Aluminum Alloys Market Expected To Surpass USD 150 Billion By 2024
Aluminum alloys market is expected to chart a lucrative growth map over the coming years, driven by the wide product applications across the electrical, transportation, machinery, construction, and packaging sectors. Escalating need for light weight alloys to improve the vehicle performance will help the industry players in expanding their product portfolio and exploring new business growth avenues.
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Transportation sector, which contributed over 45% of aluminum alloys industry share in 2016, is foreseen to display a CAGR of over 5.5% over the coming seven years. The high popularity of light-weight vehicles and aircrafts among the end-users will boost the product demand.
Construction sector, which contributed over USD 20 billion towards aluminum alloys market revenue in 2016, is predicted to produce a revenue of more than USD 35 billion by 2024. Favorable product features such as lightweight and resilience makes aluminum alloys more desirable across the construction sector.
Aluminum alloys industry has laid strong foundation bases across key geographies. For instance, Asia Pacific alloys market, which contributed over 60% of the overall industry size in 2016, is slated to record a CAGR of over 5.5% during the period from 2017 to 2024.
Rapidly expanding construction and vehicle manufacturing sectors across the countries such as India, China, and Japan will favorably influence the business sphere. A heavy presence of automobile and aeronautical firms across countries such as Italy, Germany, France, and the UK will lucratively impact the growth curve of aluminum alloys industry in Europe.
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Aluminum alloys can be categorized into cast and wrought alloys. Wrought alloys are expected to make major contributions toward global aluminum alloys market size over the years to come, owing to their lightweight characteristics and high tensile strength. Heavy demand for producing mechanical components of a specific type through specialty engineering will have a major impact on the growth of cast aluminum alloys industry.
Aluminum alloys market is highly competitive with major players contributing over 25% of the overall industry share in 2016. UACJ Corporation, Rio Tinto Alcan Incorporation, Aleris International Incorporation, Norsk Hydro ASA, Kobe Steel Limited, Aluminium Bahrain B.S.C, Aleris International Incorporation, Magna International Incorporation, Kaiser Aluminum and Chemicals Corporation, IBC Advanced Alloys Corporation, Alcoa Corporation, and United Company RUSAL are the key industry participants.
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