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

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

Browse 50 market data tables* and 40 figures* on "Global Aluminum Alloys Market” - Forecast to 2030.

Key Trends and Analysis of the Global Aluminum Alloys Market:

  • The 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 aluminum alloy for developing the innovative product with enhanced properties is expected to drive the market growth. For instance, in December 2021, Rusal announced investing around US$ 12 million for carrying out modernization of its alloy car wheel plant at SKAD, a producer of aluminum alloy wheel rims for automotive companies in Russia. The company aims at expanding its business capabilities and target high-growth countries with rising demand of aluminum alloys in Germany.
  • Partnership and agreement among key manufacturers is one of the current trends in the market. For instance, in November 2021, Brazilian Automobile Confederation (CBA) announced acquiring around 80% shares of secondary alloyed aluminum producer, Alux. CBA has been involved in extensive production capacity expansions.

Key Takeaways of the Global Aluminum Alloys Market:

  • On the basis on end user, Transportation segment held dominant position in the market and accounted for 47.3% share in the global aluminum alloysmarket in 2021.
  • In November 2020, Norsk Hydro ASA partnered with Arksen. With this acquisition Arksen now has access to low-carbon aluminum and aluminum expertise due to its partnership with Hydro.
  • 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, world's second largest aluminum company declared that it is developing the production of aluminum cast pipes that are equal in quality to products created from conventional materials, in collaboration with Lipetsk Pipe Company Svobodny Sokol, a producer of  ductile iron pipes and fittings

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo