Aluminium Alloy Consumption Value Is Expected To Increase At A CAGR of Around 8.1% Over 2022-2032

From 2022 to 2032, the market for aluminium alloys is projected to grow at an average annual rate of 8.1%, from US$ 131 billion in 2022 to US$ 287 billion in 2032.

 

A market analysis conducted by Fact.MR, a market research and competitive intelligence service, revealed that over the previous five years, the volume consumption of aluminium alloys worldwide increased at a CAGR of roughly 6.5%. Global volume use of the metal was predicted to reach 54,360 kilo tonnes by the end of 2021.

 

The two most lucrative markets for the use of aluminium alloys, which account for the majority of sales revenue for aluminium alloys, are the transportation and building and construction industries.

 

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After China, the U.S. has been noted as one of the major consumers of alloyed aluminium. The volume of aluminium alloy consumed in the United States in 2021 was estimated to be 6,523 kilo tonnes, an increase of 2.1%. The U.S. market for alloyed aluminium, meanwhile, is projected to grow 1.7 times by 2032, reaching a value of US$ 26 Bn.

 

It has been anticipated that the country's infrastructure development will be a major source of demand for aluminium alloys. For instance, a recent bipartisan bill approved by Congress in the United States has made it possible to invest US$ 1.2 trillion in infrastructure improvement.

 

As a result, the U.S. market for aluminium alloys is anticipated to grow at a CAGR of roughly 5.4% during the given 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 Learnings:

 

·         Heat treatable aluminium alloy is predicted to create an absolute $ opportunity worth US$ 91 billion during the forecast period.

·         Sand casting is anticipated to experience faster growth, with a CAGR of roughly 8.7%.

·         By application, the automotive industry's consumption of aluminium alloys is anticipated to increase by 2.3X by 2032.

·         East Asia is predicted to hold about 71% of the global market for aluminium alloys by 2032.

·         The absolute dollar opportunity in South Asia and Oceania by 2032 would be $9.6 billion.

 

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Growth Drivers:

 

·         Sales of aluminium alloys are anticipated to increase as a result of the introduction of electric vehicles, which has boosted demand for aluminum-tin alloys.

·         The growth of the aluminium alloys market is being driven by use of aluminium alloys in the construction and building industries.

 

Competitive Environment

 

Leading rivals in the market for aluminium alloys have increased their market share by implementing a vertical integration strategy. Market participants have been able to depend less on alumina suppliers thanks to this vertically integrated company structure.

 

Additionally, players' revenue generation potential has been improved by concentrating on important specialty areas like alloy wheels, which is anticipated to be the most lucrative market to invest in.

 

·         Rusal announced a $12 million investment in the modernization of its alloy car wheel manufacturing in SKAD, Russia, in December 2021. The company wants to increase its commercial capabilities and focus on high-growth nations where there is a growing need for aluminium alloys in Germany.

·         BA Brazil announced in November 2021 that it had acquired about 80% of Alux, a secondary alloyed aluminium plant. CBA has made significant investments to increase its production capacity, and it is anticipated that it will do so once more soon.

 

Key players in the Aluminium Alloys Market include:

• Alcoa
• Aluar
• Alvance
• CBA
• Chalco
• Hydro
• Nortan aluminium
• Press Metal
• PT Inalum
• Rheinfelden alloys
• Rio Tinto
• Rusal
• Slovalco
• Trimet

 

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Key Segments Covered in Aluminium Alloys Industry Survey

 

·         Aluminium Alloys Market by Type:

o    Heat Treatable Aluminium Alloys

§  2000 Series

§  4000 Series

§  6000 Series

§  7000 Series

§  8000 Series

o    Non-Heat Treatable Aluminium Alloys

§  3000 Series

§  4000 Series

§  5000 Series

 

·         Aluminium Alloys Market by Casting / Operation:

o    Sand Casting Aluminium Alloys

o    Investment Casting Aluminium Alloys

o    Permanent Mold Casting Aluminium Alloys

o    Die Casting Aluminium Alloys

o    Others

 

·         Aluminium Alloys Market by Application:

o    Aluminium Alloys for Packaging

o    Aluminium Alloys for Automotive

o    Aluminium Alloys for Marine

o    Aluminium Alloys for Consumer Durables

o    Aluminium Alloys for Aerospace

o    Aluminium Alloys for Building & Construction

·         Aluminium Alloys Market by Alloy:

o    Cast Aluminium Alloy

o    Wrought Aluminium Alloys

 

·         By Region :

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

* This article was originally published here