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Aluminum Alloys Market will generate admirable revenue by 2024

Author : Rahul Varpe | Published Date : 2019-06-28 

Aluminum alloys market is majorly driven by the global tourism industry owing to rapid development in the commutation means such as land and air. People are travelling from one place to another through various means of transport. Growing need for better and superior transportation is to surpass the industrialization is likely to push the market in near future. 

The major industries that drive the aluminum alloys market are the air and land transport. Increasing purchasing power of consumers, growing per capita income, rising standard of living and developed infrastructure is likely to augment the air transport industry which in turn will drive the product market.

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According to a new research report by Global Market Insights, Inc. Aluminum Alloys Market size is slated to cross USD 150 billion by 2024.

Another primary driver for the aluminum alloys market is the growing construction industry in the BRICS nations. Increasing urbanization and rapidly increasing population in these nations is steadily inclining towards industrial development to create new and better job opportunities. In countries such as India and China, government has started taking initiatives for housing and other infrastructure which in turn will augment the regional product market. 

In 2016, the construction industry in the BRICS nations was valued at over USD 3 trillion and is likely to surpass beyond USD 8 trillion till the end of the forecast timeframe. Use of advanced and developed materials in in the construction of bridges and flyovers will further accelerate aluminum alloys market growth in coming years.

Due to volatility in the raw material prices due to the end-user industries demand is likely to hinder the aluminum alloys market growth. Availability of such raw materials namely, magnesium, copper, zinc, tin, and manganese due to the impact of the end-user industries will slow down the aluminum alloys market growth.

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Considering products, the aluminum alloys market is segmented into two broad categories which are cast and wrought. To provide the desired features for exact applications, cast alloys are produced with other elements such as zinc, copper, tin, magnesium, and silicon. For example, the aluminum-tin alloy showcases high wear resistance and low strength. Wrought alloy consists of more aluminum content and comparatively higher tensile strength. The product is more popularly used as it is defects-free from shrink and porosity.

Based on the end-user industries, aluminum alloys market is classified as construction, transportation, electrical, machinery, and packaging. In 2016, the construction industry accounted for more than USD 20 billion of the total aluminum alloys market ever increasing population coupled with the requirement of infrastructure round the globe will further augment the global product market share. The transportation segment holds a significant share in the overall market and is likely to lead the market in terms of revenue and volume. The transportation industry is likely to exhibit growth in excess of 5.5% CAGR in projected timeframe.

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From the global aluminum alloys market, Asia Pacific region holds in excess of 60% share and is likely grow with a CAGR of 5.5% in the future years owing to wide expansions in the construction, marine, and automotive industries. Growing industrialization in India and other Southeast Asian countries will further augment the global aluminum alloys markeat.

Prominent players operating in the global aluminum alloys market include Aluminum Corporation of China, Rio Tinto Alcan, Alcoa, United Company RUSAL, Dubai Aluminium Company, Aleris International, Constellium, Kobe Steel, Aluminium Bahrain, Kaiser Aluminum Corporation, and Norsk Hydro to name some.
 

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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