Global Aluminum Alloys Market was valued at US$ 133269.2 million in 2020, According to 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), published by Coherent Market Insights
Global aluminum alloys market was valued at US$ 133269.2 Million in 2021. Aluminum Alloys market is expected to register a CAGR of 4.67 % over the forecast period (2022–2030), to reach US$ 199289.7 Million by 2030.
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.
Coronavirus outbreak had a negative impact on the aluminum alloy market, since manufacturing in the automobile and aerospace industries came to a halt. 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
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