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High Strength Aluminum Alloys Market Analysis 2023: Market Growth, Size, Trends And Industry Forecast 2032 | Rio Tinto PLC, Aluminum Bahrain B.S.C., Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited
High Strength Aluminum Alloys Market
The Business Research Company's High Strength Aluminum Alloys Global Market Report 2023 identifies Increasing demand for lightweight automobiles and aircraft as the major driver for the High Strength Aluminum Alloys market's growth in the forecast period. The use of aluminium alloys decreases the weight of an aircraft greatly as it is quite lighter than steel, allowing aircraft to either carry more weight or increase fuel efficiency. For instance, a 20% weight reduction in a Boeing 787 is expected to generate a 10-12% improvement in fuel efficiency.
The global high strength aluminum alloys market size will grow from $38.09 billion in 2022 to $41.57 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global high strength aluminum alloys is expected to grow to $58.53 billion in 2027 at a CAGR of 8.9%.
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Major competitors in the High Strength Aluminum Alloys market are Rio Tinto PLC, Aluminum Bahrain B.S.C., Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited.
A key trend in the High Strength Aluminum Alloys market includes Continuous research and development. Various stakeholders are focusing on the development of better, efficient, and environmentally friendly high-strength aluminium alloys. For instance, in 2021, scientists at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) in India developed an environment-friendly process for improving the durability of a material in the face of corrosion of high-strength aerospace aluminium alloys. The enhancement in wear and corrosion resistance was achieved through depositing harder alumina coatings through anodizing, hard anodizing, and micro-arc oxidation (MAO), which is an eco-friendly process with lower environmental impact.
Read More On The Global High Strength Aluminum Alloys Market Report Here:
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The High Strength Aluminum Alloys market is segmented -
1. By Alloy Type: Wrought, Cast
2. By Strength: High-Strength, Ultra-High Strength
3. Application: Aerospace, Defense And Space, Automotive, Railway And Marine, Other Application
4. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the High Strength Aluminum Alloys market.
The Business Research Company's "Global High Strength Aluminum Alloys Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The High Strength Aluminum Alloys Market Include:
1. Executive Summary
2. High Strength Aluminum Alloys market Characteristics
3. High Strength Aluminum Alloys market Trends And Strategies
4. High Strength Aluminum Alloys Market - Macro Economic Scenario
5. High Strength Aluminum Alloys market Size And Growth
……
26. Africa High Strength Aluminum Alloys market
27. High Strength Aluminum Alloys market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The High Strength Aluminum Alloys market
29. High Strength Aluminum Alloys market Future Outlook and Potential Analysis
30. Appendix
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