The global high strength aluminum alloys market size is expected to grow from $34.91 billion in 2021 to $37.15 billion in 2022 at a compound annual growth rate (CAGR) of 6.41%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global high strength aluminum alloy market size is expected to reach $47.78 billion in 2026 at a CAGR of 6.49%.
What is the Global High Strength Aluminum Alloys Market?
The high strength aluminum alloys market consists of sales of high strength aluminum alloys by entities (organizations, sole traders, or partnerships) that refer to alloys having high strength aluminum as the predominant metal. They are alloyed using copper, magnesium, manganese and other metals. High strength aluminum alloys are capable of creating complex extrusions and have applications in cushioning and weight reduction.
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What drives the Global High Strength Aluminum Alloys Market?
Increasing demand for lightweight automobiles and aircraft is driving the growth of the high-strength aluminum alloys market. The use of aluminum alloys decreases the weight of an aircraft greatly as it is quite lighter than steel, allowing aircrafts to either carry more weight and increase fuel efficiency. For instance, a 20% weight reduction in a Boeing 787 is expected to generate 10-12% improvement in fuel efficiency. In addition to a decrease in carbon footprint, lightweight parts also improve operational efficiency such as better acceleration, higher structural strength, and better protecting performance. Therefore, the increasing demand for lightweight automobiles and aircraft drives the high-strength aluminum alloys market.
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Global High Strength Aluminum Alloys Market Segments
The global high strength aluminum alloys market is segmented:
By Alloy Type: Wrought, Cast
By Strength: High-Strength, Ultra-High Strength
Application: Aerospace, Defense and Space, Automotive, Railway and Marine, Others
By Geography: The regions covered in the high strength aluminum alloys market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
High Strength Aluminum Alloys Global Market Report 2022provides market size and growth forecasts for the global high strength aluminum alloys market, global high strength aluminum alloys market share, high strength aluminum alloys market segments and geographies, high strength aluminum alloys market competitive landscape including leading competitors’ revenues, profiles and market shares. The high strength aluminum alloys market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global High Strength Aluminum Alloys Industry Playersinclude Rio Tinto PLC, Aluminum Bahrain B.S.C., Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited, Alcoa Inc., United Company Rusal, Aluminum Corporation of China Limited, Century Aluminum Company, China Hongquiao Group Limited., Constellium SE, Advanced Materials Technology, Alemix, Kobe Steel, Ltd., NALCO and Precision Armament. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
