Growth Of Aluminum Alloys Market 2014 – 2020
The global aluminum alloys market has grown at a good pace during the past few years, and propelled by the development in transportation industry, it is estimated to grow at a CAGR of 4.8% and reach US$126.5 billion in 2020. The global market for aluminum alloys was worth US$91.23 billion in 2013.
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When an alloying metal is added to aluminum to enhance the properties of pure aluminum and make it suitable for specific applications, it is called an aluminum alloy. Aluminum alloys are utilized in the production of aerospace components, automotive components, construction elements, marine components, electrical parts, packaging products, sports goods and many other consumer goods. Light weighted aluminum infused with better properties through alloying metal makes a superior option in automotive applications. In addition to it, these alloys are largely used in the aerospace market as these are the best substitute to weighty components in aircraft. Aluminum Alloys also contribute significantly in the construction industry for building structures such as windows, roofs, partitions, architectural hardware, and structural glazing. Furthermore, these alloys are also used in consumer goods, wires, tools, and machines.
Aluminum Alloys Market – How the Market Runs
The aluminum alloys Market is analyzed on two fronts: End-user applications and regions. On the basis of end-user application, the global aluminum alloys market is classified into transportation, packaging, construction, electrical, machinery, and others including sports goods. Regionally, it is categorized into North America, Europe, Asia Pacific, and rest of the World.
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Transportation accounted for more than 40% of the total aluminum alloys market share, and hence was the largest segment of market in 2013. It is expected to be the fastest developing end-user category of the global aluminum alloys market during 2014 to 2020. Stable development in markets such as aerospace, automotive, and marine is catering for the growth of this end-user segment. Increased usage of heavy-duty but lightweight aluminum alloys for manufacturing durable components is expected to boost the demand for these alloys in the automotive market in near future. Additionally, rising demand for the production of lightweight but heavy-duty components for a number of aerospace applications is expected to drive the demand for aluminum alloys in the global aerospace market during 2014 to 2020.
Asia Pacific region held over 60% of the global aluminum alloys market share being the largest regional market in 2013. Rising demand for aluminum alloys in construction and transportation industries is likely to push the market ahead in Asia Pacific region in near future. This region is also expected to be the fastest developing regional market in the global aluminum alloys market during 2014 to 2020. Increased demand for aluminum alloys in emergent Asian countries, such as India and China, is expected to drive the aluminum alloys market in the region. The North American and European aluminum alloys markets are likely to develop extensively during 2014 to 2020 owing to steady economical recovery in the U.S. and Europe. The aluminum alloys market in Rest of the World is estimated to grow remarkably in the future, owing to the growth in demand for aluminum alloys in the Middle East and Latin America. However, inconsistency in raw materials prices is expected to create hindrances in the market growth during 2014 to 2020.
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Aluminum Alloys Market – The major Players
The key players of aluminum alloys market are Aluminium Bahrain B.S.C., Norsk Hydro ASA, United Company RUSAL Plc., Aleris International Inc., Kaiser Aluminum Corporation, Aluminum Corp. of China Ltd., Constellium, Alcoa Inc., Kobe Steel, Ltd., Dubai Aluminum Co., and Rio Tinto Alcan.
Increasing utilization of recycled aluminum alloys is likely to offer significant opportunities to the market between 2014 and 2020.
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