Aluminum Alloys Market Size, Outlook, Share, Demand, Manufacturers And Forecast By 2023-2030 | United Company RUSAL Plc, Alcoa Inc.

The Aluminum Alloys Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aluminum alloys are materials made by combining aluminum with other elements like copper, magnesium, manganese, and silicon. They are widely used in automotive, aerospace, construction and packaging industries due to their light weight, corrosion resistance, and high strength properties.

Market Dynamics:

The aluminum alloys market is expected to witness significant growth over the forecast period owing to increasing adoption of aluminum alloys in automotive industry for manufacturing engine components, wheels, and other structural parts. This is attributed to aluminum alloys' capability to reduce vehicle weight and increase fuel efficiency. In addition, growing construction activities globally are further augmenting the demand for aluminum alloys in construction applications such as window frames, siding panels and roofing materials due to their durability and cost effectiveness.

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Top Key Players are Covered in this Report:

★ United Company RUSAL Plc
★ Alcoa Inc.
★ Aluminum Corp. of China Ltd.
★ Kaiser Aluminum Corporation
★ Norsk Hydro ASA
★ Dubai Aluminum Co.
★ Constellium
★ Kobe Steel Ltd.
★ Aluminum Bahrain B.S.C.

Detailed Segmentation

By End User:

★ Transportation
★ Construction
★ Packaging
★ Machinery
★ Electrical
★ Others (including consumer goods, etc.)

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Heavy Demand from Aerospace & Automotive Industries is Driving the Aluminum Alloys Market Growth

The aluminum alloys market has witnessed a strong growth due to heavy demand from aerospace and automotive industries in past few years. Aluminum alloys are increasingly being used in aircraft manufacturing to reduce the overall weight of aircraft and improve fuel efficiency. More than 50% of an airplane's total weight is made up of aluminum alloys. Narrow body aircraft such as Airbus A320neo and Boeing 737 MAX are incorporating increasing use of aluminum alloys to cut down aircraft weight. Similarly, in automotive industry, aluminum alloys are rapidly replacing steel to reduce the overall weight of vehicles. This helps automakers to improve fuel efficiency as lighter vehicles result in less fuel consumption. Many luxury and premium vehicles are now offering aluminum body panels, hoods and other components to reduce weight. Stringent emission norms are also driving automakers to find innovative ways to cut down vehicle weight. Growing middle class population and rising disposable income in developing countries is fueling the sales of passenger vehicles which in turn expected to propel the demand for aluminum alloys during the forecast period.

High Production Cost of Aluminum Alloys is a Major Restraining Factor

Despite rising demand from key end-use industries, high production costs associated with aluminum alloys pose a major challenge for their widespread adoption. Aluminum alloy production requires significant energy consumption during smelting and refining processes. Aluminum production is also an electricity intensive process which makes aluminum alloys relatively expensive than other conventional metals such as steel. Though aluminum alloys provide weight saving benefits, their relatively higher costs often offset any savings from using lighter materials. Fluctuating raw material prices also impact aluminum alloy production costs. Energy crisis situations also negatively affect aluminum alloy production and supply. Additionally, stringent emission norms during aluminum production add to overall costs. These cost challenges limit the scope of aluminum alloys in cost-sensitive applications. Ongoing research efforts are being made to develop more cost competitive production technologies but high costs remain a key restraining factor for aluminum alloys market.

Increasing Focus on Light Weighting of Electric Vehicles Presents Lucrative Opportunity

Growing concerns over environmental pollution and depletion of fossil fuels have led to rising adoption of electric vehicles globally in recent years. Manufacturers are increasingly focusing on developing affordable electric vehicles with longer driving range per charge. This has opened up a huge opportunity for aluminum alloys in electric vehicle manufacturing. Aluminum alloys can significantly help in reducing the overall weight of electric vehicles without compromising safety or performance. Lightweighting of EVs using aluminum allows automakers to use smaller battery packs without compromising mileage thus bringing down the production costs. It also helps electric vehicles to achieve 250-300 miles driving range per single charge which is necessary for consumer acceptance. As emission regulations tighten further, the demand for aluminum alloys from electric vehicle manufacturing is poised to grow substantially over the coming years. With rapid electrification of automotive industry, aluminum alloys can capitalize on this lucrative opportunity of lightweighting electric vehicles.

Growing Construction & Infrastructure Sector Expected to Boost Aluminum Alloy Sheet Demand

The construction industry is witnessing steady growth globally particularly in developing countries where fast-paced infrastructure development is underway. Aluminum alloy sheets are extensively used in construction of buildings, industrial structures, towers, bridges and other infrastructure projects due to their light weight, corrosion resistance and formability advantages over steel. Aluminum alloy sheets are a popular choice for applications requiring durable exterior cladding, wall paneling and roofing. Their non-rusting property negates need for painting and reduces maintenance costs. In infrastructure sector, aluminum alloy sheets are used in rolling stock manufacturing, making tunnels and other components. To support economic growth, many developing nations are investing heavily in construction of roads, airports and other public facilities which will further boost demand for aluminum alloy sheets. Additionally, retrofitting old buildings and bridges with aluminum sheets also presents new opportunities. With strong construction activities in Asia, Middle East and other regions, the market for aluminum alloy sheets is envisioned to experience noteworthy growth in coming years.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global Aluminum Alloys market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Aluminum Alloys market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Aluminum Alloys Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.