the construction industry is also contributing significantly to revenue growth of the High Strength Aluminum Alloys market.
The global size for High Strength Aluminum Alloys Market reached USD 125.32 billion in 2022 and is projected to attain USD 220.89 billion by 2032, with a forecasted revenue Compound Annual Growth Rate (CAGR) of 6.5% over the specified period. Key drivers behind this growth include the rapid expansion of industrial and urban areas, heightened requirements for lightweight and long-lasting materials within the automotive and aerospace sectors, as well as the growing utilization of High Strength Aluminum Alloys in construction.
One of the primary factors fueling the revenue increase in the High Strength Aluminum Alloys market is the substantial demand for lightweight and durable materials within the automotive and aerospace industries. High Strength Aluminum Alloys have emerged as the material of choice for crafting automotive components and aircraft structures owing to their impressive strength-to-weight ratio and resistance to corrosion. Furthermore, the escalating interest in Electric Vehicles (EVs) is anticipated to boost the demand for High Strength Aluminum Alloys, as these materials not only enhance energy efficiency but also contribute to reducing carbon emissions.
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Top Leading Players:
- Alcoa Corporation
- Rio Tinto Alcan
- Norsk Hydro ASA
- Constellium
- Aleris Corporation
- Kaiser Aluminum
- Arconic Inc.
- United Company Rusal
- China Hongqiao Group Limited
- EGA (Emirates Global Aluminium)
- Hindalco Industries Limited
Some Key Highlights from the Report
- The wrought High Strength Aluminum Alloys segment held a bigger market revenue share in 2021, while the cast High Strength Aluminum Alloys segment is predicted to develop faster over the forecast period. Because of their excellent strength and durability, wrought High Strength Aluminum Alloys are favoured for a broad range of applications, including the automotive, aerospace, and construction sectors. The automobile industry’s quest for lightweight materials has fueled the emergence of wrought High Strength Aluminum Alloys. As the need for fuel-efficient automobiles grows, manufacturers are turning to lightweight materials like wrought High Strength Aluminum Alloys to decrease vehicle weight and increase fuel economy.
- In 2021, the transportation segment emerged as the market leader in terms of revenue share. The transportation industry is the primary consumer of High Strength Aluminum Alloys, benefiting from their lightweight nature and high strength properties. High Strength Aluminum Alloys find extensive use in various applications within the automotive, aerospace, and marine sectors. Notably, the automotive industry stands as a significant end-user of High Strength Aluminum Alloys due to the increasing demand for fuel-efficient and lightweight vehicles. Furthermore, the growing production of electric vehicles further propels the growth of the transportation segment, as lightweight materials are crucial for optimizing performance and efficiency in electric vehicles.
- The Asia Pacific region is predicted to lead the industry, accounting for the majority of revenue across all regional markets. This is due to increased demand for High Strength Aluminum Alloys in areas such as automotive, aerospace, and construction. The rapidly expanding middle-class population in countries such as India and China has resulted in greater demand for automobiles and construction projects, which has resulted in increased demand for High Strength Aluminum Alloys. Furthermore, the region’s availability of low-cost raw materials and labor has attracted key players in the High Strength Aluminum Alloys market, resulting in increasing investments and a growing industry.
Segments covered in the report:
By Type Outlook:
- Cast High Strength Aluminum Alloys
- Wrought High Strength Aluminum Alloys
By Fiber Type Outlook:
- Transportation
- Construction
- Packaging
- Electrical & Electronics
- Others
Regional scope:
North America; Europe; Asia Pacific; Latin America ; Middle East & Africa
Strategic Development:
In 2020, Norsk Hydro ASA and Panasonic Corporation announced a partnership to develop next-generation, low-carbon footprint aluminum products for the automotive industry. The partnership aimed to develop sustainable solutions for the automotive industry and reduce the carbon footprint of aluminum products.
In 2020, Alcoa Corporation announced the commercial launch of EcoSource, a low-carbon, smelter-grade alumina product. The product was developed in collaboration with Rio Tinto Alcan and Apple Inc. and aims to reduce greenhouse gas emissions in the production of aluminum.
In 2020, Hindalco Industries Limited announced that it had entered into an agreement with Novelis Inc. to acquire the U.S. aluminum producer Aleris Corporation for $2.8 billion. The acquisition aimed to strengthen Hindalco’s position in the global aluminum industry and expand its product offerings.
In 2021, United Company Rusal announced the launch of its new line of low-carbon High Strength Aluminum Alloys, which aim to reduce the carbon footprint of aluminum production. The company also plans to introduce a carbon-free aluminum product in the future, which would be produced using renewable energy sources.
In 2021, Constellium and Groupe Renault announced a partnership to develop lightweight, sustainable, and cost-effective aluminum solutions for the automotive industry. The partnership aimed to improve the fuel efficiency of vehicles and reduce their carbon footprint.
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