Chemicals & Materials

Global Aluminum Alloy Market

October 4, 2021
ID: SR/CH-45
Format:Pdf
Pages:220

Global Aluminum Alloy Market: By Type (Wrought Alloys, Cast Alloys), By End-Use (Construction, Aerospace and Defense, Machinery, Marine, Packaging, Transportation, Electrical, Others), By Strength (High Strength, Ultra-High Strength), and Region (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa) - Forecast till 2027.

Description

The Global Aluminum Alloys market is estimated to reach USD 45.2 billion by 2030 with a CAGR of 3.7% during the forecast period 2022-2030. It was valued at USD 33.6 billion in 2022. The rapidly growing automobile and aerospace industries will impact the aluminum alloy market. The growing construction sector, industrial expansion, rapidly developing land and air transportation, and high tensile strength and durability and lightweight compared to steel features are predicted to boost the market growth. Additionally, the growing construction industry, particularly in emerging markets, has increased aluminum alloy demand, promoting sufficient opportunities for the aluminum alloy market to grow throughout the forecast period. Fluctuating raw material prices and strict regulations, and environmental issues related to bauxite mining would act as major restraints on the expansion of the aluminum alloy market during the forecast period.

What is Aluminum Alloy?

Aluminum alloys are metal alloys with aluminum (Al) as the main component. Copper, magnesium, manganese, silicon, tin, and zinc are common alloying elements. Aluminum alloys are widely used in the transportation industry because of their corrosion resistance, lightweight, recyclability, high strength, and thermal and electrical conductivity. The Al-Si cast aluminum alloy system is the most common, with high quantities of silicon (4.0–13%) contributing to good casting properties. Aluminum alloys are commonly utilized in engineering structures and components where lightweight and corrosion resistance are important.

Growth Driver

Rising Automobile and aeronautical industries

Increased demand from the transportation industry is expected to drive the aluminum alloys market. Aluminum alloys are widely used in the transportation industry because of their corrosion resistance, lightweight, recyclability, high strength, and thermal and electrical conductivity. Manufacturers have been driven to cut weight and improve fuel efficiency due to increasingly rigorous rules throughout the world to reduce CO2 emissions from automobiles. Furthermore, aluminum is a lightweight metal widely utilized in the automobile sector to reduce vehicle weight. One kilogram of the product can replace up to 1.8 kilograms of traditional steel, reducing the vehicle’s overall weight. In electric vehicles, lighter vehicles offer superior acceleration, braking, and handling, which reduces fuel emissions and battery power use. Due to the overall product’s attractive characteristics, such as its lightweight, corrosion resistance, and dent resistance, automobile makers can make the car body thicker to boost damage resistance. As a result, automakers are increasingly shifting from steel to aluminum alloys to reduce vehicle weight. Additionally, aluminum alloys have played a significant role in aerospace manufacturing with the introduction of metal-skinned aircraft. Aluminium-magnesium alloys are lighter than other aluminum alloys and have a slower burning rate than alloys with a high percentage of magnesium.

Restraints

Increasing Manufacturing costs and environmental pollution

Increasing energy costs and pollution are two main concerns facing the aluminum alloys market. Aluminum production uses much energy and emits harmful pollutants into the environment must develop new production technologies to reduce energy consumption and adopt essential environmental protections to overcome these problems. Aluminum alloys depend heavily on the availability of aluminum, as well as other alloying elements, including magnesium, copper, zinc, and tin. The fluctuation of these raw resources may act as a major hurdle to aluminum alloy market expansion.

Pre Covid-19 impact

Due to the growing population, rising middle-class incomes, and urbanization, the construction business in the pre-covid era was growing at a healthy rate. This boosted the construction industry and increased the aluminum alloy demand for hotels, shopping malls, high-rise structures, arenas, and stadiums (both outdoor and indoor). Furthermore, China, India, and different Southeast Asian countries were driving the low-cost house construction segment in the Asia-Pacific region. Rising worldwide tourism and the associated demand for air, water, and land transportation, and increasing demand for better methods of transportation to fulfill the demands of growing industrialization in the pre-covid-19 era were fueling the aluminum alloy market.

Covid-19 impact

The COVID-19 epidemic keeps creating major market uncertainty. The drop in countries’ GDP and the slowdown in the manufacturing sector have slowed down aluminum output even more. Bauxite ore mining has been temporarily halted. Due to a labor shortage in the automotive sector and a drop in demand from the aerospace and automotive industries, consumer demand for semi-finished products decreases. Producers of foils and cans, on the other hand, are seeing favorable growth as packaged food consumption rises.

Post Covid-19 impact

Following the COVID-19 pandemic, the aluminum sector will experience significant growth due to global supply chain requirements. One of the primary elements driving the aluminum alloy market is strong demand from the aerospace and automotive industries. Furthermore, the growing chemical sector is another element driving demand for high-performance alloys in infrastructure and equipment construction. Governments have also provided financial assistance to the aluminum industry and implemented structural changes. Due to the COVID-19 epidemic, the aluminum wheel market is expected to develop rapidly, favorably impacting market value in 2021 and subsequent years.

Type Segmental Analysis

Based on the type, the aluminum alloy market is segregated into Wrought alloys and Cast alloys. Wrought alloys are driving the strength segment of the aluminum alloy market as they have higher aluminum content and tensile strength than cast alloys. Aluminum-tin alloys, for example, have a high wear resistance but a poor strength. Aluminum-copper alloys, on the other hand, have high strength and low wear resistance. The demand for specialized parts from the industrial machinery industry should boost the segment’s growth. The future segment’s prospects are likewise promising, as recent trends indicate that the product is being increasingly adopted by the transportation and building and construction industries.

