Global Metal Alloy Market 2023-2030

Global Metal Alloy Market 2023-2030

Global Metal Alloy Market Size, Share & Trends Analysis Report by Material (Stainless Steel Alloys, Aluminum Alloys, Bronze Alloys, Nickel Alloys, and Others), by Process (Casting, Hot & Cold Rolling, and Others), and by Application (Aerospace, Automotive, Construction, Electronics, Energy, Medical, and Others), Forecast Period (2023-2030)

The global metal alloy market is anticipated to grow at a CAGR of 4.8% during the forecast period (2023-2030). Metal alloys are metallic substances produced by joining or melting two metals, or metal and non-metal, to provide a desired property such as strength, hardness, lightness, etc. The aerospace and defense industries' growing need for lightweight components is a major market driver for metal alloys. Helicopter transmission casings, aviation engines, gearbox casings, turbine engines, jet engine fan frames, spacecraft, and missiles are all made of magnesium alloys. For instance, in April 2023, Alloy 783 and X12 steel M72 studs are developed by MIDHANI for use in supercritical steam turbines. This is a substitute import. Utilizing in-house melting and processing techniques, the product was created.

Segmental Outlook

The global metal alloy market is segmented on the material, process, and application. Based on the material, the market is sub-segmented into stainless steel alloys, aluminum alloys, bronze alloys, nickel alloys, and others (iron alloys). Based on the process, the market is sub-segmented into casting, hot & cold rolling, and others (fusion method). Further, on the basis of application, the market is sub-segmented into aerospace, automotive, construction, electronics, energy, medical, and others. Among the application, the automotive sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of engaging and innovative technology in alloy formation. In the manufacturing of vehicles, Advanced High-strength Steel (AHSS) is frequently employed. Cold rolling and alloying techniques are frequently used by manufacturers to treat the special chemical components found in AHSS steel.

The Aluminium Alloy Sub-Segment is Anticipated to Hold a Considerable Share of the Global metal Alloy Market

Among the material, the aluminum alloy sub-segment is expected to hold a considerable share of the global metal alloy market. The segmental growth is attributed to the growing use of convectional aluminum alloy-based pressure vessels, maritime and aerospace parts, applications in the energy sector, and other applications that profit from the higher strength and design complexity. For instance, in May 2023, A brand-new, high-strength aluminum alloy from Elementum 3D was released without the requirement for heat treatment. It allows manufacturers to print sophisticated components from a high-strength aluminum alloy with less post-processing time and expense thanks to the introduction of A5083-RAM5. These restrictions have been removed using patented reactive additive manufacturing (RAM) technology by synthesizing nanoscale reinforcements during the printing process to provide a fine equiaxed microstructure with enhanced characteristics and printability.

Regional Outlook

The global metal alloy market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia Pacific is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including Chalco, Nanjing Yunhai Special Metal Co., Ltd., Zauba Corp., Zijin Mining Group Co., and others.

Global Meta Alloy Market Growth by Region 2023-2030

Source: OMR Analysis

The North America Region is Expected to Grow at a Significant CAGR in the Global Programmatic Advertising Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising demand for alloys in critical applications such as oil and gas extraction, thermal processing, and petroleum. Additionally, it is anticipated that in the following years, there will be considerable prospects for market revenue development owing to the increased use of high-performance alloys in power generation for the manufacturing of industrial gas turbine components.

In North America, the automotive and transportation, aerospace and defense, marine, and other end-use industries make substantial use of aluminum alloys. The region's expanding automotive vehicle production fuels demand for these alloys. Additionally, compared to other metals, aluminum alloys have a high corrosion resistance, which increases the demand for aluminum alloys from a variety of end-use sectors. Due to their lightweight and great strength, aluminum alloys are widely utilized in the construction industry to create a variety of materials, including doors, windows, panels, etc. Numerous casting goods made of aluminum and stainless steel are frequently utilized in machinery, building, and transportation. The pieces are strengthened by the casting process. In addition, additional materials, such as casting items made of magnesium alloy, are frequently utilized in the transportation, sporting goods, and power tool industries.

Market Players Outlook

The major companies serving the metal alloy market include ArcelorMittal, Carpenter Technology Corp., Chalco, IBC Advanced Alloys Corp., RTI International Metals, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2023, Alloy Therapeutics, a biotechnology ecosystem company, announced it is collaborating with Lundbeck, a pharmaceutical company specializing in brain diseases, in the discovery of novel biologics therapies.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global metal alloy market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.