Press release
High Strength Aluminum Alloys Market Size, Share And Growth Analysis For 2024-2033
High Strength Aluminum Alloys Market
The Business Research Company offers in-depth market insights through High Strength Aluminum Alloys Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The high strength aluminum alloys market size has grown strongly in recent years. It will grow from $39.95 billion in 2023 to $42.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased demand for lightweight materials in the automotive and aerospace industries, increasing demand for fuel-efficient vehicles, rising demand for aluminum in the construction industry, military applications, growth of the marine industry.
The high strength aluminum alloys market size is expected to see strong growth in the next few years. It will grow to $53.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growth in consumer electronics manufacturing, growing demand for electric vehicles, growing demand for aluminum in the packaging industry, growth in renewable energy projects, space exploration initiatives. Major trends in the forecast period include advancements in additive manufacturing, nanostructured aluminum alloys, recycling and sustainable practices, collaboration for material development, hybrid aluminum composites.
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Market Segmentation:
The high strength aluminum alloys market covered in this report is segmented -
1) By Alloy Type: Wrought, Cast
2) By Strength: High-Strength, Ultra-High Strength
3) By Application: Aerospace, Defense And Space, Automotive, Railway And Marine, Other Applications
Major Driver - High-Strength Aluminum Alloys Market Surges Fueled By Rising Demand For Lightweight Aircraft And Automobiles
Increasing demand for lightweight automobiles and aircraft is driving the growth of the high-strength aluminium alloys market. 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. In addition to a decrease in carbon footprint, lightweight parts also improve operational efficiency with such things as better acceleration, higher structural strength, and better protection performance. Therefore, the increasing demand for lightweight automobiles and aircraft drives the high-strength aluminum alloys market.
Competitive Landscape:
Major companies operating in the high strength aluminum alloys market report are Rio Tinto plc, Aluminum Bahrain BSC, Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited, Alcoa Inc., United Company Rusal, Aluminum Corporation of China Limited, Century Aluminum Company, China Hongquiao Group Limited., Constellium SE, Advanced Materials Technology GmbH, Alemix S. R. L, Kobe Steel Ltd., NAL Co., Precision Armament Inc., Aleris Corporation, Kaiser Aluminum Corporation, Nippon Light Metal Holdings Company Ltd., United Aluminum Corporation, UACJ Corporation, VSMPO-AVISMA Corporation, Alnan Aluminium lnc., Aluminium Corporation of America, Aluminium Products Company (ALUPCO), Arconic Corporation, Broken Hill Proprietary Company Limited, China Zhongwang Holdings Limited, Chongqing Southwest Aluminum Industry Co. Ltd., Constellium N. V., Furukawa-Sky Aluminum Corp., Hydro Extrusion North America LLC, JW Aluminum Company, Novelis Inc., Sapa AS
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Top Trend - Environmentally Friendly Enhancements In High-Strength Aluminum Alloys
Continuous research and development in the high-strength aluminium alloys market is a key trend in the market. 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.
The Table Of Content For The Market Report 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
…..
27. High Strength Aluminum Alloys Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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