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Metal Alloys Market trends, Top Companies, Share, Growth And Forecast 2033
Metal Alloys Market
The Business Research Company presents an extensive market research report on the Metal Alloys Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The metal alloys market size has grown strongly in recent years. It will grow from $301.74 billion in 2023 to $320.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to automotive growth, infrastructure development, military applications, aerospace industry demand, energy sector needs.
The metal alloys market size is expected to see strong growth in the next few years. It will grow to $404.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to digital transformation, shift in consumer preferences, urbanization, climate change mitigation, medical devices demand. Major trends in the forecast period include nanostructured alloys, digital twin adoption, smart alloys, biodegradable alloys, material traceability.
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Key Market Players:
Major companies operating in the metal alloys market report are Pohang Iron and Steel Company, Thyssen Krupp AG, Tsingshan Holding Group Co Ltd., Johnson Matthey plc, Stryker Medical Inc., Shanxi Taigang Stainless Steel Co Ltd., United Company RUSAL plc, IHI Master Metal Co Ltd., Koninklijke DSM N.V., Aperam S.A., Acerinox S.A., Zimmer Biomet Holdings Inc., Baosteel Stainless Steel Co Ltd., Guangxi Beibu Gulf New Materials Co Ltd., ATI Specialty Alloys & Components, Jindal Stainless Limited, Carpenter Technology Corporation, Materion Corporation, VSMPO-AVISMA Corporation, Aubert & Duva SA, Haynes International Inc., Western Metal Materials Co Ltd., California Metal & Supply Inc., Aero-Vac Alloys & Forge Inc., High Performance Alloys inc., QuesTek Innovations LLC, Bioplate Inc., Continental Steel & Tube Co, Metal Associates Inc., KLS Martin Group, MetalTek International Inc., Nippon Yakin Kogyo Co Ltd., Precision Castparts Corp
Market Drivers:
Growth in the automotive industry is expected to propel the growth of the metal alloys market going forward. The automotive industry refers to industries associated with the production, retailing, wholesaling, and maintenance of motor vehicles. Metal alloys, such as aluminum alloys, are extensively used in the automotive industry for their favorable properties such as good durability, superior corrosion resistance, and improved maintenance. For instance, in April 2022, according to a report published by the European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. As a result, the market for metal alloys is driven by the expansion of the automotive sector.
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https://www.thebusinessresearchcompany.com/report/metal-alloys-global-market-report
The metal alloys market covered in this report is segmented -
1) By Material: Stainless Steel Alloys, Aluminum Alloys, Bronze Alloys, Nickel Alloys, Other Materials
2) By Process: Casting, Hot and Cold Rolling
3) By Application: Transportation, Construction, Packaging, Machinery, Electrical, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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