GlobalHigh Strength Aluminum Alloys Market- Industry Trends & Forecast Report 2027 - PDF document

High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 Global High Strength Aluminum Alloys Market- Industry Trends & Forecast Report 2027 Summary Global High Strength Aluminum Alloys Market, By Alloy Type (Wrought and Cast); By Strength (High-Strength and Ultra-High-Strength); By End-Use Industry (Aerospace & Defense, Automotive & Transportation, Marine, and Others); By Region (North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America) Trend Analysis, Competitive Market Share & Forecast, 2016-2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global high-strength aluminum alloys market reached USD 31.3billion in 2020 and is further projected to reach USD 43.1 billion by 2027, growing at a CAGR of 5.3% during 2021-2027 (forecast period). To cater to the demand for infrastructure development and the manufacturing of machines and tools used in developmental projects, the high-strength aluminum alloy would play a major role in the coming years. Moreover, the growing demand for high-strength aluminum alloys for usage in luxurious cars and buses as a substitute for steel is another factor expected to propel the market over the forecast period. View report Press release Sample report High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 Global High Strength Aluminum Alloys Market- Industry Trends & Forecast Report 2027 The global high-strength aluminum alloys market reached USD 31.3 billion in 2020 and is further projected to reach USD 43.1 billion by 2027, growing at a CAGR of 5.3% during 2021-2027 (forecast period). Rising demand for high-strength aluminum alloys are expected to propel the growth of the global high strength aluminum alloys market, owing to growing regulations on fuel efficiency and emissions among OEMs, as well as accelerating demand for lightweight components in the automotive industry. Global High-Strength Aluminum Alloys 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 alloy types in various end-use industries, such as aerospace & defense, automotive & transportation, marine, and others. The combination has high corrosion resistance, high strength, and a low weight, making it desirable for end-use industries. Global High Strength Aluminum Alloys Market Trends Growth Drivers Increasing Demand for Luxury Car Segment The growing demand for high-strength aluminum alloys for usage in luxurious cars as a substitute for steel is expected to propel the market over the forecast period. The high-strength aluminum alloys consist of properties such as durability, corrosion-resistance, high strength to weight ratio, and lightweight, among others. It is highly preferred in the aerospace, defense, transportation, and automotive industries. The advancements made in the proven material properties of aluminum alloys have fueled the growth of the combination of aluminum alloys. The combination of aluminum alloys features high corrosion resistance, and high strength with overly low weight, which is highly suitable for luxurious cars. These factors are also playing a key role in amplifying the market growth. Recently, Tesla has invented new aluminum alloys that are expected to aid in the preservation of high-yield strength and conductivity. Moreover, Novelis, the global leader in aluminum rolling and recycling, announced in 2016 that its RC5754 alloy, a novel automotive product developed with Jaguar Land Rover contains up to 75% recycled content. Jaguar's REALCAR (Recycled Aluminum CAR project relies heavily on RC5754 ally. It was successfully integrated into the structural components of the high-volume production of passenger cars. Thus, the industry is being driven by the growing demand for high-strength aluminum alloys in the luxury car segment. Increase in Demand for Aerospace & Defense Vehicular Components The market is also witnessing an increasing demand for high-strength aluminum alloys in the aerospace and defense vehicle sector due to their characteristics like High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 lightweight, strength, and corrosion resistance. The aerospace & defense vehicular market is consolidated, as aircraft manufacturers tend to maintain long-term agreements with the defense aircraft component market players for stable supply and to reduce competition. Thus, lightweight defense aircraft materials are likely to witness significant growth due to the increase in demand for fuel-efficient and long-haul aircraft. For instance, Alloy 7050 has high corrosion resistance and maintains strength in wide sections, making it more fracture-resistant compared to other alloys. It is commonly used in wing skins and fuselage, especially in military aircraft. Although the strongest high-strength aluminum alloy available today is 7068 due to its strength and low mass, it is perfect for military aircraft as it is capable of withstanding tough conditions and attacks. According to a survey, passenger and freight traffic are expected to grow at an average annual growth rate of 4.7% and 4.5%, respectively, in the next 20 years, thereby, boosting global aircraft demand by 80 million tons. Restraints High Cost of Production The high production cost of high-strength aluminum alloys is the major factor restraining the growth of the market. The high production cost automatically increases the cost of the final product, including the equipment, machine, aircraft materials, and automotive parts. Thus, manufacturing companies are looking for alternatives to high-strength aluminum alloy due to the high production cost. To improve the present business situation of the high-strength aluminum alloys market, the market players have been implementing numerous growth strategies such as joint ventures, partnerships, alliances, expansions, mergers & acquisitions, along with new product