Aluminum Alloys Market Overview by 2026 | Leading Key Players Alcoa, United Company RUSAL, Aluminum Corporation of China, Constellium, Aluminium Bahrain, Kobe Steel, Norsk Hydro, Dubai Aluminium Company, Kaiser Aluminum Corporation, Aleris International

Aluminum alloys market is majorly driven by the global tourism industry owing to rapid development in the commutation means such as land and air. People are travelling from one place to another through various means of transport. Growing need for better and superior transportation is to surpass the industrialization is likely to push the market in near future. The major industries that drive the aluminum alloys market are the air and land transport. Increasing purchasing power of consumers, growing per capita income, rising standard of living and developed infrastructure is likely to augment the air transport industry which in turn will drive the product market.

According to a new research report by Global Market Insights, Inc. Aluminum Alloys Market size is slated to cross USD 150 billion by 2024.

Request sample copy of this report @ https://www.gminsights.com/request-sample/detail/1527

Based on the end-user industries, aluminum alloys market is classified as construction, transportation, electrical, machinery, and packaging. In 2016, the construction industry accounted for more than USD 20 billion of the total aluminum alloys market ever increasing population coupled with the requirement of infrastructure round the globe will further augment the global product market share. The transportation segment holds a significant share in the overall market and is likely to lead the market in terms of revenue and volume. The transportation industry is likely to exhibit growth in excess of 5.5% CAGR in projected timeframe.

Considering products, the aluminum alloys market is segmented into two broad categories which are cast and wrought. To provide the desired features for exact applications, cast alloys are produced with other elements such as zinc, copper, tin, magnesium, and silicon. For example, the aluminum-tin alloy showcases high wear resistance and low strength. Wrought alloy consists of more aluminum content and comparatively higher tensile strength. The product is more popularly used as it is defects-free from shrink and porosity.

Another primary driver for the aluminum alloys market is the growing construction industry in the BRICS nations. Increasing urbanization and rapidly increasing population in these nations is steadily inclining towards industrial development to create new and better job opportunities. In countries such as India and China, government has started taking initiatives for housing and other infrastructure which in turn will augment the regional product market.

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/aluminum-alloys-market

In 2016, the construction industry in the BRICS nations was valued at over USD 3 trillion and is likely to surpass beyond USD 8 trillion till the end of the forecast timeframe. Use of advanced and developed materials in in the construction of bridges and flyovers will further accelerate aluminum alloys market growth in coming years.

From the global aluminum alloys market, Asia Pacific region holds in excess of 60% share and is likely grow with a CAGR of 5.5% in the future years owing to wide expansions in the construction, marine, and automotive industries. Growing industrialization in India and other Southeast Asian countries will further augment the global aluminum alloys market.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1527

Prominent players operating in the global aluminum alloys market include Aluminum Corporation of China, Rio Tinto Alcan, Alcoa, United Company RUSAL, Dubai Aluminium Company, Aleris International, Constellium, Kobe Steel, Aluminium Bahrain, Kaiser Aluminum Corporation, and Norsk Hydro to name some.

Contact Us
Contact Person: Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1 888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

About Global Market Insights

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.

This release was published on openPR.