Core Insights - The global aluminum recycling market is projected to reach $91.3 billion by 2032, growing from $57.2 billion in 2024 at a CAGR of 6.2% as industrial consumers seek low-carbon materials to address rising energy costs and decarbonization goals [1] Industry Trends - The energy-saving advantage of secondary aluminum is significant, requiring approximately 95% less energy than primary smelting, which enhances the economic incentive for recycling amid high primary aluminum prices [2] - Persistently high electricity and natural gas prices in Europe have adversely affected the operating rates of primary smelters, making recycled metal a strategic cost-saving option [3] Company Initiatives - Major global producers are investing heavily in expanding recycling capacity, with Novelis Inc. committing around $90 million to double its used beverage can processing capacity in the UK, which will reduce CO2e emissions by over 350,000 tonnes annually [4] - Novelis aims to achieve an average of 75% recycled content across its products by 2030, up from 63% in fiscal year 2024, and is also expanding its recycling capabilities in North America and Asia [5] Market Demand - The transportation industry, especially the electric vehicle segment, is driving demand for recycled aluminum, with automakers focusing on lightweighting to enhance EV range and performance, leading to increased aluminum content in vehicles [6]