According to BlueWeave Consulting, the global High Strength Aluminum Alloys market has reached USD 40.98 Billion in 2019 and estimated to reach USD 70.47 Billion in 2026 and anticipated to grow by CAGR of 8.17% during the forecast period 2020- 2026. The market is growing owing to various factors. The increase in the consumption of high-strength aluminum alloys due to increased regulatory regulations on fuel efficiency and emissions among O.E.M.s, coupled with increased demand for lightweight elements in the automotive industry, are major factors expected to drive growth in the global market for high-strength aluminum alloys in the years to come.
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Besides, growing demand for high strength aluminum alloys for usage in luxurious cars and buses as a substitute to steel is another factor expected to propel the market over the forecast period. The expansion of the combinations of aluminum alloys is triggered owing to the advancement made due to the proven material properties of aluminum alloys. The mix features high corrosion resistance, high strength with overly low weight, which are highly suitable for commercial aircraft to reduce weight, and amplify fuel efficiency to the highest degree. The alloy is applied in the fuselage and wings of commercial aviation.
However, the high costs correlated with the production of high strength aluminum alloys are a crucial factor supposed to hinder the growth of the market shortly. Besides, the availability of alternative is another factor which may limit the growth of the high global strength aluminum alloys market over the forecast period.
The growing demand for high strength aluminum alloys for usage in luxurious cars and buses as a substitute to steel is expected to propel the market over the forecast period. It is more preferred in the transportation and automotive industry, owing to the properties the high strength aluminum alloy possesses, such as durability, corrosion resistance, high strength to weight ratio, lightweight, etc.
By geography, the global High Strength Aluminum Alloys Market segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is anticipated to have the largest market share in the global high strength aluminum alloys market, owing to the increasing demand for products with corrosion resistance, high tensile strength, recyclability, low maintenance, and elongated shelf life in diverse end-use industries in the region.
The major market players in the Global High Strength Aluminum Alloys are R.I.O. Tinto P.L.C., Aluminum Bahrain B.S.C., Alcoa Inc., Hindalco Aluminum Limited, United Company (U.C.) Rusal, Norsk Hydro A.S.A., Aluminum Corporation of China Limited, Century Aluminum Company, China Hongqiao Group Limited, Aleris, Kaiser Aluminum, EGA, Constellium N.V., Advanced Metallurgical Group, UACJ Corporation, Federal-Mogul Holding Corporation, Dana Holding Corporation, Autoneum Holding AG, Elringklinger AG, and other Prominent Players are expanding their presence in the market by implementing various innovations and technologies.
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