Global High Strength Aluminum Alloys Market Forecast and Trends

The global High Strength Aluminum Alloys market has reached USD 40.98 Billion in 2019 and estimated to reach USD 70.47 Billion in 2026 and anticipated to grow by CAGR of 8.17% during the forecast period 2020- 2026.  Rising consumption of high strength aluminum alloys, due to increasing regulations by regulatory organizations related to fuel efficiency and emissions amongst O.E.M.s, coupled with escalating demand for lightweight elements in the automotive enterprise are major factors expected to propel growth of the global high strength aluminum alloys market in the forthcoming years.

Besides, growing demand for high strength aluminum alloys for usage in luxurious cars and buses as a substitute to steel is another factor expected to propel the market over the forecast period. The expansion of the combinations of aluminum alloys is triggered owing to the advancement made due to the proven material properties of aluminum alloys. The combination features high corrosion resistance, high strength with overly low weight, which are highly suitable for commercial aircraft to reduce weight, and amplify fuel efficiency to the highest degree. The alloy is applied in the fuselage and wings of commercial aviation.

Global High Strength Aluminum Alloys Market Overview:

High strength aluminum alloys are alloys in which aluminum (Al) is the core metal used. Copper, magnesium, manganese, silicon, nickel, and zinc are other alloying elements used in conjunction with aluminum. High strength aluminum alloys are extensively utilized in the automotive and aerospace sector. Unique combinations of features provided by aluminum and its alloys make aluminum one of the most versatile, inexpensive, and attractive metallic materials for a wide range of applications in various engineering applications.

Growth drivers

Increasing Luxury Car Segment

The growing demand for high strength aluminum alloys for usage in luxurious cars and buses as a substitute to steel is expected to propel the market over the forecast period. Owing to the properties, the high strength aluminum alloy possesses such as durability, corrosion resistance, high strength to weight ratio, lightweight, etc., it is more preferred in the transportation and automotive industry.

Stringent Regulations for Fuel Efficiency and Emission Reduction

Rising consumption of high strength aluminum alloys, due to increasing regulations by regulatory organizations related to fuel efficiency and emissions amongst O.E.M.s, coupled with the recyclability factor is estimated to create an upsurge in the high strength aluminum alloy market. The High Strength Aluminum Alloys provide the strength and increases the longevity of the product without bringing any harm to the environment as it is a recyclable material.

Restraints

The high cost of production is impeding the market of High Strength Aluminum Alloys

However, the high costs correlated with the production of high strength aluminum alloys are a key factor supposed to hinder the growth of the market in the forthcoming years. Besides, the availability of alternative is another factor which may limit the growth of the global high strength aluminum alloys market over the forecast period.

Global High Strength Aluminum Alloys Market: Alloy Type

Based on Alloy Type, the High Strength Aluminum Alloys market bifurcated into Wrought and Cast. The Wrought alloy segment is expected to dominate the market since it is the most commonly used alloy in numerous industries. The wrought aluminum alloys have the largest share in high strength aluminum alloy market. Wrought aluminum alloys have better mechanical properties such as corrosion resistance, high strength to weight ratio, lightweight, etc.

Global High Strength Aluminum Alloys Market: Strength

Based on strength, the High Strength Aluminum Alloys market bifurcated into High-Strength, and Ultra-High-Strength. The High strength aluminum is expected to grow at a high rate during the forecast horizon, primarily driven by the automotive and transportation industry. Ultra-high strength aluminum is anticipated to dominate the market in the aerospace and defense industry. High strength aluminum alloys represent aluminum alloys that have ultimate tensile strength above 300 MPa, and Ultra-high strength aluminum alloys represent alloys with an ultimate tensile strength above 400 MPa.

Global High Strength Aluminum Alloys Market: End-use Industry

Based on End-use Industry, the High Strength Aluminum Alloys market segmented into Aerospace & Defense, Automotive & Transportation, Automotive, Marine, and Others (sporting goods, construction, machinery, and equipment). The Automotive & transportation segment is estimated to have the largest share of the High Strength Aluminum Alloys market during the forecast horizon, owing to its extensive use in applications like pistons, wheel rims, front & rear longitudinal frame, engine components, powertrain, etc. High strength aluminum alloys offer the best substitute to achieve upgraded performance, including high mechanical characteristics and low weight. The growing demand for lightweight and proficient materials in the global automotive industry is expected to propel the market of high strength aluminum alloy.

Global High Strength Aluminum Alloys Market: Regional insights

By geography, the global High Strength Aluminum Alloys Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is anticipated to have the largest market share in the global high strength aluminum alloys market, owing to the increasing demand for products with corrosion resistance, high tensile strength, recyclability, low maintenance, and elongated shelf life in diverse end-use industries in the region. Europe is also supposed to see significant growth during the forecast period due to the increasing demand for high strength aluminum alloys for usage in the automotive end-use industry as lightweight elements.

High Strength Aluminum Alloys Market: Competitive Landscape

The major market players in the Global High Strength Aluminum Alloys are R.I.O. Tinto P.L.C., Aluminum Bahrain B.S.C., Alcoa Inc., Hindalco Aluminum Limited, United Company (U.C.) Rusal, Norsk Hydro A.S.A., Aluminum Corporation of China Limited, Century Aluminum Company, China Hongqiao Group Limited, Aleris, Kaiser Aluminum, EGA, Constellium N.V., Advanced Metallurgical Group, UACJ Corporation, Federal-Mogul Holding Corporation, Dana Holding Corporation, Autoneum Holding AG, Elringklinger AG, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.

The objective of the Study:

To analyze and forecast the global High Strength Aluminum Alloys market size of the market in terms of value.

To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global High Strength Aluminum Alloys market into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa and their leading countries.

To outline, categorized, and forecast the global High Strength Aluminum Alloys market based on the Alloy Type, Strength, and End-use Industry.

To examine competitive developments like technological advancement, services, and regulative framework within the global High Strength Aluminum Alloys Market.

To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

By Alloy Type

·         Wrought

·         Cast

By Strength

·         High-Strength

·         Ultra-high-strength

By End-use Industry

·         Aerospace & Defense

·         Automotive & Transportation

·         Marine

·         Others (sporting goods, construction, machinery and equipment)

By Region:

·         Asia Pacific

·         North America

·         Europe

·         Middle East & Africa

·         Latin America

Business Questions answered by the report

How will the market drivers, restraints, and opportunities affect the market dynamics?

What will be the market size in terms of value and volume and market statistics with a detailed classification?

Which segment dominates the market or region, and one will be the fastest growing and why?

A comprehensive survey of the competitive landscape and the market participant players

Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

With five additional company detail analysis

Additional country analysis

Detailed segment analysis