ALUMINUM ALLOYS MARKET ANALYSIS

Aluminum Alloys MarketSize and Trends

Global aluminum alloys market was valued at US$ 140.1 Bn in 2022, and is expected to exhibit a CAGR of 6.1%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 225.16 Bn by 2030. Aluminum is one of the popular metal that is widely used across various industries such as transportation,  and electronics. In aluminum alloys, alloying metal is added with the base metal aluminum, in order to enhance the properties of pure aluminum and make it suitable for a wide range of applications.

Market Trends

Increasing use of the aluminum alloy in the production of an electronic component

Increasing use of the aluminum alloy in the production of an electronic component is augmenting the market growth. Increasing demand for portable electronic devices such as tablets, smartphones, and wearable devices is a growing trend in the market. These gadgets are gaining huge demand especially from teenagers and the adult population. Moreover, changing lifestyles and increasing purchasing power of the consumers is further driving demand for such gadgets, which in turn, propelling the market growth of the aluminum alloys.