Positively impacting the global Aluminum Alloys Market, the transportation industry emerged as one of most significant application segment changing the aluminum alloys industry dynamics. Both in terms of volume and revenue, the transportation industry will prominently sway the entire aluminum alloys industry over the years ahead, having accounted for 45% of global industry share in 2016. A substantial rise in the demand of lightweight and sturdy automotive vehicles have subsequently fueled the demand for aluminum alloys, thanks to its high strength to weight ratio and machinability.
Aluminum alloys market application segments are categorized into construction, transportation, packaging, electrical, machinery, and others including consumer goods, etc. Construction industry, driven by the increasing need for shelters for the continuously growing population in the urban areas, will generate revenue above USD 35 billion in 2024.
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The robust growth dynamics of the transportation and the construction industry have positively influenced the economic saga of Asia Pacific and Europe. Accounting for more than 60% of overall industry share, Asia Pacific aluminum alloys market is expected to expand at 5.5% CAGR over 2017-2024. The steady growth of automotive, marine, and the construction industries in China, India, and Japan will signify the profitable growth prospects of Asia Pacific aluminum alloys market. The exponential rise in the GDPs of emerging economies will also be a major growth catalyst for the expansion of regional aluminum alloys industry.
Europe on other hand is a hub for aeronautical and automotive companies, which is expected to thrive the demand for aluminum alloys. The demand for wrought alloys in this region will show a significant upsurge as it finds major application in the automotive and aerospace industry. The higher tensile strength, lighter weight, and negligible casting defects makes the high demand for wrought alloy very obvious for the fabrication of mechanical parts. Rising demand to enhance the vehicle performance and manufacture technologically advanced products that will impart maximum efficiency will lead to a significant adoption rate of aluminum alloys in the end-use sectors. Moreover, the companies are vigorously engaging in R&D activities and strategic collaborations to develop their product portfolios addressing the needs of the technologically advanced era.
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Aluminum alloys market, based on product types, is segmented into wrought and cast alloys. Wrought alloys will likely have a considerable share owing to its superior strength and lighter weight than cast alloys. They find major applications in the automotive and aerospace industries.
Key aluminum alloys industry players include Alcoa, Magna International Inc., United Company RUSAL, Norsk Hydro, Constellium, Aluminium Bahrain, IBC Advanced Alloys Corp., ERAMET, Rio Tinto Alcan, UACJ Corporation, Aluminum Corporation of China, Aleris International, Kobe Steel, and Dubai Aluminium Company.
Browse key industry insights spread across 127 pages with 143 market data tables & 14 figures & charts from the report, “Aluminum Alloys Market Forecast, 2017 – 2024” in detail along with the table of contents:
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