The global high strength aluminum alloys market is anticipated to expand at substantial CAGR of 3.5% and is projected to reach USD 31.15 billion during the forecast period, between 2021 and 2028.
Aluminum alloys are alloys in which aluminum is used as a main product. Additionally, other metals that are used in combination with aluminum include zinc, copper, tin, magnesium, silicon, and manganese. High strength aluminum alloy is classified into two types, namely, cast and wrought aluminum.
Cast aluminum is made by melting aluminum in a furnace and poured into a mold. It is used in engine cylinder heads, cast wheels, farm equipment, machine tools, garden tools, axle housing, and window fitting. Wrought aluminum is made by modifying solid metal with the help of specific tools. It is used in motorcycle frames, welding rods, aircraft airframes, extrusions, sheeting, pressure vessels, cooking utensils, electrical conductors, and bus bars.
High strength aluminum alloy with tensile strength of above 300 MP is highly adopted by automotive and transportation industry. Ultra-high strength aluminum alloy with the ultimate tensile strength of 400 MPa is majorly adopted by aerospace and defense industry for the production of aircraft systems and designing. High strength aluminum alloys are mainly used by aerospace industry, due to its prominent features, such as high strength, lightweight, reliability, low cost in comparison with exotic materials, corrosion-resistant, and reasonably isotropic.
Market Trends, Drivers, Restraints, and Opportunities
- Rising aluminum content in manufacture of vehicles such as car, bike, aircraft structures, and others is boosting the market.
- Growing demand for luxury cars in developed and developing countries is driving the market.
- Rigid regulatory framework and policies related to fuel efficiency and reduction in emissions are positively encouraging the market growth.
- Huge cost incurred in the production and manufacture of aluminum alloys and equipment, and availability of substitute products are restricting the growth of the market.
- Increasing adoption of electric vehicles, innovations, and development of alloys are expected to create opportunities for the growth of the market in the forecast period.
Scope of High Strength Aluminum Alloys Market report
The report on the global high strength aluminum alloys market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
High Strength Aluminum Alloys Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Alloy Types (Cast and Wrought), Strength (High-Strength and Ultra-High Strength), By End-users (Aerospace & Defense, Automotive & Transportation, Marine, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Alcoa Corporation, Aluminium Bahrain B.S.C (Alba), AMG ADVANCED METALLURGICAL GROUP N.V, Century Aluminum Company, China Hongqiao Group Limited, Hindalco Industries Ltd, Kaiser Aluminum, Norsk Hydro ASA, Rio Tinto, RusAL, Toray Advanced Composites, and UACJ Corporation.
High Strength Aluminum Alloys Market Segment Insights
Wide applications of cast aluminum alloy to drive the market
In terms of alloy types, the high strength aluminum alloys market is bifurcated into cast alloy and wrought alloy. The cast aluminum alloy segment is estimated to expand at a rapid pace during the forecast period, owing to availability of wide range of products that are made by using cast aluminum alloy in comparison with wrought aluminum alloy. Low ductility pf cast aluminum and low price of raw material of cast aluminum increase its adoption by various industries.
Moreover, high strength cast aluminum alloy needs limited post-cast machining in the production and manufacture of products. Hence, cast aluminum alloy is widely used by automotive manufacturers in various applications such as engine cylinder heads, cast wheels, farm equipment, machine tools, garden tools, axle housing, and window fitting.
High demand for high strength alloys to drive the market
Based on strength, the high strength aluminum alloys market is fragmented into high-strength alloy and ultra-high strength alloy. The high strength alloy segment constituted a significant market share in 2020 and is projected to grow in the near future, due to expansion in automotive industries which increases the demand for aluminum alloys, and high use of aluminum in various applications such as engine components, front & rear longitudinal frame, wheel rims, pistons, powertrains, and others.
High use of high strength aluminum alloys in automotive & transportation sector to drive the market
On the basis of end-users, the high strength aluminum alloys market is segregated into aerospace & defense, automotive & transportation, marine, and others. The automotive & transportation segment is expected to hold a significant share of the market during the forecast period, due to growing adoption of high strength aluminum alloys by various end-users including automotive & transportation industries. Developing innovative products and increasing demand for low maintenance high tensile strength products increase the demand for high strength aluminum alloys.
Growing adoption of corrosion-resistant and recyclable high strength aluminum alloys by various industries such as automotive and transportation is anticipated to propel the segment in the coming years.
Government investments in Asia Pacific to drive the market
In terms of regions, the global high strength aluminum alloys market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific constituted a significant share of the market in 2020, due to mergers and acquisitions conducted by key market players.
The high strength aluminum alloys market is estimated to be dominated by Asia Pacific, due to increasing investment by governments in upcoming rail projects in China (including rail service launched by Nippon Express Co. from Shanghai to Wuhan), Singapore (including designing and building of three stations on the Pandan Reservior branch), and India (including Metro Rail Projects). Expansion of automotive, transportation, and aerospace & defense industries is expected to increase the demand for high-strength aluminum alloys in countries such as China, Japan, and India.
By Alloy Types
- Ultra-High Strength
- Aerospace & Defense
- Automotive & Transportation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
Key players in the global high strength aluminum alloys market include Alcoa Corporation, Aluminium Bahrain B.S.C (Alba), AMG ADVANCED METALLURGICAL GROUP N.V, Century Aluminum Company, China Hongqiao Group Limited, Hindalco Industries Ltd, Kaiser Aluminum, Norsk Hydro ASA, Rio Tinto, RusAL, Toray Advanced Composites, and UACJ Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.