High Strength Aluminum Alloys Market Industry Key Revenue Pockets

Northbrook, IL, USA, 2021-Oct-22 — /EPR Network/ —

Asia-Pacific is the global leader of high strength aluminum alloys market, in terms of value and volume, and this trend is expected to continue till 2023. The key countries in this region,namely, the China, Japan, South Korea and India are witnessing a gradual increase in the use of high strength aluminum alloys market in applications of automotive & transportation, aerospace& defense, marine, and other industries.

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This growth is mainly due to the rising demand for superior performance products in the automotive& transportation industry, demand from the cars, trucks and rail industry for light weight strong materials are driving the market. Contributions of various research organizations toward the research & development of high strength aluminum and enhancement of its commercialization are also some of the key growth factors in Asia-Pacific. The weight reduction of a typical vehicle to reduce the carbon footprint is one of the major factor for adopting light weigh, high strength aluminum alloys in the automotive industry.

China leads the Asia-pacific high strength aluminum alloys market, accounting for more than half of the demand for high strength aluminum alloys market in the region. The increasing demand for high strength aluminum alloys market from automotive sector. Aerospace and defense segment is also on the rise with domination aerospace parts manufacturers in the China, Japan and South Korea region. Additionally, India is expected to be rapidly growing in the adoption of aluminum parts followed by China, japan and South Korea where the consumption of high strength aluminum alloys is registering a steady growth.

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The automotive industry is projected to be the fastest-growing segment in the global high strength aluminum alloys market, by volume during the period of study. This can be attributed to the growing needsfor lighter, safer, cleaner, and more cost-effective vehicles. Many car companies such as BMW (Germany), Audi (Germany), and GM (U.S.) have entered in high level agreements with aluminum manufacturers for mass production and are investing in their processes to support low-cost manufacturing. Many leading research institutes, high strength aluminum alloys manufacturers, and OEMs are working to reduce the raw material cost for mass production of lightweight vehicles.

The key players in the global high strength aluminum alloys market undertook various development strategies in the last five years. Agreements, joint ventures&collaborations, expansions, mergers& acquisitions, and new product & technology developments are some of the key strategies undertaken by major companies such as Alcoa (US), Norsk Hydro ASA (Norway), Hindalco Aluminum (India), UC Rusal (Russia), Rio Tinto (UK), Century Aluminum Company (U.S.) among others.