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Wrought Aluminium Alloys to Account for 62.7% of Total Alloy Sales by 2032
Fact.MR's latest study on the global aluminium alloys market provides a detailed analysis of various drivers, trends, and opportunities from 2022 to 2032. In addition, it presents elaborate information about the leading segments in terms of type, casting/operation and region.
NEW YORK , Jan. 25, 2022 /PRNewswire/ -- The global aluminium alloys market is expected to grow at an annual rate of 8.1% from 2022 to 2032, from US$ 131 billion in 2022 to US$ 287 billion in 2032.
According to a market analysis by Fact.MR, a market research and competitive intelligence service, global volume consumption of aluminium alloys increased at a CAGR of roughly 6.5% over the past half-decade. By the end of 2021, global volume use of the metal was estimated to be about 54,360 kilo tonnes.
The transportation industry's use of aluminium alloys and the building and construction industry's use of aluminium alloys have been the two most profitable areas, accounting for the majority of aluminium alloy sales revenue.
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The market for aluminium alloys in China is enormous. The automobile, building and construction, and consumer electronics industries are the primary consumers of alloyed aluminium. In China , for example, automotive, along with building and construction, accounted for about 55 percent of total aluminium alloy sales in 2021.
In addition, China is a major producer of electric vehicles and a major market for vehicle sales. In China , for example, electric vehicles accounted for roughly 6.2 % car sales in 2021. Further, the trend is expected to improve, which will have a direct impact on the country's alloyed aluminium sales.
The automobile industry is shifting its focus toward the introduction of electric vehicles, which necessitate the widespread usage of aluminium alloys to compensate for the weight of lithium-ion batteries. Furthermore, governments around the world have been seen incentivizing electric vehicles, which has resulted in increased sales, creating a bright outlook for aluminium alloy producers.
"Overcapacity by Chinese smelters is being seen as an area of concern, and thus, governments globally can be seen imposing regulations to protect domestic production," says a Fact.MR analyst.
Aluminium Alloys Market Size (2021A)
Global Market Growth Rate (2022-2032)
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Leading competitors in the aluminium alloys market have gained market share by adopting a vertical integration strategy. This vertically integrated company structure has also helped market players lessen their reliance on alumina suppliers.
Furthermore, focusing on key specialty areas like alloy wheels has enhanced players' revenue generation potential and is expected to be the most profitable segment to invest in.
Key players in the Aluminium Alloys Market include:
More Valuable Insights on Aluminium Alloys Market
Fact.MR provides an unbiased analysis of the aluminium alloys market, presenting forecast statistics for the period from (2022-2032). The study divulges compelling insights on the global aluminium alloys market with a detailed segmentation on the basis of:
Key Questions Covered in Aluminium Alloys Market Report
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