlighted the kingdom's abundant mineral wealth, estimated at over $1.3 trillion, its robust infrastructure as well as a strong global investment presence, and a well-educated, youthful workforce.
He underscored the pivotal role of aluminum across diverse industries. while emphasising its widespread use in conventional sectors like transportation, construction, and food packaging.
He also pointed out its indispensable role in driving the global energy transition through applications in electric vehicles, renewable energy sources, and energy storage systems.
Al Mudaifer said since the launch of Vision 2030, the kingdom has aimed to establish itself as a key global hub for metal production.
KSA possesses competitive advantages conducive to achieving this aspiration, such as favourable energy prices and a strategically advantageous geographical location, he added.
According to him, bauxite and aluminum have been classified as strategic minerals due to their crucial importance in the shift towards cleaner energy.
"Our mining strategy aims to achieve ambitious goals by 2030, including doubling the production capacity of Bauxite and aluminum by two and four times, respectively, and tripling the primary aluminum production capacity," stated the minister.
The ultimate objective is to enhance the Kingdom's ranking as one of the top 10 aluminum producers worldwide, he added.
