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I AgreeAnalysis of Aluminium Alloys market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global aluminium alloys market is estimated at US$ 131 Bn in 2022, and is projected to reach US$ 287 Bn by 2032, expanding at a CAGR of 8.1% over the 2022 to 2032 assessment period.
Attribute |
Details |
Aluminium Alloys Market Size (2021A) |
US$ 121 Bn |
Market Forecasted Value (2032F) |
US$ 287 Bn |
Global Market Growth Rate (2022-2032) |
8.1% CAGR |
Asia Pacific Market Share |
~70% |
Asia Pacific Growth Rate |
9.3% |
Market Share of Top 5 Aluminium Alloy Manufacturers |
~15% |
Key Companies Profiled |
|
Aluminium alloys accounted for around 76% of total aluminium sales in 2021. Additionally, consumption volume is anticipated to reach 90,010 kilo tons by 2032, increasing at a CAGR of around 4.7%. Volume consumption of aluminium alloys is projected to increase 1.6X by 2032.
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Global volume consumption of aluminium alloys increased at a CAGR of around 6.5% over past half-decade, as per industry analysis by Fact.MR, a market research and competitive intelligence provider. Global volume consumption for the metal by 2021-end stood at around 54,360 kilo tons.
Use of aluminium alloys in the transportation industry and use of aluminium alloys in building & construction have been the two most lucrative segments acquiring major share from aluminium alloy sales revenue.
Cast aluminium alloys have gained traction owing to their lightweight properties, and are thus being extensively used in automotive and aerospace applications. Moreover, introduction of electric vehicles has also provided an uptick in the demand for aluminium-tin alloys, and the segment is poised to be a growth driver for cast aluminium alloy sales over the coming years.
Projections are that growing demand for fuel-efficient vehicles in order to reduce carbon emissions will provide a major thrust to the application of aluminium alloys over the decade. This is mainly attributed to aluminium being a preferred material over steel in terms of weight and strength. Thus, the high strength aluminium alloys market has gained traction over past half decade.
Further, surging investments in housing activities globally has been identified as a potential trend that would drive sales of aluminium-silicon alloys, especially in the high-growth region of Asia Pacific.
Owing to these above-mentioned factors, global aluminium alloy consumption is set to surge at a CAGR of 8.1% through 2022-2032.
“Rising Adoption of Electric Vehicle to Boost Aluminium Alloy Demand”
Over the past half-decade, there has been a rise in the adoption of lightweight materials such as aluminium for the manufacturing of various automotive parts such as engines, wheels, suspensions and powertrains.
Additionally, the automotive industry can be seen shifting focus towards the launching of electric vehicles that require extensive use of aluminium alloys in order to compensate the weight of li-ion batteries. Also, governments across the world can be seen incentivising electric vehicles, which has boosted their sales, thus providing a positive outlook for aluminium alloy providers.
Moreover, aesthetic look with the use of aluminium alloy properties in automotive has been driving the sentiments of consumers, thus compelling them to demand automobiles made from wrought aluminium alloys. Likewise, over the years, use of aluminium alloy in the marine industry has surged, thus providing a positive outlook to the top producers of aluminium alloys.
Attributed to these factors, the aluminium alloys market is projected to be valued at US$ 287 Bn by the end of 2032.
“High-growth End-use Industries Giving China a Leading Market Share”
China’s consumer base for aluminium alloys is huge. Demand for alloyed aluminium mainly comes from automotive, building and construction, and consumer electronics. For instance, in 2021, automotive along with building and construction accounted for around 55% of the total sales of aluminium alloys in China.
Additionally, China is hub for electric vehicle manufacturing as well as a leading market for vehicle sales. For instance, in 2021, of the total vehicle sales in China, around 6.2% were electric drive. Going further, the trend is projected to see an upward rise, which will have a direct impact on alloyed aluminium sales in the country.
China has been estimated to provide an absolute dollar opportunity worth US$ 101 Bn over the period of 2022-2032.
“Infrastructural Development to Drive aluminium alloy Usage”
The U.S. has been identified as one of the leading consumers of alloyed aluminium after China. U.S. aluminium alloy volume consumption in 2021 stood at 6,523 kilo tons, which is estimated to rise at the rate of 2.1%. Meanwhile, the U.S. market for alloyed aluminium has been valued at US$ 26 Bn in 2032, and is set to grow 1.7X by 2032.
Major demand for aluminium alloys has been anticipated to come from infrastructural development in the country. For instance, in the U.S., a recent bipartisan bill passed by Congress has paved the way for investments worth US$ 1.2 trillion for infrastructure development.
As such, the U.S. aluminium alloys market is poised to expand at a CAGR of around 5.4% over the forecast period.
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“Auto, Aerospace, and Construction Sector to Drive Aluminium Alloy Demand Growth”
Aluminium alloy use case in automotive and building & construction is projected to account for around 55% of overall alloyed aluminium revenue share.
Metal alloy use case in the automotive industry can be mainly seen to produce body and engine parts, while in building and construction, alloyed aluminium is being extensively used for siding and roofing, windows and doors, railings, and staircases.
Such vast application of aluminium alloys from two of the high-growth industries is poised to provide an incremental dollar opportunity worth US$ 44 Bn and US$ 42 Bn, respectively.
“Wrought Aluminium Alloy to Account for Two-third Market Share”
Wrought alloys have been projected to garner a prominent share in the market, holding around 62.7% of total alloy sales by 2032. They have some advantages over cast alloys such as structural integrity, enhanced mechanical properties, better surface finish, ease of forming, and many more.
Further, aluminium-magnesium alloy of the Al-SMg family is projected to acquire majority of the revenue share accounting for around 36%, followed by aluminium-silicon alloys, aluminium-copper alloys, and aluminium-zinc alloys.
Additionally, global wrought production surpassed cast aluminium alloy production owing to industrial preference for wrought alloys. Attributed to these factors, wrought alloy sales are projected to provide an absolute dollar opportunity worth US$ 91 Bn over the forecast period.
Alcoa, Aluar, Alvance, CBA, and Chalco, are some of the major aluminium alloy suppliers in the market.
Fact.MR has provided detailed information about the price points of top manufacturers of aluminium alloys positioned across regions, in addition to providing sales growth information, production capacity, and speculative production expansion, in the recently published report.
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Currently, the global aluminium alloys market is valued at US$ 121 Bn.
Aluminium alloy consumption value is expected to increase at a CAGR of around 8.1% over 2022-2032.
In terms of value, aluminium alloy consumption increased at a CAGR of around 6% during 2017-2021.
Key players can been seen involved in production capacity expansions & acquisitions, and also vertical integration to reduce their dependency on top suppliers of aluminium alloys.
Top companies in the aluminium alloys market are Alcoa, Aluar, Alvance, CBA, and Chalco.
The aerospace sector accounts for a major chunk of aluminium alloy consumption.
China is estimated to hold around 55% share of the global aluminium alloys market.
By 2032, global aluminium alloy sales are projected to reach US$ 287 Bn.