releases & technological advances. Since there are a few high-strength aluminum alloy manufacturers in India, the country is mostly dependent on the imports of the products, which leads to high production and output cost. Moreover, strategic alliances are growing in the country. For example, Hindalco (India) has a Joint Venture partnership with Almex USA, Inc. for the manufacturing of high-strength aluminum alloys for applications in the aerospace, sporting goods, and surface transport industries. Similarly, Nalco has a joint venture with Canada’s Almex for producing auto-grade aluminum and special alloys for aerospace. Impact of COVID-19 The global high-strength aluminum alloys market has witnessed a sudden decline in demand due to COVID-19 in the year 2020. The pandemic has severely affected the industry players with regard to business and functional parameters. The manufacturing and development of high-strength aluminum alloys have been severely hampered by the pandemic-induced lockdown, which has slowed demand. Moreover, delay in procurement of raw materials is also impeding the market growth. Furthermore, the severe outbreak of the COVID-19 pandemic in China, Japan, and India is expected to have a significant impact on the Asia-Pacific high-strength aluminum alloys industry. High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 Despite the crisis, demand for high-strength aluminum alloys from end-use industries, especially automotive, is expected to keep the industry afloat. The odds of swift global pandemic mitigation are projected to reopen the aluminum supply chain, and demand is expected to turn optimistic in the coming years. The growing use of aluminum's in automotive production is a promising indicator for the global economy. Global High Strength Aluminum Alloys Market: By Alloys Type Based on alloy type, the high-strength aluminum alloys market is bifurcated into wrought and cast. Of these, the wrought alloy segment registered the larger share of 54% in 2020 and is likely to grow at a CAGR of 5.0% during the forecast period, since it is the most commonly used alloy in numerous industries. Wrought aluminum alloys also have better mechanical properties, such as corrosion resistance, high strength to weight ratio, lightweight, and others. These advantages are also driving the growth of wrought alloy in the market. Global High Strength Aluminum Alloys Market: By End-User Industry Based In the end-use industry, the high-strength aluminum alloys market is segmented into aerospace & defense, automotive & transportation, automotive, marine, and others. The automotive & transportation segment registered a share of 43% in 2020, and is expected to grow positively during the forecast period owing to its extensive application in pistons, wheel rims, front & rear longitudinal frames, engine components, powertrain, etc. High-strength aluminum alloys offer the best substitute to achieve upgraded performance, including high mechanical characteristics and low weight. Global High Strength Aluminum Alloys Market: Regional Insights The high-strength aluminum alloys market is segmented into five regions, i.e. the Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia-Pacific accounted for the largest market share in 2020. This can be 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. Additionally, North America is expected to exhibit the fastest CAGR during the forecast period, with the U.S. accounting for a dominant market share by 2027. Competitive Landscape Advances in mining and refining processes have helped manufacturers in producing high-strength aluminum at relatively low prices. The prominent market players operating in high strength aluminum alloys market are Aluminum Corporation of China Ltd (CHALCO), China Hongqiao Group Limited, Rio Tinto Ltd., United Company (U.C.) RUSAL, Alcoa Corporation, Constellium SE, Aluminum High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 Bahrain B.S.C., Norsk Hydro A.S.A, Hindalco Industries Limited, and other prominent players. Recent Development · In February 2021, Novelis Inc., the global leader in aluminum rolling and recycling, launched Novelis AdvanzTM 7UHS-s701, the best automotive aluminum offering to date. The technologically advanced ultra-high-strength steel is now commercially available to the global automotive industry. · On 30 November 2020, Kaiser Aluminum entered into a purchase agreement with Alcoa Corporation to acquire the Warrick Rolling Mill. This acquisition will provide them entry into the North American aluminum packaging industry, which is a strong and growing non-cyclical end market driven by sustainability trends and the secular shift from plastic to aluminum in the packaging industry. Scope of the Report Attribute Details Years Considered Historical data – 2016-2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Million/Billion Market Coverage United States, Canada, Germany, United Kingdom, France, Italy, Spain, Japan, South Korea, China, India, Brazil, South Africa, Saudi Arabia Product/Service Segmentation By alloys type, strength, end-user industry, and region Key Players Key Players for the market are Aluminum Corporation of China Ltd (CHALCO), China Hongqiao Group Limited, Rio Tinto Ltd., United Company (U.C.) RUSAL, Alcoa Corporation, Constellium SE, Aluminum Bahrain B.S.C., Norsk Hydro A.S.A, Hindalco Industries Limited, and other prominent players By Alloy Type Ø Wrought Ø Cast By Strength High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 Ø High-Strength Ø ultra-high-strength By End-Use Industry Ø Aerospace & Defense Ø Automotive & Transportation Ø Marine Ø Others By Region Ø North America Ø Europe Ø Asia Pacific Ø Latin America Ø Middle East & Africa High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027 High Strength Aluminum Alloys Market Robustly Flourishing: Expected to Reach USD 43.1 Billion in 2027