Press release
Aluminium Bahrain, IBC Advanced Alloys Corp Kaiser Aluminum Corporation Profiled in Aluminum Alloys Market 2018-2024 | Prominent Profiles - Rio Tinto Alcan, Alcoa, United Company RUSAL, Aluminum Corporation of China, Constellium, Kobe Steel, Norsk Hydro,
Aluminum Alloys Market
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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Growth drivers are
• Rapidly developing land and air transportation
• Growing construction industry in BRICS nations
• Industrial development in Asia Pacific
• Inconsistent raw material prices
• Regulations and environmental concerns pertaining to bauxite mining
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.
U.S., China, and UK accounted for majority of the total with more than 1 billion flyers in 2016, but India is likely to surpass UK and other countries including Germany, Japan, and Indonesia in the coming years. Annual delivery of commercial aircrafts is gradually increasing to successfully serve the high number of flyers, hence propelling the overall aluminum alloys market.
Rapidly rising population and increasing urbanization in the BRICS nations will be an important driver for the global product market during the forecast years. These nations are gradually shifting their focus towards investments for industrial developments in order to create job opportunities to the increasing number of young as well as middle age population.
Government initiatives to develop the infrastructure and housings in these countries, especially in China and India, will further catalyze the aluminum alloys market growth. The construction industry was worth beyond USD 3 trillion in 2016 in the BRICS countries and this number will reach close to USD 8 trillion by 2024. Growing usage of advanced materials in building construction as well as infrastructures such as flyovers and bridges will drive the global aluminum alloys market in the near future.
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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.
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.
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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Aluminum alloys market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2013 to 2024, for the following segments:
Aluminum Alloys Market by Product
• Wrought alloy
• Cast alloy
Aluminum Alloys Market by Application
• Transportation
• Construction
• Packaging
• Machinery
• Electrical
• Others
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