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 percent year-over-year through the first quarter of 2024. This follows an estimated drop in demand of 3.9 percent 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 & chief executive officer 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 U.S. 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 percent year-over-year compared to Q1 of 2023 while sheet & plate shipments grew 6.1 percent during the same time period.
- At the same time, foil shipments dropped 19.2 percent and extruded product shipments dropped 5.4 percent 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 (U.S. and Canada) have fallen 13.5 percent 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.