End-use Segmental Analysis

The aluminum alloy market is classified into Construction, Aerospace and Defense, Machinery, Marine, Packaging, Transportation, Electrical, Others based on the End-use. Due to the general product’s rapid penetration into the automotive industry. The key driver of growth in the industry is increased demand for light vehicles, combined with strong growth in aerospace production. Aluminum is utilized to make transmission lines, transformers, and motors because it is a good conductor of electricity. Aluminum is less expensive than copper, and as a result, it is widely used in the electrical industry. Aluminum alloys are chosen in the large-scale automobile sector due to their lightweight components, higher fuel efficiency, and lower pollution trends. Furthermore, Aluminum alloys are employed in the food packaging industry because of their high barrier characteristics against UV light, moisture, and smells. They’re used to make aviation structural parts.

Strength Segmental Analysis

By strength, the aluminum alloy market is categorized into High Strength alloys, Ultra-High Strength alloys. Aluminum alloys having an ultimate tensile strength greater than 300 MPa are known as high strength aluminum alloys, while alloys with an ultimate tensile strength greater than 400 MPa are known as very high strength aluminum alloys. The automotive and transportation industries are the primary consumers of high-strength aluminum. Ultra-high-strength aluminum dominates the aerospace and defense industries. High-strength aluminum alloys are widely used in the automotive, transportation, and marine industries. Engine components, wheel rims, powertrain, pistons, and front and rear vertical frames are examples of high-strength aluminum alloys utilized in the automotive and transportation industries.

Region Segmental Analysis

The aluminum alloy market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia-Pacific region dominated the aluminum alloy market. As the world’s greatest producer of automobiles, Asia-Pacific is also the world’s largest product consumer. Asia-Pacific region accounted for more than 50% of global automobile production. Apart from the region’s vast industrial base, the growing preference of automobile manufacturers for aluminum should promote regional market growth. Additionally, Consumer preferences for higher-quality, more fuel-efficient vehicles are on the rise in North America. This preference, combined with tight CAFE requirements designed to improve vehicle fuel economy, will likely boost product usage in the region’s transportation business.

Competitor Analysis

Rio Tinto, UACJ Corporation, Alcoa Corporation, ERAMET, RUSAL, Aluminium Bahrain (Alba), Norsk Hydro ASA, Dubai Aluminium Company Ltd., Kobe Steel Ltd., Constellium, Kaiser Aluminum, Aleris International Inc., Magna International Inc., IBC Advanced Alloys Corp and others

Key Stakeholders

Market research and consulting firms
Industry associations
Local Governments
Tourists
Ecological Groups
Research organizations and consulting companies
Tourism Agencies
NGOs
Regulatory bodies

Recent Developments

In August 2021, Rio Tinto announced to reopen the Richards Bay Minerals (RBM) mine in South Africa. The Richards Bay Minerals (RBM) mine in South Africa will reopen, according to Rio Tinto. This follows the national and provincial governments’ assistance in calming the security situation around the mine and extensive engagement with host communities and traditional authority.
In August 2021, RUSAL announced the improvement of the alloy composition for anodized aluminum facade panels to improve the quality of cladding goods available on the market.
In January 2021, China Power Investment Corporation and Alcoa signed a memorandum of understanding (MOU) to work together on projects totaling more than USD 7.5 billion in aluminum and energy over the next few years.
In February 2022, Emirates Global Aluminium PJSC, or EGA, plans to build the United Arab Emirates’ biggest aluminum recycling structure, which will produce 150,000 tonnes annually. The plant will turn post-consumer aluminum scrap into low-carbon aluminum billets and pre-consumer aluminum waste from extrusion processes.

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 125.65 billion
The revenue forecast in 2027	USD 168.25 billion
Growth Rate	CAGR of 2.65% from 2021 to 2027
Historical data	2017-2019
Forecast Period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Rio Tinto, UACJ Corporation, Alcoa Corporation, ERAMET, RUSAL, Aluminium Bahrain (Alba), Norsk Hydro ASA, Dubai Aluminium Company Ltd., Kobe Steel Ltd., Constellium, Kaiser Aluminum, Aleris International Inc., Magna International Inc., IBC Advanced Alloys Corp

Market Modelling

By Type

Wrought Alloys
Cast Alloys
Others

By Application

By Strength

High Strength
Ultra-High Strength

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

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Frequently Asked Questions (FAQ):

What is the size of the aluminum alloy market?

The Global Aluminum Alloys market is estimated to reach USD 45.2 billion by 2030 and It was valued at USD 33.6 billion in 2022

What is the growth rate of the aluminum alloy market?

The aluminum alloy market is growing at a CAGR of 3.7% during the forecast period, 2021-2027.

What does an aluminum alloy mean?

An aluminum alloy is a chemical composition of elements like copper, magnesium, manganese, silicon, tin, and zinc added to pure aluminum to increase its properties, primarily its strength, durability, flexibility, etc.

What are the growth drivers of the aluminum alloy market?

The growth drivers of the aluminum alloy market are the growing construction sector, industrial expansion, rapidly developing land and air transportation, and high tensile strength and durability and lightweight.

What is the competitive landscape of the aluminum alloy market?

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Global Aluminum Alloy Market

What is Aluminum Alloy?

Growth Driver

Rising Automobile and aeronautical industries

Restraints

Increasing Manufacturing costs and environmental pollution

Pre Covid-19 impact

Covid-19 impact

Post Covid-19 impact

Type Segmental Analysis

End-use Segmental Analysis

Strength Segmental Analysis

Region Segmental Analysis

Competitor Analysis

Key Stakeholders

Recent Developments

Scope of the Report

Market Modelling

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