Vancouver, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The global aluminum-lithium alloy market size was USD 2.36 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.6% during the forecast period. Key drivers include the increasing adoption of lightweight materials in aerospace, rising demand for fuel-efficient vehicles, and technological advancements in the astronautics industry.
Market Overview: Aluminum-lithium alloy, a blend of aluminum and lithium, with additions of copper and zirconium, is gaining prominence across high-tech industries such as electronics, aerospace, automobiles, and astronautics. The alloy's exceptional high strength-to-weight ratio makes it a crucial component in aircraft manufacturing, contributing to weight reduction and fuel efficiency. The global demand for lightweight materials, particularly aluminum alloys, is on the rise, expected to reach 68.7 million tonnes with an 8% increase compared to 2020.
Innovations and Developments: Major industry players like Alcoa Corporation are spearheading innovations in alloy development, introducing advanced aluminum alloys such as the A210 ExtruStrong, designed for various applications including transportation, construction, and consumer goods. These advancements strengthen the market's position and cater to the escalating demand for lightweight materials in aircraft production.
Challenges and Restraints: However, the market faces challenges such as the volatile costs of aluminum-lithium alloys. The complex welding process, resource-intensive production, and stringent quality control measures contribute to higher operational expenses. The hardness and toughness of these alloys also limit their adoption in certain industries.
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Segmentation:
Type Insights: The 8000 series aluminum segment dominated the market in 2022, accounting for the largest revenue share. This is attributed to the increasing demand for 8000 series aluminum alloys in aircraft frames and wings, offering advantages in weight reduction and strength.
Raw Material Insights: The lithium segment is expected to experience fast revenue growth during the forecast period. The rising demand for lightweight materials and the capability of lithium to enhance properties such as thermal conductivity contribute to its attractiveness for manufacturers.
Sales Insights: Direct sales are anticipated to hold a significantly large revenue share in the market, driven by the growing adoption of aluminum-lithium alloys in aircraft manufacturing. Industry leaders like Alcoa and Rio Tinto are directly supplying alloys to meet the specific needs of aerospace manufacturers.
Application Insights: The automotive segment is forecasted to register a moderately fast revenue growth rate, driven by the increasing demand for lightweight materials in the aerospace sector. Aluminum-lithium alloy's high strength-to-weight ratio makes it an ideal solution for manufacturers aiming to reduce overall vehicle weight and improve fuel efficiency.
Regional Insights:
The North America market accounted for the largest revenue share in 2022, driven by the rising demand for aluminum-lithium alloys in the aerospace industry. With the U.S. and Canada at the forefront, the region is experiencing a surge in aviation investments and commitments to establish new manufacturing capabilities.
The Europe market is expected to witness the fastest revenue growth rate, fueled by the increasing need for aircraft production in countries like the UK, Germany, and France. The automotive industry in Europe is also undergoing a shift toward Electric Vehicles (EVs) and lightweight initiatives.
The Asia Pacific market is poised to hold a considerably large revenue share, driven by the increasing air travel passengers in countries such as China, Japan, South Korea, and India. China, in particular, plans to expand domestic flights and restore international air transport from 2023 to 2025.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 2.36 Billion |
| CAGR (2023–2032) | 5.6% |
| Revenue Forecast To 2032 | USD 4.04 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, raw material, sales, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Alcoa Corporation, Rio Tinto, Kaiser Aluminum, Southwest Aluminum Co. ltd, FMC Corporation, KUMZ, AMI Metal Inc., Rusal, Aleris International Inc., Constellium N.V., Kobe Steel Ltd, Materion Corporation, US Aluminum Corporation, Solvay, and Teijin Limited |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global aluminum-lithium alloy market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective aluminum-lithium alloy products in the market. Some of the major companies included in the global aluminum-lithium alloy market report are:
- Alcoa Corporation
- Rio Tinto
- Kaiser Aluminum
- Southwest Aluminum Co. Ltd.
- FMC Corporation
- KUMZ
- AMI Metal Inc.
- Rusal
- Aleris International Inc.
- Constellium N.V.
- Kobe Steel Ltd
- Materion Corporation
- US Aluminum Corporation
- Solvay
- Teijin Limited
Strategic Development
- On 3 June, 2023, Constellium announced to sign a multi-year contract with Airbus to support all Airbus programs. Under the agreement, Constellium will supply Airbus with a wide range of advanced rolled and extruded aluminum products, including wing skin panels, fuselage panels, rectangular panels, and pre-machined structural components. Constellium will continue to offer its proprietary aluminum-lithium alloy solutions, Airware, a proven technology that delivers a unique combination of strength and weight characteristics.
- On 29 March 2022, Rio Tinto completed the acquisition of Rincon lithium project in Argentina for USD 825 million, following approval by Australia's Foreign Investment Review Board (FIRB). A binding agreement to purchase the project from Rincon Mining, a company owned by funds managed by private equity group Sentient Equity Partners, was announced in December 2021. Rincon is a project of large, undeveloped lithium brine located in the center of the lithium triangle in the Salta Province region of Argentina, an emerging hub for new projects.
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For the purpose of this report, Emergen Research has segmented the global aluminum-lithium alloy market on the basis of type, raw material, sales, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- 2000 series
- 8000 series aluminum
- Raw Material Outlook (Revenue, USD Billion; 2019-2032)
-
- Aluminum
- Copper
- Lithium
- Others
- Sales Outlook (Revenue, USD Billion; 2019-2032)
-
- Distribution Sales
- Direct Sales
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Aeronautics
- Astronautics
- Automobiles
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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