Revival in the automobile sector likely to buoy Japan’s aluminium demand in FY2024
Japan is one of those countries exhibiting a buoyant aluminium market for the fiscal year 2024, driven by potential demand due to the revival in the semiconductor and automobile sectors.
According to the estimated data shared by the Aluminum Research Committee, Japan’s demand for aluminium products will most likely reach 3.85 million tonnes in FY 2024, marking an increase for the first time in three years. Only the demand for rolled aluminium products is projected to fall short of the 4 million tonnes target, remaining at 1.73 million tonnes through FY2024.
The Committee, comprising seven industry organizations, estimates that Japan’s aluminium product demand will grow 2.1 per cent compared to the previous year, buoyed by projected automobile sales to grow by 3.7 per cent. Domestic demand is likely to climb by 2 per cent to 3,687,450 tonnes.
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