Global High Strength Aluminum Alloys Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The increasing demand for high strength aluminum alloys from the aerospace industry on account of their properties preferred by aircraft system designers

The Global High Strength Aluminum Alloys Market is estimated to be USD 45.6 Bn in 2023 and is expected to reach USD 64.46 Bn by 2028 growing at a CAGR of 7.17%.

High-strength aluminum alloys are a group of materials with excellent mechanical properties, such as high strength, toughness, and corrosion resistance. They are made by adding elements like copper, magnesium, zinc, and silicon to aluminum, improving its strength and other mechanical properties These alloys find Applications in various industries, such as aerospace, automotive, defense, marine, and construction. They are used to manufacture lightweight yet strong components, such as aircraft wings, car bodies, engine parts, and structural frames. High-strength aluminum alloys offer the advantage of reducing the final product's weight, leading to improved fuel efficiency, reduced emissions, and lower costs in the transportation and construction industries.

Governments worldwide are enacting regulations to reduce vehicle emissions and improve fuel efficiency. This has driven the demand for lightweight materials such as high-strength aluminum alloys, which can help automakers meet these regulations by reducing vehicle weight and improving fuel economy. These drive the demand for the High-strength aluminum alloys market. Moreover, As the market for EVs continues to grow, demand for lightweight materials like high-strength aluminum alloys is likely to increase. EVs require lightweight materials to maximize their range and battery life; making high strength aluminum alloys a natural choice will further create an opportunity for the market.

However, the production of high strength aluminum alloys involves complex processes and requires specialized equipment, which can make it more expensive than other materials. This can be a barrier for manufacturers looking to adopt these alloys, particularly in cost-sensitive industries like automotive manufacturing, hamper market growth. Furthermore, while high strength aluminum alloys offer many advantages, they are not the only lightweight material available to manufacturers. Other materials like carbon fiber, magnesium, and composites can also be used to reduce the weight of vehicles. This means that manufacturers have a range of options to choose from, and high-strength aluminum alloys may face competition from these other materials.

Market Segmentations

• The Global High Strength Aluminum Alloys Market is segmented based on Alloy Type, Strength Type, End Use, and Geography.
• By Alloy Type, the market is classified into Cast Alloys and Wrought Alloys.
• It is expected Wrought Alloys segment holds the largest market share in the upcoming years, due It has greater mechanical qualities, such as better surface finishes, and is easier to manufacture and form. It also fitted into various conventional and custom shapes.
• By Strength Type, the market is classified into High Strength Aluminum Alloys and Ultra-High Strength Aluminum Alloys.
• It is predicted that the High Strength Aluminum Alloys segment is growing with the highest CAGR in forecasting years, due to its demand increasing automotive industry. High strength aluminum alloys have the characteristics of low density, high strength, good processing performance, and excellent welding performance.
• By End Use, the market is classified into Aerospace & Defense, Automotive & Transportation, and Marine.
• The Aerospace & defense segment is predicted to hold the largest market share in upcoming years. It is used in the Aerospace & defense industry due to its high mechanical strength, high surface stability, and corrosion resistance. Furthermore, the demand for new-generation aircraft in the aerospace industry will further drive the demand for high strength aluminum alloys.
• By Geography, the market is classified into Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• The Asia-Pacific segment is predicted to grow with the highest CAGR in upcoming years, due to increasing manufacturing of aerospace and automotive, electrical, and electronics in this region. According to IBEF, India will need approximately 2,380 new commercial airplanes by 2038.

Recent Development

• SLM Solutions announced its partnership with Elementum 3D to produce high-performance parts with high-quality alloys for aerospace and space customers. - December 2022
• Alloy Wire International (AWI) launched Inconel 617, a high-performance alloy composed of molybdenum, nickel, chromium, cobalt, and aluminum that is specially designed for usage in components associated with the medical, aerospace, nuclear, and petrochemical sectors. - January 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Alcoa Inc., China Hongqiao Group Ltd., Constellium N.V., EGA, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global High Strength Aluminum Alloys Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global High Strength Aluminum Alloys Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global High Strength Aluminum Alloys Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market