Aluminum Alloy Market Research Report Information By Product (Wrought Alloy And Cast Alloy), By Sensitivity Type (Heat Treatable Alloys And Non Heat-Treatable Alloys), By Design Type (2000 Series, 3000 Series, 4000 Series, 5000 Series, 6000 Series, 7000 Series And Others), By Strength Type (High Strength And Ultra-High Strength), By Application (Transportation, Automotive, Building and Construction, Packaging, Machinery, Electrical, Marine, Consumer Durables, Aerospace And Others) And By Region (North America, Europe, Asia-Pacific, And Rest

Global Aluminum Alloy Market Overview

Aluminum Alloy Market Size was valued at USD 152.9 Billion in 2023. The Aluminum Alloy industry is projected to grow from USD 165.8 Billion in 2024 to USD 293.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.50% during the forecast period (2024 - 2032). Increased demand for high-quality alloy wheels for vehicles and increased vehicle production are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Aluminum Alloy Market Trends

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  Rising demand for lightweight aircraft and automobiles fuels market growth

  
  

The growing demand for lightweight automobiles and aircraft is driving the market CAGR for aluminum alloys. Aluminum alloys significantly reduce aircraft weight since they are much lighter than steel, allowing aircraft to carry greater weight or increase fuel economy. For instance, a 20% weight reduction in a Boeing 787 is predicted to result in a 10-12% increase in fuel efficiency. In addition to lowering the carbon footprint, lightweight parts boost operational efficiency by providing greater acceleration, structural strength, and protection performance.

In the future years, the high-strength aluminum alloys market is likely to rise due to increased demand from the construction industry. The construction sector involves the planning, expansion, design, construction, and maintenance of structures and infrastructure. High-strength aluminum alloys have corrosion-resistant longevity, lightweight nature, and recycling capacity, making them suitable for a wide range of building applications, including projects requiring weight reduction, lifespan, and environmental durability. For instance, according to the US Census Bureau, the primary body in the United States Federal Data System in charge of producing financial and demographic information, construction expenditure is expected to rise 7.4 percent (1.8 percent) to $1,983.5 billion in August 2023, up from $1,847.3 billion in August 2022. As a result, rising construction sector demand is propelling the high-strength aluminium alloys market.

Continuous research and development are major trends in the aluminum alloys market. Various parties are working to develop better, more efficient, and ecologically friendly high-strength aluminum alloys. For instance, in 2021, scientists at India's International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) discovered an environmentally benign approach for enhancing material endurance in the face of corrosion in high-strength aerospace aluminum alloys. Wear and corrosion resistance were improved by creating tougher alumina coatings using anodizing, hard anodizing, and micro-arc oxidation (MAO), which is an environmentally beneficial method. Thus driving the Aluminum Alloy Market revenue.

Aluminum Alloy Market Segment Insights:

Aluminum Alloy Product Insights

The Aluminum Alloy Market segmentation, based on Product, includes Wrought Alloy And Cast Alloy. Over the projected period, the wrought alloy segment is expected to dominate the worldwide aluminum alloy market in terms of revenue. This is owing to the increased usage of wrought alloy for food packaging and consumer products, which is less expensive. Wrought aluminum is an alloy that has undergone mechanical working techniques such as extrusion, rolling, and forging.

Figure 1: Aluminum Alloy Market, by Product, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Aluminum Alloy Sensitivity Type Insights.

The Aluminum Alloy Market segmentation based on Sensitivity Type includes Heat Treatable Alloys And Non Heat-Treatable Alloys. In 2023, non-heat-treatable aluminum alloys dominated the global market share. Non-heat treatable aluminum alloys are in high demand for the welding fabrication process. Aluminum, silicon, magnesium, and manganese alloys are combined to make non-heat-treatable aluminum alloys. The cold working and strain-hardening processes strengthen these alloys.

Aluminum Alloy Design Type Insights.

The global NGS-based RNA Sequencing Market segmentation by Design Type includes 2000 Series, 3000 Series, 4000 Series, 5000 Series, 6000 Series, 7000 Series, And Others. 7000 series sector is the Maximum share gaining segment in the market. 7000 series aluminum is alloyed with zinc and can be precipitation hardened to provide the maximum strength of any commercially available aluminum.

Aluminum Alloy Strength Type Insights.

The global Aluminium Alloy Market is segmented by strength type, which comprises high strength and ultra-high strength. Over the forecast period, the high-strength sector is likely to see continuous and strong revenue growth in the Aluminum Alloy Market. High-strength aluminum alloys, which are the major structural material for airplanes, are becoming more popular due to their outstanding workability and high specific strength.

Aluminum Alloy Application Insights.

The worldwide aluminum alloy market has application segments in transportation, automotive, building and construction, packaging, machinery, electrical, marine, consumer durables, aerospace, and others. In 2023, the transportation industry became the largest end-user of aluminum alloys, thanks to the growing use of aluminum alloys in the automotive sector to manufacture lightweight, fuel-efficient vehicles.

