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High Strength Aluminum Alloys Market: Industry Trends & Demand Insights | 2024 To 2033 Key Players Rio Tinto plc, Aluminum Bahrain BSC, Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited, Alcoa Inc.
High Strength Aluminum Alloys Market Share
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
High Strength Aluminum Alloys Market 2024 Key Insights:
• 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%.
• High-Strength Aluminum Alloys Market Surges Fueled By Rising Demand For Lightweight Aircraft And Automobiles
• Environmentally Friendly Enhancements In High-Strength Aluminum Alloys
• Asia-Pacific was the largest region in the high strength aluminium alloys market in 2023
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