High Strength Aluminum Alloys Market Worth 55.24 Billion USD by 2023
PUNE, India, April 24, 2018 /PRNewswire/ --
The report "High Strength Aluminum Alloys Market by End-use Industry Type (Automotive & transportation, Aerospace & defense, Marine), Alloy Type (Cast, and Wrought), Strength Type (High, and ultra-high strength), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the High Strength Aluminum Alloys Market was valued at USD 37.94 Billion in 2018 and is projected to reach USD 55.24 Billion by 2023, at a CAGR of 7.8% from 2018 to 2023. The excellent properties, such as high corrosion resistance, durability, design flexibility, and weight reduction have contributed to the high growth of the high strength aluminum market.
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Automotive & Transportation industry is at the forefront and is driving the high strength aluminum market
High strength aluminum alloys has been used in the automotive & transportation industry in many application like wheel rims, engine components, pistons, powertrain, front & rear longitudinal frame, and many more. High strength aluminum alloys provides superior properties such as high-mechanical performance, Corrosion resistance and light weight. High strength aluminum alloys provides the best alternative to achieve improved performance, which includes high mechanical properties and low weight. With the increasing demand for the lightweight and efficient materials in the global automotive industry, the market for high strength aluminum alloys is also projected to grow, as aluminum can reduce the weight of automobile components as well as the complete body by up to 50%.
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Wrought Alloy: The largest alloy type for high strength aluminum alloys
Wrought alloy are the most common used alloy in many different end-use industries. In high strength aluminum alloy market also the major share is capture by wrought aluminum alloys as they represent better mechanical properties such as high strength to weight ratio, corrosion resistant, lightweight and among others
APAC is the key region for High Strength Aluminum Alloys Market
The High Strength Aluminum Alloys Market in APAC is segmented into China, India, Japan, South Korea, Thailand, and the Rest of APAC. China, South Korea, India, and Thailand are the growing economies in the region that contribute to the growth of the market in the region. The market in this region is also expected to witness significant growth in the next five years because of rapid economic expansion and increase in foreign direct investment in China, India, and South Korea. The automobile industry in this region has witnessed tremendous growth in the past few years, attributable to growing population, favorable investment policies, growing economies, and government initiatives directed at promoting industry growth in the region. Cheap labor costs, coupled with favorable import-export policies, have made Asia-Pacific an ideal market for automotive OEMs as well as for aluminum manufacturers/suppliers.
Some of the key global players prevailing in the High Strength Aluminum Alloys Market are Rio Tinto PLC (U.K.), Aluminum Bahrain B.S.C. (Bahrain), Norsk Hydro ASA (Norway), Hindalco Industries Limited (India), and Alco Inc. (US). These players adopted various organic and inorganic developmental strategies. For instance, Norsk Hydro entered into an agreement to acquire Rio Tinto's Icelandic aluminum plant ISAL for $345 million. The agreement also includes buying Rio's 53.3-percent share in Dutch anode plant Aluchemie and its 50-percent share in Swedish aluminum fluoride plant Alufluor.
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