The
global high strength aluminum alloys market size is
expected to reach USD 41.06 billion by 2027, according to a new report by Grand
View Research, Inc., expanding at a CAGR of 3.5% in terms of revenue over the
forecast period. Increasing use of high strength aluminum alloys in the
transport industry for construction of aircrafts, trains, and vehicles is
expected to propel market growth over the forecast period.
Factors
such as high disposable income, growth of the tourism industry, and increase in
global trade relations have resulted in the need for a robust transportation
infrastructure. Growth of the transport industry with regard to increase in
commuters and logistics across the world is leading to the rise in
manufacturing for the transport industry.
With
concerns over global warming, the transport sector needs to make use of
sustainable and environmental friendly materials for their production. In such
a scenario, aluminum alloys are most preferred and reliable materials
owing to their characteristics including lightweight, strength, and corrosion resistance
in building aircrafts, coaches, buses, ships, and cars for the past many years.
Government
concerns and their initiatives towards limiting the conventional polluting
vehicles have led to the growth of the electric vehicles segment,
which has compelled the electric vehicle manufacturers to expand their
production. For example, in September 2019, an electric bus manufacturer,
Olectra-BYD (a joint venture between Indian Olectra Green Tech and China’s BYD)
announced its plan to expand its production capacity at its plant in Jadcherla,
Telangana, India. The company aims at expanding its capacity from 2,100 to
6,000 electric buses per annum. Increasing production in the auto industry is a
positive sign for the market.
Defense
and space is expected to register the fastest CAGR of 4.9%, in terms of
revenue, during the forecast period. High strength aluminum alloy extrusions
are expected to hold a major share in defense related applications, like combat
vehicles, as they play a significant role in providing input materials in the
form of plates, profiles, rods, and seamless tubes. Increase in defense
spending in various nations is anticipated to provide lucrative opportunities
for the market during the forecast period.
North
America is anticipated to register the highest CAGR of 2.1% in terms of volume
during the forecast period. Increasing consumption of high strength aluminum
alloys in the region is attributed to rise in spending in various end-use
industries, including defense and space. High strength aluminum alloys are used
extensively in space applications, such as unpressurized structures,
turbomachinery, and combustion devices. Alloys 6061-T6, 6061-T651, 7075, and
5052-H32 are included in spacecraft structural materials.
Increasing
spending on space operations by major countries, including U.S., is expected to
accelerate the demand for high strength aluminum alloys. In September 2019,
NASA began the Orion spacecraft production line for supporting around 12
Artemis missions, which also includes the mission to carry first woman and next
man to moon by 2024. NASA received a budget of USD 22.6 billion for the fiscal
year 2020.
Alcoa
Corporation, Rio Tinto, Norsk Hydro ASA, Aleris Corporation, and Hindalco
Industries Ltd. are amongst the leading manufacturers for high strength
aluminum alloys across the world. Capacity expansion and new product
development are some of the strategic initiatives adopted by the companies to
expand their footprints.
Increasing
research & development for production of new high strength aluminum alloys
is a positive sign for the market. For instance, in October 2019, a new
manufacturing process was implemented for producing nano-structured rods and
tubes from high strength aluminum alloys powder in one step. This was
accomplished by using Pacific Northwest National Laboratory’s Shear Assisted
Processing and Extrusion (ShAPE) technology
Full Research Report On High Strength Aluminum Alloys Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/high-strength-aluminum-alloys-market
High Strength
Aluminum Alloys Market Report Highlights
- Asia Pacific
is expected to witness sluggish growth during the forecast period on
account of the disruption in product demand in 2020-21, considering the
COVID-19 pandemic, which originated in China and spread across the world
- Central &
South America is anticipated to expand at a CAGR of 2.9% in terms of
revenue over the forecast period. The growth can be attributed to increase
in defense spending in Brazil
- In Middle
East and Africa, the aerospace application segment accounted for a revenue
share of over 26.0% as of 2019. Growing investments in the aviation
industry of United Arab Emirates are anticipated to propel market growth
- Railway and
marine accounted for a share of 19.3% in 2019 in terms of volume owing to
increase in shipbuilding and railway projects across the globe. For
instance, in July 2019, the Indian Ministry of Defence issued four shipbuilding
Requests for Proposal worth ₹15,000 crore (~USD 2 billion) for acquiring
several ships and craft for the Indian Navy and the Coast Guard.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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