PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349909
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1349909
Global aluminum alloys market was valued at US$ 140.1 Bn in 2022, and is expected to exhibit a CAGR of 6.1%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 225.16 Bn by 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 140.1 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.10% | 2030 Value Projection: | US$ 225.16 Bn |
Aluminum alloys are metals in which Aluminum is the dominant material. Aluminum was the most commonly used metal in the world for the construction of ships, tanks, weapons, airplanes, and airplanes in earlier times. The alloys that are made today are much stronger and lightweight than the original ones as compared to past these are used in a wide range of industries, as these are highly reliable and economical. Aluminum alloys are mainly used for making frames, motors, exhaust systems, and others. Aluminum is also used in making hot-spray heaters, and in manufacturing of various types of food products.
Growing construction industry due to rapid urbanization and increasing population that require shelters is expected to offer new market opportunities. Aluminum alloys are broadly used across the construction industry for producing different materials such as door, window, panel, and others due to their lightweight and high strength property. Moreover, increasing adoption of advanced construction materials in the industry is further expected to drive the market growth.
Increasing various manufacturing industries around the globe is projected to offer major market opportunities. Increasing production of Aluminum is another major factor that is expected to drive the market growth of the Aluminum alloy. According to the Aluminum 13th World Trade Fair & Conference, in 2021, around 63.2 million tons of Aluminum were produced worldwide in 2020.
As a result of the high cost of production and the availability of various low-cost equivalent products, it is anticipated that aluminum alloy utilization will be restricted. One of the frequently used aluminum substitutes that is also used in a range of industries is steel. This factor is anticipated to restrict market growth and present a barrier to the rate of aluminum alloy market expansion.