MANAMA: There remains a huge demand for aluminium all over the world, and supply has not necessarily matched demand, a key conference in Norway was told yesterday.
"The industry still has room for growth," Aluminium Bahrain （Alba） chief financial officer Tim Murray said in a speech at the Commodities Research Unit （CRU） 15th World Aluminium Conference in Oslo.
"There is room for more players to satisfy a growing appetite for using aluminium as the preferred metal of choice in the automotive sector, construction, real estate, packaging and others," he said.
"Experts estimate this demand to grow at a rate of nearly four to five per cent per year. It is said that the average growth in the global aluminium market in the next three years will probably be about 2.6pc annually, resulting in a total demand of about 58 million tonnes.
"With tighter environmental controls in much of the world and especially in the European Union, aluminium presents the ideal choice in meeting stricter carbon dioxide emission requirements for various industries in general and automotive industries in particular," he said.
"Aluminium is lighter than steel, so its wider use in the car industry will enhance the efficiency levels of cars, reduce gas consumption and increase fuel consumption efficiency."
Alba's pioneering status as the Gulf region's first aluminium smelter was also emphasised in Mr. Murray's opening address.
"In 1971, Alba was the first aluminium smelter to begin operations in the Gulf, and we played a pioneering role in initiating industrial diversification in the region, and more significantly, in developing a successful ecosystem for the aluminium industry in Bahrain," he added.
"Today, there are six major downstream companies, over 500 small to medium enterprises, and together contribute nearly 12pc of Bahrain's GDP.
"Bahrain's leadership recognised aluminium's potential as an income generator, and for being the 'metal of the future'.
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