Aluminum Alloys Market : Market Research Report : Key Growth Factors and Forecast 2024

The global aluminum alloys market features a relatively fragmented and highly competitive vendor landscape, states Transparency Market Research in a recent report. The market features a high degree of backward integration, with leading aluminum alloy vendors focusing on securing bauxite sources for consistent raw material supply. To sustain in the high level of competition in the market, companies are focusing on strategic collaborations with raw material suppliers, mergers and acquisitions, and increased investment in R&D activities.

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Some of the leading companies in the market are Rio Tinto Alcan, Alcoa Inc., Aluminum Corporation of China Ltd., United Company RUSAL Plc, Norsk Hydro ASA, and Aleris International Inc.

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Transparency Market Research estimates that the global aluminum alloy market will exhibit a healthy 4.8% CAGR over the period between 2014 and 2020, rising from a valuation of US$91.2 bn in 2013 to an opportunity of US$126.5 bn in 2020.

Transportation Sector to Contribute Much Needed Acceleration to Market

In terms of end-use sector, the report covers the usage of aluminum alloy in industries such as construction, transportation, machinery, electrical, packaging, and sporting good. Of these, the transportation industry is presently the leading contributor of revenue to the global aluminum alloy market, holding over 40% of the overall market in 2013. The segment is also likely to remain the leading end-use sector in terms of growth rate over the forecast period, driven chiefly due to the high usage of aluminum alloys in the automotive, marine, and aerospace arms for the manufacture of lightweight vehicle parts.

In terms of geography, the market in Asia Pacific led with a nearly 60% share of the total global consumption of a variety of aluminum alloys in 2013. The regional market is likely to continue its bullish run in the next few years, thanks to the thriving transportation and construction sectors.
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Rising Scope of Usage in Increasing Set of Application Areas to Drive Market

The global market for aluminum alloys benefits from a plethora of factors, including the rising scope of use of a variety of aluminum alloys across an increasing number of application areas. The transportation sector, in its lookout for materials capable of reducing the overall weight of vehicles, making them more fuel efficient, while also maintaining their strength and toughness, has emerged as a key use of aluminum alloys over the years. Industries such as automotive and aerospace continue to use aluminum alloys in a number of parts and accessories and the thriving growth of these industries across developed as well as developing economies is positively impacting the growth prospects of the global aluminum alloy market as well.

Fluctuating Supply and Costs of Raw Materials to Rein in Market Growth

Despite observing vast rise in demand across the transportation sector, some factors will rein in the growth of the global aluminum alloy market. Chief ones of these include the fluctuating raw material costs and the concerns related to the mining of bauxite across a number of regional markets with strict environment protection norms. With chief bauxite countries such as Indonesia and Malaysia coming under the radar of environmentalists owing to poorly regulated production operations, the market is expected to continue to bear the brunt of fluctuating supply of raw materials, and thus their fluctuating costs in the international market.

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This release was published on openPR.