LONDON, April 19, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the high strength aluminum alloys market, increasing demand for lightweight automobiles and aircraft is driving the growth of the high-strength aluminum alloys market. The use of aluminum alloys decreases the weight of an aircraft greatly as it is quite lighter than steel, allowing aircraft to either carry more weight or increase fuel efficiency. For instance, a 20% weight reduction in a Boeing 787 is expected to generate a 10–12% improvement in fuel efficiency. In addition to a decrease in carbon footprint, lightweight parts also improve operational efficiency with such things as better acceleration, higher structural strength, and better protection performance. Therefore, the increasing demand for lightweight automobiles and aircraft drives the high-strength aluminum alloys market.
Request for a sample of the global high strength aluminum alloys market report
The global high strength aluminium alloys market size is expected to grow from $34.91 billion in 2021 to $37.15 billion in 2022 at a compound annual growth rate (CAGR) of 6.41%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global high strength aluminum alloys market share is expected to reach $47.78 billion in 2026 at a CAGR of 6.49%.
Continuous research and development in the high-strength aluminum alloys market is a key trend in the market. Various stakeholders are focusing on the development of better, efficient, and environmentally friendly high-strength aluminum alloys. For instance, in 2021, scientists at the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) in India developed an environment-friendly process for improving the durability of a material in the face of corrosion of high strength aerospace aluminum alloys. The enhancement in wear and corrosion resistance was achieved through depositing harder alumina coatings through anodizing, hard anodizing, and micro-arc oxidation (MAO), which is an eco-friendly process with lower environmental impact.
Major players in the high strength aluminum alloys market are Rio Tinto PLC, Aluminum Bahrain B.S.C., Mitsubishi Rayon Co. Ltd., Norsk Hydro ASA, Hindalco Industries Limited, Alcoa Inc., United Company Rusal, Aluminum Corporation of China Limited, Century Aluminum Company, China Hongquiao Group Limited., Constellium SE, Advanced Materials Technology, Alemix, Kobe Steel, Ltd., NALCO, and Precision Armament.
The global high strength aluminum alloys market research is segmented by alloy type into wrought, cast; by strength into high-strength, ultra-high strength; by application into aerospace, defense and space, automotive, railway and marine, others.
As per the high strength aluminum alloys market growth analysis, Asia Pacific was the largest region in the market in 2021. The regions covered in the global high strength aluminium alloy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
High Strength Aluminum Alloys Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide high strength aluminium alloys market overviews, high strength aluminium alloys market analyze and forecast market size and growth for the whole market, segments and geographies, high strength aluminium alloys market trends, high strength aluminium alloys market drivers, high strength aluminium alloys market restraints, high strength aluminium alloys market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Not the market you are looking for? Check out some similar market intelligence reports:
Automotive Lightweight Materials Global Market Report 2022 – By Material Type (Metals, Composites, Plastics, Elastomer), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), By Application (Body In White, Chassis And Suspension, Powertrain, Closures, Interiors) – Market Size, Trends, And Global Forecast 2022-2026
Aerospace Materials Global Market Report 2022 – By Type (Aluminum Alloys, Steel Alloys, Titanium Alloys, Super Alloys, Composites), By Aircraft Type (Commercial Aircraft, Business And General Aviation, Civil Helicopters, Military), By Application (Aero Structure, Components, Cabin Interiors, Propulsion System, Equipment, System, And Support, Satellites, Construction And Insulation Components) – Market Size, Trends, And Global Forecast 2022-2026
Alumina And Aluminum Production And Processing Global Market Report 2022 – By Type (Aluminum Product Manufacturing From Purchased Aluminum, Secondary Smelting And Alloying Of Aluminum, Alumina Refining And Primary Aluminum Production), By Application (Automotive, Manufacturing, Other Applications) – Market Size, Trends, And Global Forecast 2022-2026
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
