The Global Aluminum Alloys Market was valued at US$ 126,500.8 million in 2020, according to Aluminum Alloys Market Report, by End Use (Transportation, Construction, Packaging, Machinery, Electrical, and Others (including consumer goods, etc.)), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa), published by Coherent Market Insights.
The global aluminum alloys market was valued at US$ 126,500.8 million in terms of revenue in 2020 and is predicted to grow at a CAGR of 4.8% during the forecast period (2021 to 2028). 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.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 45 figures* on “Aluminum Alloys market” - Global Forecast to 2028.
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 spur the market growth. For instance, in September 2019, Hydro has expanded its research and development capabilities with the launch of an aluminum research lab in Finspång, Sweden. The Extrusion Test Center will allow Hydro to “test new types of aluminum alloys and their extrudability for eventual use in applications that are innovative and which can help customers reduce their carbon footprint.
- Partnership and agreement among key manufacturers is one of the current trends in the market. For instance, in November 2019, Oerlikon, Linde, and Technical University of Munich enter into partnership on a €1.7M project to develop aluminum alloys for the aerospace and automotive sectors. Their aim through this assignment is to develop high-strength, lightweight aluminum-based alloys which will allow industrial users to additively manufacture parts that meet the safety and weight-reduction needs of their trade.
- Increasing use of recycled aluminum alloys across various industries is expected to provide lucrative market opportunities over the forecast period. Pure aluminum gets easily recycled and helps in saving electricity consumption. Recycling of aluminum is one of the emerging segments and various manufacturers are adopting this strategy. For example, recycled aluminum alloy producers from across the United States formed the Aluminum Recyclers Council (ARC) in January 2018. The mission of ARC is to promote and defend the domestic aluminum recycling industry and establish a business excellence program.
Global Aluminum Alloys Market: Recent Developments
- In September 2021, United Company RUSAL Plc, a leading global aluminium producer, has announced the registration in the Russian Maritime Register of Shipping of an aluminum-scandium alloy produced by the company.
- In November 2020, on an aluminium exploration and research vessel project, Norsk Hydro ASA has partnered with Arksen. Arksen now has access to low-carbon aluminium and aluminium expertise due to its partnership with Hydro.
- In August 2021, the first consignment of lighting poles manufactured from aluminium alloys has been launched to the domestic market by RUSAL in collaboration with the Krasnoyarsk Metallurgical Plant and Alluminate Company.
- The volatile price of raw materials used in the manufacturing of aluminum alloys is expected to hinder the market growth. Alloying elements such as zinc, copper, magnesium, and others which significantly affect the overall price of the aluminum alloys. Thus the fluctuating price of these materials hinders the market growth.
- The global Aluminum Alloys market was valued at US$ 126,500.8 Mn in 2020 and is forecast to reach a value of US$ 184,419.8 Mn by 2028 at a CAGR of 4.8% between 2021 and 2028.
- The Construction segment was valued US$ 28,773.0 Mn in 2020 and is expected to witness a CAGR of 22.7% over the forecast period. (Different Segment should be covered than what is covered in MI file by Research Team )
- Key players are operating in the global aluminum alloys market are 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.
- These players are constantly engaged in mergers, acquisitions and product launches to gain competitive advantage over other players. For instance, In August 2021, RUSAL declares that it is developing the production of aluminium cast pipes that are equal in quality to products created from conventional materials, in collaboration with Lipetsk Pipe Company Svobodny Sokol.
Global Aluminum Alloys Market - Impact of Coronavirus (Covid-19) Pandemic
- The Coronavirus pandemic has had a severe impact on a wide range of industries all around the globe. The aluminum alloy has witnessed negative slope growth due to the introduction of various containment restrictions which forced the manufacturer to shut down their facilities during a pandemic. However, the economy is getting back to its feet slowly and gradually which may provide lucrative growth opportunities to the market in the near future.
By End Use
- Others (including consumer goods, etc.)
- North America
- Latin America
- Middle East & Africa