Press release
High Strength Aluminum Alloys Market Research, Future Trends, Opportunities And Deep Analysis Report 2024-2033
High Strength Aluminum Alloys Market
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.
Market Overview -
High strength aluminium alloys refer to alloys having high strength aluminium as the predominant metals that are alloyed with copper, magnesium, manganese, and other metals. High-strength aluminium alloys are capable of creating complex extrusions and have applications in cushioning and weight reduction.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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