Aluminum Alloys Market, Share, Growth, Trends and Forecast to 2024
Category: #business  By Ravi Chawat  Date: 2021-03-19
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Aluminum Alloys Market, Share, Growth, Trends and Forecast to 2024

Positively impacting the global Aluminum Alloys Market, the transportation industry emerged as one of most significant application segment changing the aluminum alloys industry dynamics. Both in terms of volume and revenue, the transportation industry will prominently sway the entire aluminum alloys industry over the years ahead, having accounted for 45% of global industry share in 2016. A substantial rise in the demand of lightweight and sturdy automotive vehicles have subsequently fueled the demand for aluminum alloys, thanks to its high strength to weight ratio and machinability.

The robust growth dynamics of the transportation and the construction industry have positively influenced the economic saga of Asia Pacific and Europe. Accounting for more than 60% of overall industry share, Asia Pacific aluminum alloys market is expected to expand at 5.5% CAGR over 2017-2024. The steady growth of automotive, marine, and the construction industries in China, India, and Japan will signify the profitable growth prospects of Asia Pacific aluminum alloys market. The exponential rise in the GDPs of emerging economies will also be a major growth catalyst for the expansion of regional aluminum alloys industry.

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The global automotive sales have reportedly exceeded 90 million units in 2016 from that recorded at 80 million units in 2011. This massive increase in such a short time span of 5 years has significantly impacted the aluminum alloys market demand. Moreover, the growth chart is quickly climbing up not only for the automobile car sales sector but proportionally for aircrafts sales as well. Allegedly, the rise in number of flyers went up from 3 billion to 3.7 billion between 2011 to 2016 and the number is likely to twofold over the next two decades. The global aluminum alloys market is slated to witness a prosperous growth with the substantial surge in demand of commercial aircrafts. Growing industrialization and globalization will significantly influence this billion-dollar aluminum alloys industry to grow at a CAGR of 5% over 2017-2024, as per estimates by Global Market Insights, Inc.

Europe on other hand is a hub for aeronautical and automotive companies, which is expected to thrive the demand for aluminum alloys. The demand for wrought alloys in this region will show a significant upsurge as it finds major application in the automotive and aerospace industry. The higher tensile strength, lighter weight, and negligible casting defects makes the high demand for wrought alloy very obvious for the fabrication of mechanical parts.

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Rising demand to enhance the vehicle performance and manufacture technologically advanced products that will impart maximum efficiency will lead to a significant adoption rate of aluminum alloys in the end-use sectors. Moreover, the companies are vigorously engaging in R&D activities and strategic collaborations to develop their product portfolios addressing the needs of the technologically advanced era. One such example is of Kaiser Aluminum, an American company which acquired Alexco LLC to expand their range of variety of product offerings for the aerospace sector.

Key aluminum alloys industry players include Alcoa, Magna International Inc., United Company RUSAL, Norsk Hydro, Constellium, Aluminium Bahrain, IBC Advanced Alloys Corp., ERAMET, Rio Tinto Alcan, UACJ Corporation, Aluminum Corporation of China, Aleris International, Kobe Steel, and Dubai Aluminium Company.

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About Author

Ravi Chawat    

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article c...

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