by Aluminum alloys possess properties like light weight, durability and corrosion resistance, making them ideal for applications in transportation, packaging and construction industries. Aluminum alloys are increasingly being used in automotive manufacturing, as vehicles using aluminum alloys are lighter and more fuel efficient.
The global aluminum alloys market is estimated to be valued at US$ 148.65 billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing automotive industry is one of the key drivers of the aluminum alloys market. Aluminum alloys are extensively utilized in manufacturing of automobile components like engine parts, vehicle body and chassis due to their light weight and corrosion resistant properties. With the rising demand for fuel efficient and emission free vehicles, automotive manufacturers are increasingly adopting aluminum intensive vehicle designs. The use of aluminum in electric vehicles is even higher than conventional vehicles. This rising preference of aluminum in automotive manufacturing is expected to propel the demand for aluminum alloys over the forecast period.
SWOT Analysis
Strength: Aluminum alloys have relatively high strength-to-weight ratio. They are also corrosion resistant and durable.
Weakness: Aluminum alloys have low hardness and wear resistance compared to steels. Machining aluminum alloys also requires special care.
Opportunity: Growth of various end-use industries such as automotive, building & construction, consumer durables is driving the demand for aluminum alloys. Increasing use of recycled aluminum will help reduce manufacturing costs.
Threats: Volatility in aluminum prices affect the costs of aluminum alloys. Introduction of alternative lightweight materials also poses a threat.
Key Takeaways
The Global Aluminum Alloys Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 148.65 Billion by 2024, growing at a CAGR of 3.6% during the forecast period.
Regional analysis shows that Asia Pacific dominates the global market with the largest share, due to strong growth of end-use industries in countries such as China and Japan. Europe is another major regional market for aluminum alloys due rapid industrialization.
Key players operating in the aluminum alloys market are Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), Hillenbrand, Inc. (U.S.). These players are focusing on expanding production capacities and introducing innovative aluminum alloy grades to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
