Global X Funds on Wednesday launched the Global X Aluminum ETF, which it says it the first exchange-traded fund globally focused on aluminum. The fund tracks the Solactive Global Aluminum Index

Global X noted that as one of the most heavily consumed metals in the world, the demand for aluminum has grown 38% in the past decade, compared to 20% for other metals. It is used in energy, industrials and consumer goods.

“We are pleased to offer the Aluminum ETF, which follows in the footsteps of our other highly successful industrial metal ETF, the Global X Copper Miners ETF,” said Bruno del Ama, CEO of Global X Funds. “Aluminum has seen tremendous price increased as a result of increased global demand, especially from China and India. Its invaluable properties to various industries make it essential for future economic growth.”

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