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Aluminum Alloys Market with In-depth Analysis on Current Trends, Future Growth Opportunities & Regional Outlook over 2019 - 2025

Author : Rahul Varpe | Published Date : 2019-05-10 

Global Market Insights provides a detailed overview of Aluminum Alloys market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of Aluminum Alloys market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report. 

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 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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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.

Asia Pacific aluminum alloys market is expected to expand at 5.5% CAGR over 2017-2024. The steady growth of automotive, marine, and the construction industries in China, India, and Japan will signify the profitable growth prospects of Asia Pacific market. The exponential rise in the GDPs of emerging economies will also be a major growth catalyst for the expansion of regional aluminum alloys industry.

Europe on other hand is a hub for aeronautical and automotive companies, which is expected to thrive the demand for aluminum alloys. The demand for wrought alloys in this region will show a significant upsurge as it finds major application in the automotive and aerospace industry. The higher tensile strength, lighter weight, and negligible casting defects makes the high demand for wrought alloy very obvious for the fabrication of mechanical parts. Rising demand to enhance the vehicle performance and manufacture technologically advanced products that will impart maximum efficiency will lead to a significant adoption rate of aluminum alloys in the end-use sectors.

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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 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.

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
  • Norsk Hydro

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 market growth.

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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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