Global Aluminum Alloy Market, By Product (Wrought Alloy, Cast Alloy), Sensitivity Type (Heat Treatable Alloys, Non Heat-Treatable Alloys), Design Type (2000 Series, 3000 Series, 4000 Series, 5000 Series, 6000 Series, 7000 Series, Others), Strength Type (High Strength, Ultra-High Strength), Application (Transportation, Automotive, Building and Construction, Packaging, Machinery, Electrical, Marine, Consumer Durables, Aerospace, Others Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
There has been increasing aluminum production over the recent years, which is a crucial aspect driving the aluminum alloy's market expansion. According to the Aluminum 13th World Trade Fair & Conference, around 63.2 million tonnes of aluminum were produced worldwide in 2017. As a result, rising aluminum output is expected to drive market growth within the forecasted period as well.
Global Aluminum Alloy Market was valued at USD 14.94 billion in 2021 and is expected to reach USD 22.00 billion by 2029, registering a CAGR of 4.96% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Aluminum alloys are alloys with a higher percentage of aluminum metal in their composition. Aluminum is a common metal that is utilized in a variety of industries, including transportation, transportation, and electronics. To improve the qualities of pure aluminum and make it acceptable for a wide variety of uses, alloying metal is added to the base metal aluminum in aluminum alloys.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Product (Wrought Alloy, Cast Alloy), Sensitivity Type (Heat Treatable Alloys, Non Heat-Treatable Alloys), Design Type (2000 Series, 3000 Series, 4000 Series, 5000 Series, 6000 Series, 7000 Series, Others), Strength Type (High Strength, Ultra-High Strength), Application (Transportation, Automotive, Building and Construction, Packaging, Machinery, Electrical, Marine, Consumer Durables, Aerospace, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Aluminium Corp (China), Rio Tinto (UK), Dupont (U.S.), Alcoa Corporation (U.S.), RUSAL (Russia)., Hindalco Industries Limited (India), UACJ Corporation (Japan), SOLVAY (Belgium), Norsk Hydro ASA (Norway)., AluminIum BahraIn B.S.C. (Alba) (Bahrain), DAIKIN (Japan), Aleris International Inc. (U.S.), Teijin Limited (Japan), Mitsubishi Chemical Holdings Corporation (Japan), Emirates Global Aluminium PJSC (UAE), Constellium (France), Kobe Steel Ltd. (Japan), Magna International Inc. (Canada) and IBC Advanced Alloys Corp (U.S.)
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Market Opportunities
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Aluminum Alloy Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand Across Automotive Sector
Aluminum alloys are used extensively in the automotive sector. The increasing manufacturing of automobiles around the world is driving up demand for these alloys, propelling the market forward. According to the European Automobile Manufacturers Association, more than 80 million passenger cars and 98.1 million motor vehicles were produced globally in 2017. As a result, the aluminum alloy market is projected to flourish largely over forecasted period.
- Growth in Marine as well as the Aviation Industry
The rise of the marine industry is being fueled by an increase in cargo transportation. Aluminum is commonly employed in the shipbuilding industry to reduce the total weight of the ship while maintaining its structural integrity. Furthermore, as compared to other metals, aluminum alloys are highly corrosion resistant, which is driving the demand for aluminum alloys in the shipbuilding industry. Additionally, rising demand for aluminum alloys from military and defense aircraft is expected to boost the market for aluminum alloys. Increased investment in aircraft maintenance and repair is also predicted to boost industry growth. Furthermore, the growing desire to lower aircraft overall weight is driving demand for aluminum alloys, which are utilized to reduce weight and enhance fuel efficiency. As a result, the rise of the maritime as well as the aviation industry is boosting the market for aluminum alloys.
- Surging Utilization for Electronic Components
The increasing use of aluminum alloy in the production of electronic components is boosting market growth. The market is seeing an increase in demand for portable electronic devices such as tablets, smartphones, and wearable devices. These devices are becoming increasingly popular, particularly among teenagers and adults.
Furthermore, the building sector is predicted to grow rapidly as a result of increased urbanization and an increase in the number of people who need shelter. This factor is projected to have an accelerated growth over the forecasted period. Additionally, changing lifestyles and rising consumer purchasing power are driving demand for such products, which is fueling the market expansion of aluminum alloys. Also, due to their beneficial properties such as the corrosion resistance, lightweight, high tensile strength, low maintenance, recyclability and long shelf life aluminum alloys are widely utilized in the construction industry to make a variety of materials such as doors, windows and panels.
Opportunities
- Advanced Materials, Developments and Trends
Furthermore, the increasing adoption of advanced construction materials in the industry further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing product developments by the manufacturers as well as the growth in the trend toward reducing the weight of automobiles will further expand the future growth of the aluminum alloy market.
Restraints/Challenges
- Surging Environmental Concerns
Aluminum production consumes a lot of energy and emits harmful pollutants into the environment, which gives birth to various environmental concerns. As a result, these environmental concerns, such as rising pollution and rising energy prices, are pressuring the government to enact tight laws and regulations for the manufacture of aluminum alloys. This factor is expected to limit the growth of the aluminum alloys market.
