As a result, the global demand for aluminium is skyrocketing, driven by the growth of the transportation and automobile industries and the rise of advanced technologies.
Key fact: The global consumption of aluminium is expected to grow from 64.2 million metric tons in 2021 to 78.4 million metric tons by 2029
To meet this demand, aluminium mining is also growing. The primary source of aluminium is bauxite ore. Obtained by strip mining, this process erodes soil and destroys wildlife habitats. The extraction process of transforming raw bauxite into aluminum also poses several environmental challenges.
Extracting aluminium from bauxite ore requires high amounts of energy and resources. The refinement process also produces a toxic byproduct called red mud, which contains heavy metals and is highly corrosive.
Key fact: The global bauxite mining market is projected to grow at a value CAGR of 6.6% and reach a value of around US$20,661 Mn by the end of 2026
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