New York, NY -- (SBWIRE) -- 12/21/2020 -- The aluminum alloys market is set to attain a valuation of USD 163.22 billion by 2027, registering a CAGR of 4.8%, according to the latest report by Reports and Data. Aluminum is an excellent conductor of electricity and is widely used in the production of motors, transmission lines, and transformers. It is preferred highly in the electrical industry due to cost-effectiveness. The applications of aluminum alloys are widespread in several industries including construction, packaging, machinery, marine, aerospace and defense, transportation, and electrical.

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Key participants include:

Aluminum Corporation of China Ltd., Rio Tinto Alcan, Alcoa Inc., United Company RUSAL PLC, UACJ Corporation, Dubai Aluminium Company Ltd., Aluminium Bahrain B.S.C, Aleris International Inc., Constellium, and Kobe Steel Ltd., among others.

Market Drivers:

The major driving force for the development of the aluminum alloys market is the rising demand from the transportation industry. Due to lightweight components, reduced emission trends, and improved fuel efficiency, aluminum alloys are preferred in the automotive sector. Aluminum alloys are also used in the food packaging sector because of high barrier properties against UV light, odors, and moisture.

For the purpose of this report, Reports and Data have segmented the global Aluminum Alloys market according to Product Type, Raw Materials, Application, and Region:

End-Use Outlook (Revenue, USD Billion; 2017-2027)

Construction
Aerospace and Defense
Machinery
Marine
Packaging
Transportation
Electrical
Others

Strength Outlook (Revenue, USD Billion; 2017-2027)

High Strength
Ultra-High Strength

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Alloy Type Outlook (Revenue, USD Billion; 2017-2027)

Wrought Alloys
Cast Alloys
Regional Outlook:

According to reports, Asia Pacific region is the largest producer of automobiles globally and therefore also the world's largest consumer of the product. Less stringent fuel emission regulations and low labor costs have driven the market. This has positively affected the aluminum alloy market in the region. The recent trend in North America indicates that consumer preferences have shifted to high-quality and more fuel-efficient motor vehicles. Such preferences, combined with strict CAFE regulations, are anticipated to increase usage of the market product in the region's transportation sector. Urbanization with the increasing population in the BRICS countries is the key driver of the global aluminum alloys market.

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Auto component manufacturers at all stages, including OEMs, face enormous pressure to adopt durable materials. Aluminum alloys perform this function. The increase in global tourism and the corresponding demand for air, water, and ground transportation will significantly stimulate the world market for aluminum alloys over the forecast years.

Reasons to buy this market intelligence report:

Detailed market evaluation both at regional and global levels.
Significant changes in market scenario, along with an extensive competitive analysis.
Classification of the industry based on product type, application, and region.
Market segments segregated on the basis of type, application, and geography.
Comprehensive analysis of the historical data and contemporary market scenario to infer industry size, volume, share, growth, and sales.
Investigation of significant developments in the market dynamics.
Niche market segments and regions.

Table of Content:

Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Aluminum Alloys Market Segmentation & Impact Analysis
Chapter 5. Aluminum Alloys Market By Product Type Insights & Trends

Continued…

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