Aluminum Alloys Market by Application, Product Growth over 2017-2024

Global Aluminum Alloys Market is expected to chart a lucrative growth map over the coming years, driven by the wide product applications across the electrical, transportation, machinery, construction, and packaging sectors.

Escalating need for light weight alloys to improve the vehicle performance will help the industry players in expanding their product portfolio and exploring new business growth avenues. According to Global Market Insights, Inc., "Aluminum alloys industry revenue, worth USD 100 billion in 2016, is set to surpass USD 150 billion by 2024."

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Reasons to Buy This Report:

1. Aluminum Alloys Market size & share forecast by product & application 2017-2024
2. Growth drivers, pitfalls & industry challenges
3. Key Aluminum Alloys Market growth opportunities & emerging business models
4. Competitive benchmarking with market share analysis and company profiles

The differentiating factor of Aluminum Alloys Market report by Global Market Insights, Inc. when compared with other, similar syndicated research studies includes a 360-degree synopsis of trends for a period of more than 10 years including historic information as well as future outlook.

Transportation sector, which contributed over 45% of aluminum alloys industry share in 2016, is foreseen to display a CAGR of over 5.5% over the coming seven years. The high popularity of light-weight vehicles and aircrafts among the end-users will boost the product demand. Construction sector, which contributed over USD 20 billion towards aluminum alloys market revenue in 2016, is predicted to produce a revenue of more than USD 35 billion by 2024. Favorable product features such as lightweight and resilience makes aluminum alloys more desirable across the construction sector.

Aluminum alloys industry has laid strong foundation bases across key geographies. For instance, Asia Pacific alloys market, which contributed over 60% of the overall industry size in 2016, is slated to record a CAGR of over 5.5% during the period from 2017 to 2024. Rapidly expanding construction and vehicle manufacturing sectors across the countries such as India, China, and Japan will favorably influence the business sphere. A heavy presence of automobile and aeronautical firms across countries such as Italy, Germany, France, and the UK will lucratively impact the growth curve of aluminum alloys industry in Europe.

Asia Pacific aluminum alloys market accounted for more than 60% of the global share in 2016 and will witness growth by a CAGR more than 5.5% in the forecast years. Aggressive developments in the construction, automotive, and marine industry in China will signify the regional industry growth in the next few years. Growing industrialization in India and Southeast Asian countries will further augment the growth.

Presence of several high-end automotive and aeronautical companies in Europe, especially in Germany, UK, France, and Italy, will positively influence the regional market in coming years. Technologically advanced manufacturing units are primarily driven by increasing the product efficiencies. Aluminum alloys market demand in these countries will grow on the account of increasing demand for performance products in the end-user industries.

Aluminum alloys market competitive landscape is moderately fragmented with the top four manufacturing companies, namely United Company RUSAL Plc, Rio Tinto Alcan, Aluminum Corporation of China Ltd., and Alcoa Inc., accounting for more than a quarter of the global share in 2016. Other key industry players include Kobe Steel Ltd., Constellium, Aleris International Inc., Aluminium Bahrain B.S.C., Dubai Aluminium Company Ltd., Norsk Hydro ASA and Kaiser Aluminum Corporation.

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