Aluminum Alloys Market By Alloy Type (Wrought, Cast) , By Series (1000 Series, 2000 Series, 3000 Series, 4000 Series, 5000 Series, 6000 Series, 7000 Series, 8000 Series) By Process (Rolling, Extrusion, Forging, Casting, Others) By End-Use Industry (Automotive, Building and Construction, Transportation, Aerospace and Defense, Electrical and Electronics, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Aluminum Alloys Market
The aluminum alloys market was valued at $140.8 billion in 2023 and is projected to reach $264.5 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.
Aluminum alloy is a chemical mixture comprising of aluminum mixed with other elements, including metals or metalloids. The key characteristics of the aluminum alloy, including its strength, corrosion resistance, durability, conductivity, and formability elevate its applicability in different industries, including automotive, construction, aerospace, and electronics.
The aerospace industry is a key driver of the aluminum alloys market as the industry constantly seeks light-weight materials for emission reduction and enhancing fuel efficiency. In addition, with rising awareness pertaining to environmental safety, aluminum alloys are witnessing a surge in demand due to the high recyclability of aluminum. A current trend in the market is the manufacturing of aluminum alloy for additive technologies. The alloy enables the development of complex configurations through selective laser alloying method.
However, the market growth is substantially dependent on the fluctuating prices of raw materials, including aluminum, zinc, and copper. This acts as a key restraint for the aluminum alloys market. On the contrary, boost in the popularity of electric vehicles (EVs) is expected to open new avenues for the market expansion. The alloy serves as an excellent material for battery enclosures and structural parts due to its lightweight property and capacity to dissipate heat efficiently. According to research by Goldman Sachs, EV sales are expected to rise to 73 million units by 2040. EVs are projected to account for approximately half of the total car sales across the globe. This surge in sales is an indicator of a bright future for the aluminum alloys market.
Segment ReviewThe aluminum alloys market is segmented into alloy type, series, process, end-use industry, and region. On the basis of alloy type, the market is bifurcated into wrought and cast. Depending on series, it is divided into 1000 series, 2000 series, 3000 series, 4000 series, 5000 series, 6000 series, 7000 series, and 8000 series. As per process, it is classified into rolling, extrusion, forging, casting, and others. By end-use industry, it is categorized into automotive, building & construction, transportation, aerospace & defense, electrical & electronics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of alloy type, the wrought segment held the highest market share in 2023.
Depending on series, the 1000 series segment accounted for a high market share in 2023.
As per process, the extrusion segment acquired a high stake in the market in 2023
By end-use industry, the automotive segment was the highest shareholder in 2023
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players operating in the in the global aluminum alloys market include Alcoa Corporation, Rio Tinto, Norsk Hydro ASA, RusAL, Hindalco Industries Ltd., Constellium, AMG ALUMINUM, Kaiser Aluminum, Arconic, and Vedanta Aluminium & Power. T These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy Alloy TypeWrought
Cast
By Series1000 Series
2000 Series
3000 Series
4000 Series
5000 Series
6000 Series
7000 Series
8000 Series
By ProcessRolling
Extrusion
Forging
Casting
Others
By End-Use IndustryAutomotive
Building and Construction
Transportation
Aerospace and Defense
Electrical and Electronics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market Players
Alcoa Corporation
Rio Tinto
Norsk Hydro ASA
RusAL
Hindalco Industries Ltd.
Constellium
AMG ALUMINUM
Kaiser Aluminum
Arconic
Vedanta Aluminium & Power