Ocean View, Delaware, May 08, 2017 (GLOBE NEWSWIRE) --
The research report “Aluminum Alloys Market Size By Product (Wrought, Cast), By End-user (Transportation, Construction, Packaging, Machinery, Electrical), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” by Global Market Insights, Inc. says Aluminum Alloy Market size is poised to surpass USD 150 billion by 2024.
Rising air travel trends for domestic as well as international commuting and rising global trade activities will boost the aluminum alloys demand in the aviation industry. According to the International Air Transport Association (IATA), number of flyers witnessed a steep increase from less than 3 billion in 2011 to more than 3.7 billion in 2016 and this number will double over the next two decades. U.S., China, and UK accounted for majority of the total with more than 1 billion flyers in 2016, but India is likely to surpass UK and other countries including Germany, Japan, and Indonesia in the coming years. Annual delivery of commercial aircrafts is gradually increasing to successfully serve the high number of flyers, hence propelling the overall aluminum alloys market.
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Rapidly rising population and increasing urbanization in the BRICS nations will be an important driver for the global product market during the forecast years. These nations are gradually shifting their focus towards investments for industrial developments in order to create job opportunities to the increasing number of young as well as middle age population. Government initiatives to develop the infrastructure and housings in these countries, especially in China and India, will further catalyze the aluminum alloys market growth. The construction industry was worth beyond USD 3 trillion in 2016 in the BRICS countries and this number will reach close to USD 8 trillion by 2024. Growing usage of advanced materials in building construction as well as infrastructures such as flyovers and bridges will drive the global aluminum alloys market in the near future.
Aluminum alloys market is primarily dependent on the availability of aluminum along with other alloying materials including zinc, copper, magnesium, manganese, tin, etc. Fluctuation in the prices of aluminum owing to its application in various end-user industries may inhibit global aluminum alloys market growth in coming seven years. Price volatility of other alloying elements such as copper, zinc, and magnesium due to competitive market may also pose hindrances to the industry growth.
Browse key industry insights spread across 127 pages with 143 market data tables & 14 figures & charts from this 2017 report Aluminum Alloys Market in detail along with the table of contents at:
Aluminum alloy market price, based on product types, is segmented into wrought and cast alloys. Wrought alloys will likely have a considerable share owing to its superior strength and lighter weight than cast alloys. They find major applications in the automotive and aerospace industries.
Aluminum alloys market application segments are categorized into construction, transportation, packaging, electrical, machinery, and others including consumer goods, etc. Construction industry, driven by the increasing need for shelters for the continuously growing population in the urban areas, will generate revenue above USD 35 billion in 2024.
Asia Pacific will hold sway the global aluminum alloy market price, accounting for more than two-third of the overall share in 2024. High growth in manufacturing and construction industries in China, Japan, and India will augment the regional growth during the forecast period.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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