Global High Strength Aluminum Alloys Market- Industry Trends & Forecast Report 2027

The global high-strength aluminum alloys market reached USD 31.3 billion in 2020 and is further projected to reach USD 43.1 billion by 2027, growing at a CAGR of 5.3% during 2021-2027 (forecast period). Rising demand for high-strength aluminum alloys are expected to propel the growth of the global high strength aluminum alloys market, owing to growing regulations on fuel efficiency and emissions among OEMs, as well as accelerating demand for lightweight components in the automotive industry.

Global High Strength Aluminum Alloys Market- Industry Trends & Forecast Report 2027

The global high-strength aluminum alloys market reached USD 31.3 billion in 2020 and is further projected to reach USD 43.1 billion by 2027, growing at a CAGR of 5.3% during 2021-2027 (forecast period). Rising demand for high-strength aluminum alloys are expected to propel the growth of the global high strength aluminum alloys market, owing to growing regulations on fuel efficiency and emissions among OEMs, as well as accelerating demand for lightweight components in the automotive industry.

Global High Strength Aluminum Alloys Market: By End-User Industry

Based In the end-use industry, the high-strength aluminum alloys market is segmented into aerospace & defense, automotive & transportation, automotive, marine, and others. The automotive & transportation segment registered a share of 43% in 2020, and is expected to grow positively during the forecast period owing to its extensive application in pistons, wheel rims, front & rear longitudinal frames, engine components, powertrain, etc. High-strength aluminum alloys offer the best substitute to achieve upgraded performance, including high mechanical characteristics and low weight.

 Global High Strength Aluminum Alloys Market: Regional Insights

The high-strength aluminum alloys market is segmented into five regions, i.e. the Asia-Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia-Pacific accounted for the largest market share in 2020. This can be 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. Additionally, North America is expected to exhibit the fastest CAGR during the forecast period, with the U.S. accounting for a dominant market share by 2027.

Competitive Landscape

Advances in mining and refining processes have helped manufacturers in producing high-strength aluminum at relatively low prices. The prominent market players operating in high strength aluminum alloys market are Aluminum Corporation of China Ltd (CHALCO), China Hongqiao Group Limited, Rio Tinto Ltd., United Company (U.C.) RUSAL, Alcoa Corporation, Constellium SE, Aluminum Bahrain B.S.C., Norsk Hydro A.S.A, Hindalco Industries Limited, and other prominent players.

Recent Development

·         In February 2021, Novelis Inc., the global leader in aluminum rolling and recycling, launched Novelis AdvanzTM 7UHS-s701, the best automotive aluminum offering to date. The technologically advanced ultra-high-strength steel is now commercially available to the global automotive industry.

·         On 30 November 2020, Kaiser Aluminum entered into a purchase agreement with Alcoa Corporation to acquire the Warrick Rolling Mill. This acquisition will provide them entry into the North American aluminum packaging industry, which is a strong and growing non-cyclical end market driven by sustainability trends and the secular shift from plastic to aluminum in the packaging industry.

By Alloy Type

Ø  Wrought

Ø  Cast   

By Strength

Ø  High-Strength

Ø  ultra-high-strength

By End-Use Industry

Ø  Aerospace & Defense

Ø  Automotive & Transportation

Ø  Marine

Ø  Others 

By Region

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa