Global Aluminum Alloys Market was valued at US$ 140.1 Bn in 2022, and is estimated to reach US$ 225,16 Bn by 2030, exhibiting a CAGR of 5.4% during the forecast period (2023-2030). According to Global Aluminum Alloys Market Report, By End User (Transportation, Construction, Packaging, Machinery, Electrical, and Others (including consumer goods, etc.)), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) as published by Coherent Market Insights.
Aluminum alloys are alloys in which aluminum is added with the other alloys, in order to improve the functional properties of the aluminum. In these alloys, the content of aluminum is higher in concentration. Aluminum alloys are categorized into wrought alloys and cast alloys. Wrought alloys are used to manufacture products such as tubes, coils, and rolled plates, whereas cast alloys are used to cast various other products.
Global Aluminum Alloys Market- Drivers
Increased in cargo transportation
The marine industry is experiencing growth due to increased cargo transportation, with aluminum alloys being a popular choice for shipbuilding, military, and defense aircraft. Aluminum alloys are highly corrosion-resistant. Growing demand for portable electronic devices such as tablets, smartphones, and wearable’s is expected to drive the market growth. The building sector is also experiencing rapid growth due to urbanization and increasing demand for shelter. Aluminum alloys are widely used in construction for corrosion resistance, lightweight, high tensile strength, low maintenance, recyclability, and long shelf life.
Global Aluminum Alloys Market- Opportunities
Innovation in aluminum alloys market by key players
Increasing focus of manufacturers in introducing technological innovation is expected to offer growth opportunities for the players. Many players are adopting advanced technology to produce aluminum blends and reducing weight of automobiles for improving the quality and performance.
Global Aluminum Alloys Market- Restraints
Negative environmental concerns by aluminum
Aluminum product consumes a lot of energy, and emits dangerous adulterants into the terrain that increases environmental concerns. This includes rising pollution and energy prices. Owing to this, the governments are implementing laws and regulations for the manufacturing of aluminum blends. This factor is anticipated to limit the e aluminum blends growth.
Global Aluminum Alloys Market- COVID-19 Impact
Coronavirus outbreak had a negative impact on the aluminum alloys market, as manufacturing in the automotive and aerospace industries were halted. Only the medical supply and life-support industries were allowed to continue operating. Other industries demands such as construction, machinery, and the marine industry were also lowered to some extent. The supply chain was also interrupted as a result of worldwide logistical restrictions imposed by governments to curb the spread of disease. As a result, growth in the transportation sector has been impeded. These disruptions in various manufacturing as well as the supply-chain operations resulted in huge financial setback for the market
Key Trends and Analysis of the Global Aluminum Alloys Market:
- Growing production of customized parts for specific industrial machinery sectors is one of the current trends in the market. Increasing R&D in the field of aluminium alloy for developing the innovative product with enhanced properties is expected to drive the market growth. For instance, in December 2021, RusAL an Aluminium company announced that it will invest around US$ 12 million for the development of the alloy car wheel plant at SKAD, a producer of aluminium alloy wheel rims for automotive companies in Russia.
- Partnership and agreement among key manufacturers is one of the current trends in the market. For instance, in November 2021, Brazil-based Automobile Confederation (CBA) announced the acquisition of around 80% shares of Alux. CBA, a secondary alloy aluminium producer, for extensive production capacity expansion.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/aluminum-alloys-market-4655
Key Takeaways
- On the basis on end user, transportation segment held dominant position in the market, and accounted for 47.3% share in the global aluminum alloys market in 2022
- On June 15, 2023, RusAL, global aluminium producer, announced its plans to invest US $4,440,521.64 in alumina production and port infrastructure in Ust-Luga, Russia. Phase one, with a capacity of 2.4 million tons per year, is expected to be commissioned by 2028, while phase two will be completed in 2032. The project aims to create 7,000 new jobs and a modern urban environment.
- New product launches, mergers & acquisitions, strategic partnership expansion, and research & development activities for aluminum alloys are key strategies adopted by players in the global aluminum alloys market. For instance, in August 2021, RusAL, aluminum producing company, announced that it is the development of Aluminum cast pipes that are of equivalent quality to products made from traditional materials. In collaboration with Lipetsk Pipe Company Svobodny Sokol, a producer of ductile iron pipes and fittings.
