Author: Paul Ploumis
06 Mar 2015 Last updated at 07:29:19 GMT
TORONTO (Scrap Monster): The latest statistics released by the Aluminum Association suggests that the aluminum industry demand in the US and Canada jumped higher by 5% during the entire year 2014. The North American aluminum demand during the previous year touched 25.5 billion lbs, when compared with the demand of 24.3 billion lbs during 2013. Moreover, the aluminum demand during 2014 hit the highest levels after 2006.
The growth in aluminum orders started picking up towards the second half of 2014. The growth in aluminum orders were merely 0.8% during the initial four months of the year, on account of cols climatic conditions that prevailed across the region. The growth rate climbed higher significantly starting May 2014 onwards. The growth rate touched record highs of 7.1% during the eight -month period from May to December last year.
According to Ryan Olsen, Vice President, Business Information and Statistics Division at the Aluminum Association, the aluminum demand growth is set to increase sharply during 2015, aided by robust orders for aluminum products, especially from the automobile industry. The year is most likely to surpass 2014 growth rate.
The Aluminum Association is a trade association for the aluminum production, fabrication and recycling industries, and their suppliers. The Association is a 501 non-profit organization based in Arlington, Virginia, United States