The global high strength aluminum alloys market was valued at USD 37.94 billion in 2018 and is projected to reach USD 55.24 billion by 2023, registering a CAGR of 7.8% between 2018 and 2023
The global high strength aluminum alloys market was valued at USD 37.94 billion in 2018 and is projected to reach USD 55.24 billion by 2023, registering a CAGR of 7.8% between 2018 and 2023.
LONDON, May 9, 2018 /PRNewswire/ -- Stringent regulation for fuel efficiency and emission drives the high strength aluminum alloys market
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The global high strength aluminum alloys market was valued at USD 37.94 billion in 2018 and is projected to reach USD 55.24 billion by 2023, registering a CAGR of 7.8% between 2018 and 2023. There has been an increase in focus of governments and regulators on the effect of transportation on the environment as vehicle emissions largely contribute to air pollution. OEMs are under constant pressure from various government regulations which have restricted the emission levels from vehicles OEMs are working closely with all the stakeholders in their supply chain to decrease the weight of their models to achieve these targets. Owing to limited reserves and geographically concentrated supply of oil, fuel efficiency is also a major area of concern for the end users and governments. With high growth estimated in automobile sales, governments in different parts of the world have implemented stringent fuel emissions and fuel economy norms and OEMs are required to comply with these standards.
Automotive & Transportation is the fastest-growing end-use industry for the high strength aluminum alloys market by volume
Automotive & transportation is one of the most important industries that drive economic growth.The rising demand for automobiles has led to an increase in the emissions from the transportation sector and the stakeholders in the automotive industry are focusing on optimizing the performance of the vehicles to ensure sustainable, environment-friendly transportation.
The major focus is on maximizing the fuel efficiency and minimizing emissions.Vehicle weight is a crucial factor which has a direct impact on emissions and fuel efficiency since it requires less amount of energy to propel a lighter object than a heavier one.
Historically, the average weight of the vehicle has seen a continuous increase as more systems and features have been integrated to improve safety and convenience as well as meet the regulations and end user's demands.This has facilitated an increase in the use of high strength aluminum alloys as an alternative to steel as aluminum possesses improved strength capabilities and is lightweight.
However, the adoption of high strength aluminum alloys in automobile industry is being restrained by its high cost and engineering barriers.
APAC is the fastest-growing market for high strength aluminum alloys
APAC is the fastest-growing market for high strength aluminum alloys market, in terms of value and volume.China accounted for the largest market share in the APAC high strength aluminum alloy market in 2017.
The large number of manufacturers and supplier of high strength aluminum alloy for different end-use industries coupled with cheap labor cost and government incentives are some of the factors driving the demand high strength aluminum alloy.Japan and South Korea are also some of the lucrative markets for high strength aluminum alloy for use in the aerospace & defense, automotive & transportation, marine and other end-use industries.
The growth of the aerospace & defense and automotive & transportation in the emerging economies is expected to grow the demand of high strength aluminum alloy during the forecast period.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided in three categories: by company type, by designation, and by region.
• By company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
• By designation- C Level- 30%, Director Level- 25%, and Others- 35%
• By region- North America- 30%, APAC- 30%, Europe- 25%, ME&A - 10%, and South America - 5%
The report also provides company profiles and competitive strategies adopted by the major market players; the various key players profiled in the report are as follows:
• Rio Tinto PLC (UK)
• Aluminum Bahrain B.S.C. (Bahrain)
• Mitsubishi Rayon Co. Ltd. (Japan)
• Norsk Hydro ASA (Norway)
• Hindalco Industries Limited (India)
• Alcoa Inc. (US)
• United Company Rusal (Russia)
• Aluminum Corporation of China Limited (China)
• Century Aluminum Company (US)
• China Hongquiao Group Limited. (China)
• Aleris (US)
Research Coverage:
This report covers the high strength aluminum alloys market and forecasts the size of the market till 2023.The report includes the segmentation of the high strength aluminum alloys market based on alloy type, strength type, End-use industry and region.
Porter's five forces analysis and key market dynamics such as drivers, restraints, challenges, and opportunities influencing the growth of the high strength aluminum alloys market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the high strength aluminum alloys market.
Reasons to buy the Report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the high strength aluminum alloys market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, agreements, partnerships, and mergers & acquisitions.
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