- Availability of Low Cost Alternatives
Aluminum alloy usage is projected to be limited due to the high cost of manufacture and the availability of other low-cost substitute goods. Steel is one of the most frequent aluminum alternatives, which is also utilized in a variety of sectors. This aspect is estimated to limit market expansion and will challenge the aluminum alloy market growth rate.
This aluminum alloy market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the aluminum alloy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Aluminum Alloy Market
Coronavirus outbreak had a negative impact on the aluminum alloy market, since manufacturing in the automobile and aerospace industries came to a halt. Only the medical supply and life-support industries were allowed to continue operating. Other industries' demands, such as construction, machinery, and the marine industry, were also lowered to some extent. The supply chain was also interrupted as a result of worldwide logistical restrictions imposed by governments to curb the spread of disease. As a result, growth in the transportation sector has been impeded. These disruptions in various manufacturing as well as the supply-chain operations resulted in huge financial setback for the market.
However, the suspended and cancelled operations are now resuming as the regulations have been relaxed. The manufacturers are coming up with the new market strategies and as a result the market is estimated to expand.
Recent Developments
- In December 2021, Rusal has announced a $12 million investment in the renovation of its alloy automobile wheel plant in SKAD, Russia. The company intends to broaden its commercial capabilities and target high-growth countries with rising aluminum alloy demand in Germany.
- In November 2021, CBA Brazil announced the purchase of approximately 80% of Alux, a secondary alloyed aluminum producer. CBA has invested much in expanding its manufacturing capacity and is expected to do so again in the foreseeable future.
Global Aluminum Alloy Market Scope
The aluminum alloy market is segmented on the basis of product, sensitivity type, design type, strength type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Wrought Alloy
- Cast Alloy
Primary Foundry Alloys
- Al-Si Family
- AISi7Mg0
- AlSi9Mg
- AISi5Mg
- AlSi10MnMg
- AlSi9MnMoZr
- AlSi9
- AlSi10MnMg
- AlSi102MnMgZn
- Others
- Al-Zn Family
- AlZn10Si8Mg
- AlZn3Mg3Cr
- AlZn5Mg
- Al-Mg Family
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- AlMg3
- AlMg3Si
- AlMg5
- AlMg5Si
- AlMg5Si2Mn
- AlMg7Si3Mn
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- Al-Cu Family
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- AlCu4TiMg
- AlCu4TiMgAg
- AlCu4Ti
- AlCu5NiCoSbZ
- Others
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- Al-Mg Family
- Others
- Secondary Foundry Alloys
Sensitivity Type
- Heat Treatable Alloys
- Non Heat-Treatable Alloys
Design Type
- 2000 Series
- 3000 Series
- 4000 Series
- 5000 Series
- 6000 Series
- 7000 Series
- Others
Strength Type
- High Strength
- Ultra-High Strength
Application
- Transportation
- Automotive
Body Parts
- Frame
- Hood
- Bumper Structures
- Doors
- Body Shells
- Cabin Parts
- Others
Engine Parts
- Pistons
- Camshafts
- Crankshafts
- Cylinder Heads
- Engine Blocks
- Others
- Wheels
- Powertrain
- Suspension Parts
- Chassis
- Others
- Building and Construction
- Siding and Roofing
- External Facades
- Windows and Doors
- Staircases
- Railings
- Others
- Packaging
- Machinery
- Electrical
- Marine
- Ship Building
- Yacht Building
- Boat Building
- Consumer Durables
- Refrigerator Coolants
- Cooking Utensils
- Furniture
- Laptop and Desktop Parts and Accessories
- Tablets and Smartphone Parts
- Others
- Aerospace
- Others
Aluminum Alloy Market Regional Analysis/Insights
The aluminum alloy market is analyzed and market size insights and trends are provided by country, product, sensitivity type, design type, strength type and application as referenced above.
The countries covered in the aluminum alloy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the aluminum alloy market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increased consumer preferences for high-quality, more fuel-efficient motor vehicles. Furthermore, the high aluminum alloy volume consumption by U.S. further encourages regional growth. For instance, in 2021, the volume of aluminum alloy consumed in the United States was 6,523 kilo tonnes, with a 2.1% annual increase expected.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to its increasing use in the automotive end-use industry within the region. Moreover, high development in India and Southeast Asian countries will boost sales of aluminum alloys over the forecast period.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Aluminum Alloy Market Share Analysis
The aluminum alloy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to aluminum alloy market.
Some of the major players operating in the aluminum alloy market are
- Aluminium Corp (China)
- Rio Tinto (UK)
- Dupont (U.S.)
- Alcoa Corporation (U.S.)
- RUSAL (Russia)
- Hindalco Industries Limited (India)
- UACJ Corporation (Japan)
- SOLVAY (Belgium)
- Norsk Hydro ASA (Norway)
- AluminIum BahraIn B.S.C. (Alba) (Bahrain)
- DAIKIN (Japan), Aleris International Inc. (U.S.)
- Teijin Limited (Japan)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Emirates Global Aluminium PJSC (UAE)
- Constellium (France)
- Kobe Steel Ltd. (Japan)
- Magna International Inc. (Canada)
- IBC Advanced Alloys Corp (U.S.)
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