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Allied Market Research

Aluminum Alloys Market by Product (Cast Alloy and Wrought Alloy), and End use (Transportation, Building & Construction, Machinery, Automotive, and Marine): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11810
Pages: NA
Aug 2021 | 153 Views
   
Author(s) : Eswara Prasad
Tables: NA
Charts: NA
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COVID-19

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Aluminum Alloys Market Outlook – 2028

Aluminum alloys are high in demand in transportation industry due to its properties such as corrosion resistance, lightweight, recyclability, high strength, and thermal & electrical conductivity. Wrought alloy has higher tensile strength than cast alloys and has more aluminum content, which makes it a popularly used product category. Wrought alloy is lighter in weight and is normally free from common casting defects such as porosity and shrink. The automotive industry and transportation industry mainly has high demands for high strength aluminum alloys. Aerospace and defense industry dominates the demand for ultra-high strength aluminum. The increase in implementation of strict regulations around the world to reduce CO2 emissions from cars has forced the manufacturers to reduce the weight and increase the fuel efficiency of cars. Aluminum, as a lightweight material, is widely used in the automotive industry to reduce the weight of vehicles. One kg of the product can replace up to 1.8 kg of steel, reducing the total weight of vehicles. Lightweight vehicles results in better acceleration, braking, and handling, which reduces the fuel emissions and battery power consumption in electric vehicles. The properties of aluminum such as lightweight, corrosion resistance, and dent resistance allows car manufacturers to make the body of the car thicker in order to increase dent resistance.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available for Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Unit

  Value (USD)

  Segments Covered

  Product, End Use, and Region

  Regions Covered

  North America, Europe, Asia-Pacific, LAMEA

  Companies Covered

Aluminum Corporation of China Ltd., Rio Tinto Alcan, Alcoa Inc., United Company RUSAL Plc., UACJ Corporation, Norsk Hydro ASA, Dubai Aluminium Company Ltd., Aluminium Bahrain B.S.C, Aleris International Inc., Constellium, and Kobe Steel Ltd.


COVID-19 Impact analysis

  • The aluminum alloys market suffered a huge loss during the COVID-19 outbreak as the production in automotive industry and aerospace industries came to halt. Only medical supplies and life support product industries were allowed to function.
  • The growth of the market was hampered and there was decline in CAGR. The demands from other sectors like buildings and construction, machineries and marine sectors was also reduced to certain levels.
  • The supply chain was also disturbed as there were restrictions on logistics all over the world. Thus, this affected the growth of transportation sector as well.

Top Impacting factors

The automotive manufacturers are slowly shifting from steel to aluminum alloys in order to reduce weight in vehicles. The average weight of the vehicle has been continuously increasing as more systems and features are being integrated to improve safety and convenience as well as meet the regulations and end user’s demands. This has led to an increase in the use of high strength aluminum alloys as a substitute to steel as aluminum possesses improved strength capabilities and is lightweight. The increase in the energy costs and environmental pollution are the major problems for the aluminum alloys market. Aluminum production consumes a large amount of energy, and releases hazardous substances, which are harmful for the environment.

Marketing Trends

New product launch

  • The automotive industry has experienced a significant change over the years, and there is a growth in the trend toward reducing the weight of automobiles. In the transportation industry, passenger cars are the heavy users of the product. The main countries driving the demand for passenger cars are China, India, and the U.S.
  • Poor regulation of bauxite mining in the straits of Malaysia and Indonesia has raised concerns regarding the ecological impact. Increase in respiratory and skin diseases, due to exposure to mining dusts may constitute threats to the aluminum alloys market as aluminum is obtained from these ores. In the European Union, bauxite mining is governed by a European Innovation Partnership (EIP) body named Bauxite Residue and Aluminum Valorization Operations (BRAVO), which are researching to improve the aluminum value chain and secondary raw material recovery.
  • Existence of several high-end automotive and aeronautical companies in Europe, especially in Germany, the UK, France, and Italy, are expected to influence the regional market positively in coming years. Technologically advanced manufacturing units are driven by increasing the product efficiencies. Aluminum alloys market demand will grow as increase in the demand for performance products is expected in these end-user industries.

Key Segments Covered

Product

  • Cast Alloy
  • Wrought Alloy

End Use

  • Transportation
  •  Building & Construction
  • Machinery
  •  Automotive
  •  Marine
  • Others

Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Australia
    • Malaysia
    • Rest of Asia-Pacific
  • LAMEA
    • Saudi Arabia
    • UAE
    • Rest of LAMEA

Key Benefits of the Report

  • This study presents the analytical depiction of the aluminum alloys industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the aluminum alloys market share.
  • The current market is quantitatively analyzed from 2020 to 2028 to highlight the aluminum alloys market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed aluminum alloys market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the aluminum alloys Report

  • Who are the leading market players active in the aluminum alloys market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
    • Upcoming Report specific
      • What is "aluminum alloys"?
      • What does "aluminum alloys" allow organizations to achieve?
      • What are the current trends and predicted trends?
      • What are the challenges faced in the "aluminum alloys" Market?
      • Which will be the niches at which players profiling with recent advancements should set a presence?
      • What are the driving factors and opportunities in the market?
 
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