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November 22nd, 202311/22/2023 The Aluminum Alloys Market is estimated to be valued at US$ 148.65 Bn or Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Aluminum alloys are mixtures of aluminum with other elements which finds its applications across various industries such as automotive, aerospace, construction, packaging and others. Aluminum alloys have properties like high strength-to-weight ratio, corrosion resistance and durability which makes them ideal for manufacturing components in automobiles, aircrafts, building structures, containers and foils. Market Dynamics: Some of the key drivers propelling the growth of aluminum alloys market are rapid growth of automotive & transportation industry and high demand for lightweight materials. The production and sales of motor vehicles have witnessed robust growth over the past few years. Aluminum alloys provide lighter alternatives to steel in manufacturing of automobile bodies and components which helps in improving fuel economy. Also, reduced vehicle weight translates to lower carbon emissions. In the aerospace industry, aluminum alloys are increasingly being used to manufacture airframes and jet engines as they provide 15-20% weight reduction compared to steel. Lighter aircraft structures improve fuel efficiency and increase payload capacity. Rising demand for sustainable and eco-friendly materials from end-use industries is expected to augment the market growth over the forecast period. Segment Analysis The aluminum alloys market can be segmented into wrought aluminum alloys and cast aluminum alloys. The wrought aluminum alloys segment is currently dominating the market due to increasing application in transportation, packaging, and construction industries. Within wrought aluminum alloys, the aluminum-magnesium alloys are the largest sub-segment owing to their high strength-to-weight ratio and corrosion resistance. PEST Analysis Political: Favorable government policies and initiatives towards green and sustainable construction are boosting the aluminum alloys market. Many countries have implemented bans on single-use plastics to promote aluminum packaging. Economic: The growth of end-use industries such as automotive, aerospace, packaging etc. is driving the demand for aluminum alloys. However, fluctuation in prices of raw materials can impact the market. Social: Rising health and environment consciousness among consumers is increasing the preference for sustainable and recyclable materials like aluminum alloys over plastics and other alternatives. Technological: Developments in alloy composition and processing technologies have enhanced the mechanical properties of aluminum alloys. Additive manufacturing is enabling complex aluminum alloy component manufacturing. Key Takeaways The Global Aluminum Alloys Market Demand is expected to reach US$ 234.59 Bn by 2030, expanding at a CAGR of 6.1% during the forecast period. Increasing application in the automotive industry due to lightweight and high strength properties is expected to drive the market. Regional analysis Asia Pacific is estimated to dominate the aluminum alloys market during the forecast period. This is attributed to high growth of end-use industries such as automotive, packaging, and construction in China and India. The market in China is expected to register fastest growth due to rising automobile production in the country. Key players operating in the aluminum alloys market are United Company RUSAL Plc, Alcoa Inc., Aluminum Corp. of China Ltd., Kaiser Aluminum Corporation, Norsk Hydro ASA, Dubai Aluminum Co., Constellium, Kobe Steel, Ltd., and Aluminum Bahrain B.S.C. Strategic partnerships and new product launches are amongst the key strategies adopted by these players to gain competitive advantage. Read More: https://www.pressreleasebulletin.com/aluminum-alloys-market-demand-size-and-growth/
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