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Aluminum Alloys Market Statistics 2019-2024: Share Forecasts, Regional Trends & Growth drivers

Author : Rahul Varpe | Published Date : 2019-11-21 

Aluminum Alloys Market size is slated to cross USD 150 billion by 2024; according to a new research report by Global Market Insights, Inc.  As per International Air Transport Association (IATA), the total number of flyers showcased a rapid increase from 3 billion in the year 2011 to over 3.7 billion by the end of 2016. In 2016, U.S., U.K., and China accounted for more than 1 billion flyers, however, due to the increasing purchasing power and the presence of a robust industrial economy, flyers from India will gradually surpass U.K., Germany, Japan, and Indonesia, among others.

Owing to the rise in disposable income among the people worldwide, aluminum alloys market size has been experiencing exponential growth over the years with higher frequency of air travel. Increased purchasing power has led to surging demand for air travel for leisure, business, trade, medical treatment and other purposes, bolstering the global aerospace industry.

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Mounting demand for aircraft carriers to meet the military requirements and surging number of flyers will support the product penetration. Growing construction industry across BRICS nations due to the increase in foreign direct investments is propelling the need for commercial and industrial infrastructures. An increase in urbanization along with increasing population is leading to industrial development across the nations to create new and improved job opportunities.

In countries like China and India, initiatives are being undertaken by the government to enhance the housing and infrastructural development, which will positively influence global aluminum alloys market outlook. Reportedly, in the year 2016, the construction industry in the BRIC nations was valued at USD 3 trillion and is expected to amass USD 8 trillion by the end of 2024.

In 2016, construction sector accounted for over USD 20 billion of global aluminum alloys industry share. Growing demand for construction activities has led to innovations and technological advancements in the field especially in the construction of bridges and flyovers. In terms of product, aluminum alloys industry is segmented into cast and wrought. In order to render desired features for varied uses, cast alloys are being produced in combination with other elements such as copper, zinc, tin, magnesium, and silicon.

Proliferating rate of population across the globe has led to the need for a strong infrastructural development across residential and commercial sectors. Moreover, the transportation sector is expected to lead the market in terms of volume and revenue. Aluminium alloys market size from the transportation sector is poised to register notable growth of more than 5.5% between 2017-2024.

Rising industrialization in countries like China, Japan, India, Korea, and Indonesia due to the availability of cheap labor and resources will spur the demand for the product over time. Growing investment from foreign bodies and the governments towards infrastructural development will accelerate the construction industry.

Partial Chapter of the Table of Content:

Chapter 3.  Aluminum Alloys Industry Insights

3.1.  Industry segmentation

3.2.  Industry size and forecast, 2013 - 2024

3.3.  Industry ecosystem analysis

3.3.1.     Vendor matrix

3.3.2.     Distributor channel analysis

3.4.  Industry impact forces

3.4.1.     Growth drivers

3.4.1.1.         Rapidly developing land and air transportation

3.4.1.2.         Growing construction industry in BRICS nations

3.4.1.3.         Industrial development in Asia Pacific

3.4.2.     Industry pitfalls & challenges

3.4.2.1.         Inconsistent raw material prices

3.4.2.2.         Regulations and environmental concerns pertaining to bauxite mining

3.5.  Growth potential analysis

3.6.  Regulatory trends

3.6.1.     U.S.

3.6.2.     Europe

3.6.3.     China

3.7.  Porter’s analysis

3.8.  Company market share analysis, 2016

3.8.1.     Strategic landscape

3.9.  PESTEL analysis

3.10.  Regional price trends

3.10.1.   Cost structure analysis

3.10.2.   Raw material trends

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Additionally, rising disposable income among people will create the requirement for advanced and innovative automobiles. Regionally, Asia Pacific held more than 60% of global aluminium alloys industry share in 2016 and is estimated to grow with a CAGR of 5.5% in the coming years due to the constantly rising construction activities and the prevalence of a strong marine and automobile manufacturing sector.  

Prominent players comprising the industry's competitive dynamics include Dubai Aluminum Company, United Company RUSAL, Rio Tinto Alcan and Aluminum Corporation of China, among various others.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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