Alloy Market size
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The global alloys market was valued at $301.7 billion in 2023 and is projected to reach $533.9 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.9% from 2024 to 2033. This growth is driven by increasing demand for alloys in the automotive and aerospace industries.
Worldwide alloy market is expected to register a strong growth rate in the forecast period,. Alloys are extensively employed for various applications due to their higher corrosion resistance, better thermal & electrical characteristics, tensile strength and others. The market growth is facilitated by the growth in population, growing disposable income, growing need to lighten a vehicle, growing production of vehicles and growing automobile sales. Apart from this, growing investments in the construction industry by governments and private players globally are also fueling the expansion of the global alloy market. Furthermore, innovations in additive manufacturing coupled with extensive growth in flexible packaging are some of the drivers boosting the market growth. Additionally, swift use of alloys in the transport sector for the production of light-weight vehicles worldwide are expected to propel the market growth.
The global alloy market is bifurcated on the vehicle type, alloy type, application, and region. Segmentation on the basis of vehicle type includes passenger cars, light commercial vehicles and heavy commercial vehicle. The passenger segment is expected to capture a high market share over the forecast period because of increasing usage of vehicles for personal purposes, thanks to high personal disposable income and fast urbanization. On the basis of alloy type, the market is segmented into steel, aluminium, magnesium, and others. The aluminum segment led the market in 2021 owing to growing usage of aluminum in different applications in vehicles and strict government regulation on vehicle weight. The APAC region leads the alloy market geographically and is likely to continue to do so during the forecasted period as well because of growing demand for automobiles in developing nations such as China and India and growing disposable income of middle-class population.
Alloy market segmentation
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Here's a more detailed breakdown
1. Alloy Type
- Wrought alloys These are alloys that are formed into shape by cold or hot working processes.
- Cast alloys These are alloys that are formed by pouring molten metal into a mold.
2. Alloying Elements
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Aluminum alloys
Aluminum is a common alloying element due to its lightweight and corrosion resistance.
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Titanium alloys
Titanium is known for its strength and corrosion resistance, often used in aerospace and other high-performance applications.
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Magnesium alloys
Magnesium alloys are lightweight and have good machinability, making them suitable for automotive and other applications.
3. Product Type (for high-performance alloys)
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Heat-resistant alloys
These alloys are designed to withstand high temperatures, often used in aerospace and power generation.
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Corrosion-resistant alloys
These alloys are resistant to corrosion, making them suitable for applications like oil and gas pipelines.
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Wear-resistant alloys
These alloys are designed to withstand abrasion and wear, often used in machinery and equipment.
4. End-Use Industry
- Aerospace High-performance alloys are crucial for aircraft engines, airframes, and other components.
- Automotive Alloys are used in vehicle components like engine blocks, wheels, and chassis.
- Power generation Alloys are used in turbines and other power generation equipment.
- Oil and gas Alloys are used in pipelines, drilling equipment, and other oil and gas applications.
- Electrical and electronics Alloys are used in connectors, wiring, and other electrical components.
5. Geographic Region
- North America The U.S. and Canada are major producers and consumers of alloys.
- Europe Germany, the UK, France, and Italy are important markets for alloys.
- Asia Pacific Japan, China, India, and South Korea are major players in the alloy market, with China being a dominant producer and consumer of aluminum alloys.
- Latin America Mexico and Brazil are growing markets for alloys.
- Middle East & Africa Saudi Arabia and the UAE are developing alloy markets.
key players
Nippon Steel & Sumitomo Metal Corp.
AMG Advanced Metallurgical Group
Arcelormittal SA
Norsk Hydro ASA
Thyssenkrupp AG
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Attribute |
Details |
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Historic Data |
2017 – 2020 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Million, Volume in Units, CAGR for 2017-2021 and 2022-2027 |
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Report coverage |
Revenue Forecast, Volume Forecast, Company Share, Competitive Landscape, Growth Factors, And Trends |
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Segments covered |
· By Vehicle Type · By Alloy Type · By Application |
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Region scope |
Asia Pacific; Europe & CIS; North America; South America; Middle East & Africa |
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Country scope |
China, India, Japan, South Korea, Australia, Singapore, Malaysia, France, Germany, United Kingdom, Italy, Spain, United States, Mexico, Canada, Brazil, Argentina, Colombia, South Africa, Saudi Arabia, UAE, Qatar |
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Key companies profiled |
Nippon Steel & Sumitomo Metal Corp., AMG Advanced Metallurgical Group, Alcoa Inc, Kobe Steel, Ltd., Constellium N.V., UACJ Corporation, Novelis, Inc., Arcelormittal SA, Norsk Hydro ASA, Thyssenkrupp AG |
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Customization scope |
10% free report customization with purchase. Addition or alteration to regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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