July 18, 2024

Aluminum Alloys Used In Transportation Is The Fastest Growing Segment Fueling Growth Of The Aluminum Alloys Market

Market Overview:

Aluminum alloys are metals made by combining aluminum with other elements. They have high strength-to-weight ratio, corrosion resistance, and thermal and electrical conductivity. These properties make aluminum alloys suitable for application in transportation, construction, packaging, electrical and other industries.

Market Key Trends:

One of the key trends driving growth in the aluminum alloys market is rising demand from the transportation industry. Aluminum alloys are increasingly being used in automobiles, aircrafts, rails and other modes of transportation due to their lightweight yet durable nature. Their use helps improve fuel efficiency and reduce environmental impact. For example, aluminum alloys can help reduce vehicle weight by 35%-45% as compared to steel. This significantly improves gas mileage, in turn lowering emissions. Lower vehicle weight also enhances performance, handling and safety.

Segment Analysis
The global aluminum alloys market is segmented based on alloy type, product and end-use industries. Based on alloy type, the market is categorized into wrought aluminum alloy and cast aluminum alloy. Among these, wrought aluminum alloy dominates the global market as it offers superior mechanical properties at a lower cost as compared to cast aluminum alloys. By product form, the market is bifurcated into sheets and foils, extrusions, forgings, rod and bar. Sheets and foils are the most commonly used product forms globally as they have wide applications in various end-use industries. On the basis of end-use industries, the market is divided into transport, building and construction, electrical and consumer durables, foil and packaging, machinery and equipment and others. Transport industry holds the largest share due to high demand for aluminum alloys in automotive, aerospace and marine applications owing to their lightweight properties.

Key Takeaways

The Global Aluminum Alloys Market Demand is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand from automotive and aerospace industries.

Regional analysis – Asia Pacific dominates the global market and is expected to maintain its lead over the forecast period. China holds the largest share in the region due to high production and demand for aluminum alloys in various end-use industries.

Key players operating in the aluminum alloys market include United Company RUSAL Plc, Alcoa Inc., Aluminum Corp. of China Ltd., Kaiser Aluminum Corporation, Norsk Hydro ASA, Dubai Aluminum Co., Constellium, Kobe Steel, Ltd., and Aluminum Bahrain B.S.C. These players are focusing on new product launches and expansion strategies to increase their global footprint.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it