Aluminium Alloy Market Size to Reach Valuation of US$ 327 Billion by 2034: Fact.MR Report

Rockville , April 01, 2024 (GLOBE NEWSWIRE) -- According to the revised study by Fact.MR, a market research and competitive intelligence provider, rising need for lightweight materials in several industries is benefiting the global aluminium alloy market, which has been projected to jump from a valuation of US$ 150.1 billion in 2024 to US$ 327 billion by the end of 2034.

continuously expanding electric vehicle market and rising demand for renewable energy sources sources sources such as solar systems are driving the use of aluminium alloys in their component production. The aircraft manufacturing industry is also widely using aluminium alloys due to their lightweight and high strength-to-weight ratio properties.

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In the automotive sector, aluminium alloys are particularly used in heat exchangers. High thermal conductivity, formability, and corrosion resistance are primarily driving use of aluminium alloy in manufacturing of heat exchangers. Aluminium alloys are also widely used in the production of automotive wheels owing to their durability. Automakers are seeking for lightweight materials for stability and better acceleration of wheels.

Robust automotive and aircraft manufacturing sectors in North America and Europe are set to boost sales of aluminium alloys during the next 10 years. Asia Pacific is expected to emerge a fastest growing market for aluminium alloys. The ongoing industrial activities, surge in building & construction projects, and expanding electronics sector is boosting the aluminium alloy market growth in Asia Pacific.

Related Market Projections for 2034

Key Takeaways from Market Study

• Global demand for aluminium alloys is forecasted to increase at a CAGR of 8.1% from 2024 to 2034.
• Sales of aluminium alloys in the United States are approximated at US$ 19.8 billion in 2024.
• The market for aluminium alloys in Japan is projected to reach US$ 23.2 billion by 2034.
• Demand for non-heat treatable aluminium alloys is forecasted to reach a market value of US$ 226.3 billion by 2034.

“Rising cargo transportation activities are driving the need for lightweight aluminium alloys in the shipbuilding industry,” says a Fact.MR analyst.

Key Companies Profiled in This Report

• Rio Tinto
• Rusal
• Slovalco
• Hydro
• Nortan aluminium
• Alvance
• CBA
• Alcoa
• Aluar
• Chalco
• Rheinfelden alloys
• Trimet
• Press Metal
• PT Inalum

Winning Strategy

The aluminium alloy market is characterized by the presence of established players and new companies. The leading companies are focused on increasing the product portfolios and for that they adopting several strategies such as collaborations, partnerships, and mergers & acquisitions.

Limitless use of aluminium is creating profitable opportunities for new companies. Start-ups can earn more by focusing on niche marketing. By investing in R&D they are set to innovate their product offerings and boost market reach.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global aluminium alloy market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on type (heat treatable aluminium alloys, non-heat treatable aluminium alloys), casting / operation (sand casting aluminium alloys, investment casting aluminium alloys, permanent mold casting aluminium alloys, die casting aluminium alloys, others), application (packaging, automotive, marine, consumer durables, aerospace, building & construction, others), and alloy (cast aluminium alloys, wrought aluminium alloys), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Explore More Related Studies Published by Fact.MR Research: 

Aluminum Extrusion Market: The global sales of aluminum extrusion is expected to garner a market value of US$ 89 Bn in 2022 and is expected to register a CAGR of 7% by accumulating a market value of US$ 175 Bn through the assessment period 2022-2032.

Automotive Aluminum Extruded Parts Market: The global automotive aluminum extruded parts market is anticipated to be worth US$ 61,522.6 million in 2024. It is projected to expand at a CAGR of 6%. As of 2034, a market value of US$ 110,231.3 million is projected for this industry.

Aluminum Powder Market: The global aluminum powder market size is estimated to be valued at US$ 533.0 million in 2023 and it is anticipated to grow at a CAGR of 6.4% to reach a valuation of US$ 992.3 million by the end of 2033.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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