Transparency Market Research has released a new market report on the global aluminum alloys market, titled "Aluminum Alloys Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020." According to the report, the application of aluminum alloys in several end-use industries will ensure that the aluminum alloys market develops at a modest CAGR of 4.80% from 2014 to 2020 and reach a value of US$126.5 bn in 2020, rising from the US$91.2 bn recorded in 2013.
Aluminum alloys are created by adding alloying metals to aluminum to enhance the properties of the base metal, making them suitable for various applications. Aluminum alloys are used extensively in the manufacturing of aerospace components, automotive components, marine components, packaging products, electrical parts, construction elements, sports goods, and various other consumer goods, tools, and machinery. The light weight of aluminum and enhancement in its properties due to alloying make it a good choice for automotive applications as well as the aerospace industry, where heavy conventional components are being replaced by these lightweight components.
Aluminum alloys are also suitable for the building of structures such as windows, roofs, partitions, and structural glazing. Furthermore, aluminum alloys are used to make wires. The high demand for aluminum alloys from the aforementioned industries is driving the global aluminum alloys market. The increasing demand for strong yet lightweight components from industries such as aerospace and automotive is expected to bring about rapid growth of the global aluminum alloys market.
For the purpose of a detailed study, the report segments the global aluminum alloys market on the basis of end use and geography. According to the report, the transportation sector accounted for a 40% share in the global aluminum alloys market in 2013 and is also expected to be the fastest growing segment of the market by 2020. The growth can be attributed to the high demand from the automotive, aerospace, and marine industries. Other end-use categories of the market are packaging, machinery, construction, electrical, and others such as sporting goods.
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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. In 2013, Asia Pacific represented a share of over 60% in the global aluminum alloys market. Asia Pacific is also expected to be the fastest growing regional segment of the market during the forecast period, owing to the high demand for aluminum alloys from developing nations such as China and India. High demand is majorly expected from the construction and transportation industries in Asia Pacific. The North America and Europe markets will show significant growth in the next six years due to steady recovery of the economy in the U.S. and Europe.
For a detailed understanding of the strategies employed by leading companies, the report profiles the key players in the aluminum alloys market. Some of the companies studied in the report are: Alcoa Inc., United Company RUSAL Plc, Aluminum Corp. of China Ltd., Dubai Aluminum Co. Ltd., and Norsk Hydro ASA.
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