Aluminum Alloy Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America dominated the Aluminum Alloy industry in 2023. This is owing to the presence of large market participants and the increasing use of aluminum alloys in the manufacture of aircraft frames and components. In 2023, the United States was the ninth-largest primary aluminum producer, accounting for less than 2% of global primary aluminum output. In 2023, primary aluminum smelters in the United States produced 55% of the industry's rated output capacity, compared to 95% in Canada and 88% globally. This has resulted in increased demand for aluminum and its alloys, which is likely to fuel market revenue growth in this area over the forecast period.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: ALUMINUM ALLOY MARKET SHARE BY REGION 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Aluminum Alloy Market accounts for the second-largest market share. This is driven by rising demand from numerous industries and low-cost raw resources. Further, the German Aluminum Alloy Market held the largest market share, and the UK Aluminum Alloy Market was the fastest-growing market in the European region.

The Asia-Pacific Aluminum Alloy Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the strong industrial, automotive, and construction industries, as well as the increasing need for lightweight materials in areas such as aerospace. Moreover, China’s Aluminum Alloy Market held the largest market share, and the Indian Aluminum Alloy Market was the fastest-growing market in the Asia-Pacific region.

Aluminum Alloy Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Aluminum Alloy Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Aluminum Alloy industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Aluminum Alloy industry to benefit clients and increase the market sector. In recent years, the Aluminum Alloy industry has offered some of the most significant advantages to medicine. Major players in the Aluminum Alloy Market, including Alcoa (U.S.), Rio Tinto (Australia), Norsk Hydro (Norway), Rusal (Russia), Novelis (Canada), China Hongqiao Group (China) and others, are attempting to increase market demand by investing in research and development operations.

Alcoa Corporation is a Pittsburgh-based industrial company. It is the world's ninth-largest producer of aluminum. Alcoa has activities in ten countries. Alcoa is a major producer of primary aluminum, manufactured aluminum, and alumina combined, with its active and rising participation in all main parts of the business, including technology, mining, refining, smelting, fabricating, and recycling. In 2021, Alcoa introduced a new line of low-carbon aluminum alloys known as the Sustana. These alloys have a reduced carbon footprint than typical aluminum alloys and are suitable for usage in the automotive and aerospace industries.

Rio Tinto Alcan is a Canadian mining business. It is a subsidiary of Rio Tinto, a worldwide mining giant, and has its headquarters in Montreal, Quebec. It was formed on November 15, 2007, as a result of the combination of Rio Tinto's Canadian subsidiary with Canadian business Alcan. In 2020, Rio Tinto Alcan introduced a new series of high-strength aluminum alloys known as Revolution Al. These alloys outperform standard aluminum alloys in terms of strength and endurance, making them excellent for use in aerospace and automotive applications.

Key Companies in the Aluminum Alloy Market include

• Alcoa (U.S.)


• Rio Tinto (Australia)


• Norsk Hydro (Norway)


• Rusal (Russia)


• Novelis (Canada)


• China Hongqiao Group (China)


• Emirates Global Aluminium (U.A.E.)


• South32 (Australia)


• Constellium (Netherlands)


• Vedanta Limited (India)

Aluminum Alloy Industry Developments

In March 2021, Ronal Group, a major manufacturer of light alloy wheels, launched a new aluminum alloy wheel called Ronal R67. The new design has five narrow scopes and five distinct double spokes adorned with bright design elements. This launch will provide optimal air inlet and an extra athletic touch.

In February 2021, Novelis Inc., a global leader in aluminum rolling and recycling, introduced Novelis AdvanzTM 7UHS-s701, its best automotive aluminum product. The highly improved ultra-high-strength steel is now offered to the worldwide automotive sector.

In November 2021, CBA Brazil, a producer of low-carbon aluminum, announced the acquisition of about 80% of Alux Inc., a secondary alloyed aluminum producer. CBA Brazil has invested significantly in its production facilities and will continue to do so in the foreseeable future.

Aluminum Alloy Market Segmentation:

Aluminum Alloy By Product Outlook

• Wrought Alloy


• Cast Alloy

Aluminum Alloy By Sensitivity Type Outlook

• Heat Treatable Alloys


• Non-Heat-Treatable Alloys

Aluminum Alloy By Design Type Outlook

• 2000 Series


• 3000 Series


• 4000 Series


• 5000 Series


• 6000 Series


• 7000 Series


• Others

Aluminum Alloy By Strength Type Outlook

• High Strength


• Ultra-High Strength

Aluminum Alloy By Application Outlook

• Transportation


• Automotive


• Building and Construction


• Packaging


• Machinery


• Electrical


• Marine


• Consumer Durables


• Aerospace


• Others

Aluminum Alloy Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America