Aluminum alloys are alloys in which the composition of the aluminum metal is higher in content. Aluminum is one of the popular metal that is widely used across various industries such as transportation, 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.
Global aluminum alloys market was valued at US$ 133269.2 Million in 2021 in terms of revenue, exhibiting a CAGR of 4.67 % during the forecast period (2022 to 2030).
The rapid growth of the automotive industry is primarily fueling the market growth of aluminum alloys. The automotive industry is one of the largest consumers of aluminum alloys. The growing production of automobiles around the globe is increasing consumption of these alloys, thereby escalating the market growth. According to the European Automobile Manufacturers Association, more than 80 million passenger cars were produced around the world in 2019 and 98.1 million motor vehicles were produced around the world in 2020.
Increasing cargo transportation is fueling the growth of marine industry. Metal such as aluminum is widely used across the shipbuilding industry to reduce the overall weight of the ship without compromising on strength of the ship. Moreover, aluminum alloys are highly resistant to corrosion compared to other metal which is again boosting demand for aluminum alloys from the shipbuilding industry. Thus, growth in the marine industry is propelling the market growth of the aluminum alloys.
The Covid-19 pandemic has had a substantial negative impact on the global aluminum alloys market, during the COVID-19 outbreak, the aluminum alloys market sustained a significant loss as manufacturing in the automobile and aerospace industries halted,only the medical supply and life-support sectors were permitted to operate .Increasing demands from various sectors, such as buildings and construction, machineries, and the marine industry, were also reduced to some proportion.
Figure 1. Global Aluminum Alloys Market Value Share (%), By Region, 2021
Environmental concerns such as increasing pollution and growing energy costs are compelling government to implement strict rules and regulations for the production of aluminum alloys. This factor is expected to hinder the market growth of the aluminum alloys over the forecast period.
Expensive fabrication process coupled with the availability of the other low-cost substitute products is expected to restrict the adoption of aluminum alloys. Steel is one of the common substitutes that is widely used across various industries in place of aluminum. This factor is expected to restrict market growth.
|Base Year:||2021||Market Size in 2021:||US$ 133269.2 Mn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||4.67 %||Forecast Period:||2022-2030|
United Company RUSAL Plc, Alcoa Inc., Aluminum Corp. of China Ltd., Kaiser Aluminum Corporation, Norsk Hydro ASA, Dubai Aluminum Co., Constellium, Kobe Steel, Ltd., and Aluminum Bahrain B.S.C.
|Restraints & Challenges:||
Continuous product innovation in the aluminum alloy by key players in the market is one of the growing trends and this is expected to bolster the market growth. For instance, in December 2020, Ronal Group, a leading manufacturer in the international market for light alloy wheels presented the world’s first carbon-neutral recycled wheel, the new Ronal R70-BLUE. This wheel is made up of primary aluminum, 100% recyclable, produced from renewable energy sources.
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.
Figure 2. Global Aluminum Alloys Market Value Share (%), By End User, 2021
Major players operating in the global aluminum alloys market include, United Company RUSAL Plc, Alcoa Inc., and Aluminum Corp. of China Ltd., Kaiser Aluminum Corporation, Norsk Hydro ASA, Dubai Aluminum Co., Constellium, Kobe Steel, Ltd., and Aluminum Bahrain B.S.C.
Aluminum alloys are metals in which aluminum is the dominant material used. In the olden days, aluminum was the most commonly used metal in the world for the construction of ships, tanks, weapons, airplanes, and airplanes. The alloys that are made today are much stronger and lightweight than the original ones. They are used in a wide range of industries, as they are highly reliable and economical. Aluminum alloys are mainly used for making frames, motors, exhaust systems, etc. Aluminum is also used in making hot-spray heaters and in manufacturing various types of food products.
Robust growth in the construction industry due to rapid urbanization and increasing population that require shelters is expected to bring new market opportunities. Aluminum alloys are broadly used across the construction industry for producing different materials such as door, window, panel, etc. due to their lightweight and high strength property. Moreover, increasing adoption of advanced construction materials in the industry is further expected to foster the market growth.
The rise in the various manufacturing industries around the globe is projected to serve major market opportunities. Increasing production of aluminum is another major factor fostering the market growth of the aluminum alloy. According to the Aluminum 13th World Trade Fair & Conference in 2021, around 63.2 million tons of aluminum were produced worldwide in 2020. Thus, increasing production of aluminum is projected to propel the market growth in the near future.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.