Aluminum alloys or wrought aluminum are mixtures of aluminum with different elements especially manganese, magnesium, silicon, tin, copper, and zinc which when blended with aluminum significantly improve their corrosion resistance and mechanical properties without greatly affecting its low weight appeal. These aluminum alloys have higher strength-to-weight ratios than steel and offer excellent corrosion resistance which is driving their increasing adoption in transportation, automotive, construction and other industries seeking lightweight materials to improve fuel efficiency.

The global aluminum alloys market is estimated to be valued at US$ 148.65 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand for lightweight materials to improve fuel efficiency in transportation especially in the automotive industry has been a major driver of growth for aluminum alloys. As aluminum alloys are approximately 30% lighter than steel, their increasing incorporation in automotive body panels, components and structures has significantly reduced the weight of vehicles. The weight reduction allows for better acceleration and braking performance of vehicles along with improved mileage. This has encouraged major automotive OEMs to actively substitute steel with aluminum alloys which is expected to further accelerate the demand over the forecast period.

Segment Analysis
The global aluminum alloys market is dominated by the aluminum casting alloys segment. This segment accounts for over 40% of the overall market share as aluminum casting alloys are comparatively cheaper and are an optimal choice for applications requiring complex geometries and shapes that cannot be produced through other forming processes like extrusion or forging. These alloys possess excellent castability and provide design flexibility for varied applications ranging from automotive to construction.

Key Takeaways
The Global Aluminum Alloys Market Size is expected to witness high growth over the forecast period. The market is projected to reach a valuation of US$ 148.65 Bn by 2024, expanding at a CAGR of 3.6% during 2023-2030.

Regional analysis: North America currently dominates the global market and is expected to maintain its leading position throughout the forecast period. The growing construction and automotive industries in the US and Canada are the major demand drivers in the region. The Asia Pacific market is anticipated to emerge as the fastest growing regional market propelled by strong growth in China, India, and Southeast Asian countries on account of rapid industrialization and urbanization.

Key players: Key players operating in the aluminum alloys market are Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), and Hillenbrand, Inc. (U.S.). Haitian International Holdings Limited is currently the global market leader owing to its wide product portfolio and strong distribution network across China and Southeast Asia. Sumitomo Heavy Industries and Engel Austria GmbH are mainly focused on the aluminum die casting machinery segment.

 

 

 

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