Aluminium demand to rise by 6% during 2012-2014: ICRA
Mumbai: Demand for aluminium in the country is likely to rise by an average of six percent during 2012-2014, ICRA Management Consulting Services (IMaCS), a subsidiary of ICRA said Friday.
"Demand for aluminium is likely to increase at an annual average growth rate of six percent during 2012-2014," says IMaCS in a release issued here.
Sectors like power, construction and automotives are likely to drive the demand for aluminium, it said.
The country's aluminium consumption had increased by seven percent in 2011 to around 1.6 million tonne.
The bulk demand for aluminium is accounted for by the electrical sector (39 percent), followed by transport (18 percent), machinery (15 percent) and packaging (nine percent).
India's primary aluminium production capacity is expected to increase to 4.7 million tonnes per annum by end of FY 2017 from the current 1.7 mtpa, with most of the capacity and production expansion targeted at export markets.
Meanwhile, globally primary aluminium consumption aggregated 42.4 million tonnes in 2011, making aluminium the world's second most used metal, after iron.
Aluminium's main markets globally are China, which accounted for 41.4 percent of worldwide demand in 2011, followed by US (9.6 percent), Germany (5 percent), Japan (4.6 percent), and India (3.7 percent), it said.