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Aluminum Alloys Market 2024 Global Key Players Magna International, ERAMET, UACJ Automotive Whitehall Industries, Inc. Kaiser Aluminum, Aluminium Bahrain, Constellium, Aluminum Corporation Of China Limited, Alcoa

Aluminum Alloys Market 2024 Global Key Players Magna

Aluminum Alloys Market size is slated to cross USD 150 billion by 2024. Aluminum alloys market is primarily dependent on the availability of aluminum along with other alloying materials including zinc, copper, magnesium, manganese, tin, etc. Fluctuation in the prices of aluminum owing to its application in various end-user industries may inhibit global aluminum alloys market growth in coming seven years. Price volatility of other alloying elements such as copper, zinc, and magnesium due to competitive market may also pose hindrances to the industry growth.

Rising air travel trends for domestic as well as international commuting and rising global trade activities will boost the aluminum alloys demand in the aviation industry. According to the International Air Transport Association (IATA), number of flyers witnessed a steep increase from less than 3 billion in 2011 to more than 3.7 billion in 2016 and this number will double over the next two decades.

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Aluminum Alloys Market size was registered at over USD 100 billion by 2016 gaining the industry by CAGR over 5%. Aluminum alloys market is primarily dependent on the availability of aluminum along with other alloying materials including zinc, copper, magnesium, manganese, tin, etc. Fluctuation in the prices of aluminum owing to its application in various end-user industries may inhibit global aluminum alloys market growth in coming seven years. Price volatility of other alloying elements such as copper, zinc, and magnesium due to competitive market may also pose hindrances to the industry growth.

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.

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Aluminum Alloys Market by Application
• Transportation
• Construction
• Packaging
• Machinery
• Electrical
• Others

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

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.

Asia Pacific will hold sway the global aluminum alloys market, accounting for more than two-third of the overall share in 2024. High growth in manufacturing and construction industries in China, Japan, and India will augment the regional growth during the forecast period.

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.

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Some key aluminum alloys market participants include Rio Tinto Alcan, Alcoa, United Company RUSAL, Aluminum Corporation of China, Constellium, Aluminium Bahrain, Kobe Steel, Norsk Hydro, Dubai Aluminium Company, Kaiser Aluminum Corporation, Aleris International, UACJ Corporation, ERAMET, Magna International Inc., and IBC Advanced Alloys Corp.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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