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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