America’s biggest Aluminum producer Alcoa Inc.’s CEO Klaus Kleinfeld said world Aluminum consumption will double by 2020 on the back of robust demand from Asia, Brazil and the Middle East.
Addressing a business meeting of the World Economic Forum in Davos, Kleinfeld said: “We see places like China continuing to lead with growth of 21 percent last year, 13 percent this year” adding “We actually see that places like Southeast Asia, Brazil, Middle East are increasing the growth rate”.
Alcoa foresees demand to grow around 6 percent annually till 2020 and “Demand is going to double”, he said.
Japan based market research company – Market Risk Advisory, has said that demand will surpass supply for the first time by 300,000 metric tons in 2012. HSBC Holdings Plc also said that on the back of higher consumption, the market may witness supply shortfall by 2012.
China is struggling to restrict output of energy hungry industries like steel and aluminum in some parts of the country to meet energy saving targets and may end up being a net importer of Aluminum if the government continues with its policy, Kleinfeld said. China is the biggest producer of aluminum in the world and demand may grow by 12 percent in the country against the global average of 8 percent – says a report by United Co. Rusal – the world’s largest Aluminum producer company.