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  • Published On : Nov 2022
  • Code : CMI4655
  • Industry : Advanced Materials
  • Pages : 157
  • Formats :

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).

Drivers

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

Aluminum Alloys  | Coherent Market Insights

Market Restraints

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.

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Aluminum Alloys Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
Segments covered:
  • By End User: Transportation, Construction, Packaging, Machinery, Electrical, Others (including consumer goods, etc.)
Companies covered:

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.

Growth Drivers:
  • Increasing urbanization and industrialization
Restraints & Challenges:
  • Environmental regulation
  • High cost of fabrication process

Market Trends

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

Aluminum Alloys  | Coherent Market Insights

Recent Developments

  • In March 2021, Ronal Group, a leading manufacturer in the international market for light alloy wheels launched a new aluminum alloy wheel Ronal R67. The new design features five narrow scopes and five distinct double spokes bonded with colourful design elements. This launching will allow perfect air inlet and offer an extra sporty touch.
  • In February 2021, Novelis Inc., the global leader in aluminum rolling and recycling, launched Novelis AdvanzTM 7UHS-s701, the best automotive aluminum offering to date. The technologically advanced ultra-high-strength steel is now commercially available to the global automotive industry.
  • On 30 November 2020, Kaiser Aluminum entered into a purchase agreement with Alcoa Corporation to acquire the Warrick Rolling Mill. This acquisition will provide them entry into the North American aluminum packaging industry, which is a strong and growing non-cyclical end market driven by sustainability trends and the secular shift from plastic to aluminum in the packaging industry.

Competitive Section

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.

Market Dynamics

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:

  • This report provides an in-depth analysis of the global aluminum alloys market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global aluminum alloys market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered as a part of this study include 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.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future products launches, technology up gradation, market expansion, and marketing tactics
  • The global aluminum alloys market report caters to various stakeholders in this industry including investors, suppliers, aluminum alloys manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global aluminum alloys market

Detailed Segmentation:

  • Global Aluminum Alloys Market, By End User:
    • Transportation
    • Construction
    • Packaging
    • Machinery
    • Electrical
    • Others (including consumer goods, etc.)
  • Global Aluminum Alloys Market, By Region:
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Europe
      • U.K.
      • France
      • Germany
      • Italy
      • Spain
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • ASEAN
      • Australia
      • South Korea
      • Rest of Asia Pacific
    • Middle East & Africa
      • Middle East
      • Africa
  • Company Profiles
    • United Company RUSAL Plc.*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Alcoa Inc.
    • Aluminum Corp. of China Ltd.
    • Kaiser Aluminum Corporation
    • Norsk Hydro ASA
    • Dubai Aluminum Co.
    • Constellium
    • Kobe Steel, Ltd.
    • Aluminum Bahrain B.S.C.

 “*” marked represents similar segmentation in other categories in the respective section.

Frequently Asked Questions

Global aluminum alloys market was valued at around US$ 133269.2 Million in 2021.
Rapid urbanization and industrialization are the factors fuelling growth of market.
Increasing use of the aluminum alloy in the production of an electronic component is augmenting the market.
Strict environmental regulations and high cost of fabrication process is expected to hinder growth of the market.
Major players operating in the 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.
The market is estimated to grow at around 4.67 % CAGR during the forecast period (2022-2030).

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