Aluminium Alloy Market to Experience Significant Growth with 6%+ CAGR by 2032

A new Report by Future Market Consulting, titled Aluminium Alloy Market:

Expanding at a CAGR of +6%, the global aluminium alloy market size is expected to increase from a valuation of US$ XX billion in 2024 to US$ XX billion by 2032, as per the latest study by Future Market Consulting

Aluminum alloys are in great demand in the transportation industry due to their corrosion resistance, light weight, recyclability, and high strength, thermal and electrical conductivity. Wrought alloys have higher tensile strength and higher aluminum content than cast iron, making them a widely used material. Forged alloys are lighter in weight and generally free from defects such as porosity and shrinkage gaps. Only high-strength aluminum alloys are in great demand from the transportation and automotive industries. The global aluminum alloy market is expected to be driven by increasing demand in the transportation industry. Aluminum alloy is only used in the transportation industry because of its corrosion resistance, light weight, recyclability, high strength, thermal and electrical conductivity, and other properties. The price volatility of the materials hinders the growth of the aluminum alloy market. Price changes in the aluminum alloy market can be attributed to various factors, including the cost of production-related energy and raw materials such as alumina and bauxite. It may be difficult for consumers and manufacturers to properly plan and manage their budgets as a result of this unpredictability. The growing demand for aluminum alloy in the aerospace sector creates a lucrative opportunity for the growth of the market. In the aerospace sector, lighter aircraft are essential for increasing fuel economy. Aluminum alloys are perfect for creating lighter airframes, wings, and other structural components because they provide a good strength-to-weight ratio.

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Major market players included in this report are:
• United Company RUSAL Plc (Russia)
• Alcoa Inc. (US)
• Aluminum Corp. of China Ltd. (China)
• Kaiser Aluminum Corporation (US)
• Norsk Hydro ASA (Norway)
• Dubai Aluminum Co. (UAE)
• Constellium (France)
• Kobe Steel, Ltd. (Japan)
• Aluminum Bahrain B.S.C. (Middle East)
• Trimet (US)
• Others

Aluminium Alloy Market Segmentation:
By Sensitivity Type
• Heat Treatable Alloys
• Non-Heat-Treatable Alloys

By Heat Treat Type
• Series 2000
• Series 6000
• Series 7000

By Non-Heat Treat Type
• Series 1000
• Series 8000
• Series 3000
• Series 4000
• Series 5000

By Application
• Packaging
• Automotive
• Marine
• Consumer Durables
• Aerospace
• Building & Construction
• Other Applications

By Type
• Cast Aluminium Alloys
• Wrought Aluminium Alloys

Sensitive Type is the fastest-growing segment in the aluminum alloys market.
The global heat-treated aluminum alloy market is driven by many factors. Aluminum alloys have a combination of strength, durability, and formability that makes them indispensable in industries such as aerospace, automotive, and construction. Refinement capabilities through the heat treatment process allow companies to develop products for specific applications. In addition, the use of electronic heat treatment equipment is being driven in many places by the growing need for heavy equipment as a result of fuel consumption and safety issues. Industries such as automobiles and transportation benefit from alloys' ability to reduce overall weight without sacrificing integrity.

North America holds the largest market share in the global aluminum alloys market.
The global aluminum alloy market in North America is driven by many factors. The lightweight and wear-resistant properties of aluminum alloys make them crucial to industries such as automobiles and aerospace, in line with the region's drive towards fuel efficiency and sustainability in transportation. In addition, materials used in environmental and civil engineering must be resilient enough to endure a variety of environmental circumstances. Aluminum alloys provide the strength needed for building materials while maintaining a beautiful appearance.

Recent developments in the aluminum alloys market for market expansion.
• In February 2018, Novelis, one of the world leaders in aluminum rolling and recycling, launched Advanz™ 7UHS-s701 aluminum alloy. This high-strength alloy is designed for lightweight automotive structural components and allows automakers to reduce vehicle weight while maintaining stability. The launch of this product refers to the automotive industry's need for new materials to support electric vehicles and improve overall fuel efficiency.
• In March 2021, leading aluminum company Alcoa announced the SUSTANA™ family of aluminum alloys designed for heavy-duty automotive applications. These alloys have a high weight-to-weight ratio that improves vehicle fuel efficiency and reduces emissions. The launch aims to meet the automotive industry's growing demand for durable and lightweight materials to meet stringent environmental regulations.
• In January 2022, aluminum supplier Constellium launched Aheadd® aluminum alloy, specifically designed for additive manufacturing (3D printing) applications. These alloys are designed to provide the best performance and performance in 3D printing, allowing the creation of complex and lightweight structures for a variety of industries, including aerospace and automotive. The launch addresses the growing demand for advanced materials suitable for production technology.

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NOTE: Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 analysis of markets and industries. Cordially get in touch for more details.

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