Market Size – USD 1.82 Billion in 2018, Market Growth - CAGR of 6.33%, Market Trends –Technological advancements in astronautics
New York, NY -- (SBWIRE) -- 01/14/2021 -- Aluminium is one of the substances with the lowest density. Aluminium-lithium alloy prominently provides any material with high strength and also protects from atmospheric corrosion. Alloying lithium with aluminium gives a component extensive durability along with a minimum weight that results in making it useful for application in aerospace industry. Therefore, the association of aluminium-lithium alloy with the mentioned characteristics has resulted in bringing a positive impact on the market demand.
Developments in astronautics, realizing the potential of application in aeronautics, and enhanced fuel efficiency are some of the factors promoting the aluminum-lithium alloy market. Market Size – USD 1.82 Billion in 2018, Market Growth - CAGR of 6.33%, Market Trends –Technological advancements in astronautics
Key participants include AMI metals, Southwest Aluminum, Aleris, Constellium, Rio Tinto Alcan, RUSAL, FMC, Alcoa, Kaiser Aluminum, and KUMZ.
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The Aluminium-lithium alloy market size is expected to reach USD 2.99 Billion by 2026. A constant growth can be seen in the global aluminium-lithium alloy market. Several factors have influenced the market growth of aluminium-lithium alloy market. The utilisation of aluminium-lithium alloy can be primarily found in astronautics and aeronautics. These sectors require substances that are light in weight or have a much lower density. The prominent criteria of the low-density products are being resolved by the aluminium-lithium alloy.
Product type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Raw materials Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Sales channel Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
Application area Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
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With regard to the region, North America had dominated the market and occupied 48% of the market share in the 2018 and accounted for a CAGR of 6.6% throughout the forecast period. The reason this is a monopoly industry and very limited companies can manufacture is one of the main reasons for the market to dominate this region. Additionally, prominent companies have concentrated in this area, which has resulted in fuelling the market in this region.
The report covers the following regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Scope of the Aluminium-Lithium Alloy Market Report:
The report offers an extensive assessment of the growth rate and the market size based on the dynamics of the industry and the factors influencing the growth of the market. The report is formulated through authentic sources and verified and validated by industry experts. The report has been formulated through extensive primary and secondary research. It also covers the evaluation of market and competitive landscape along with SWOT analysis and Porter's Five Forces analysis of the leading companies.
Moreover, the report offers an accurate forecast estimation through a thorough analysis of the historical data (2017-2018) while considering 2019 as the base year. The data offers a panoramic view of the market, assisting the readers to gain valuable insights into the Aluminium-Lithium Alloy market. To impart better understanding of the market, the key statistical data is organized into pictorial representations such as charts, graphs, tables, diagrams, and figures.
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