Metal Alloys Market - By Material (Stainless Steel Alloys, Aluminum Alloys, Bronze Alloys, Nickel Alloys), By Process (Casting, Hot & Cold Rolling), By Application (Transportation, Construction, Packaging, Machinery, Electrical) & Forecast, 2022-2030

Metal Alloys Market Size

Metal Alloys Market was valued at around USD 291 billion in 2021 and is anticipated to grow at a CAGR of 5.1% from 2022 to 2030 driven by the rapidly rising transportation sector along with increasing investments in construction projects across the globe. With respect to volume, the industry size may register a CAGR of 4.5% through 2030, with a targeted projection of 170,031.0 kilo tons.
 

Developments in additive manufacturing coupled with significant growth in flexible packaging are further offering new opportunities for product expansion. Metal alloys are metallic substances formed by fusing or mixing two metals, or a non-metal and metal, thereby obtaining a desirable characteristic including strength, hardness, lightness, etc. The unique combination of properties provided by metal alloys for a broad range of applications including transportation, construction, machinery, and packaging will support the metal alloys market over the forecast timeframe.
 

Metal alloys including stainless steel and aluminum are widely used in several applications owing to their superior corrosion resistance, good thermal & electrical properties, strength, and other properties. The rising use of aluminum alloys in transportation along with the growth in industrialization in developing economies around the globe will drive market growth.
 

The construction industry is another major consumer of metal alloys with a wide range of products including structural sections, girders, and rods & wires. Steel, aluminum, and other alloys including brass & titanium are widely used in the construction industry. Steel alloys are mainly used in structural applications such as bridges, highways, buildings, and other civil engineering works.
 

The proliferating urbanization and ongoing infrastructural development projects around the globe will drive the metal alloys market share. In addition, the current trends of using larger metals and metal alloys in roofing structures in developed economies including the U.S., Canada, and several European countries are supporting the material demand.
 

Ongoing research & development projects to understand the behavior of metal alloys in different temperatures and environmental conditions are expected to open new opportunities for the market. Several alloy manufacturers and research universities are collaborating & performing research projects and developing new metal alloys with a more positive outlook to utilize them in a wide range of applications.
 

For instance, in April 2020, researchers from Collins Aerospace, Pratt & Whitney, and the University of Connecticut announced that their collaboration study of 18 months led to the development of simple aluminum binary alloys that offer superior usage properties in additive manufacturing. Additionally, in June 2021, Sandvik Materials Technology (SMT) published a research report that comprises the behavior & understanding of nickel-based alloys. The study was performed through a collaboration of scientists from Lund University and Sandvik Materials Technology.
 

Metal Alloys Market Analysis

The aluminum alloys segment is expected to generate nearly USD 229 billion by 2030, growing at a CAGR of around 4.5% from 2022 to 2030. Aluminum alloys are extensively used in the automotive & transportation, aerospace & defense, marine, and other end-use industries. The growing production of automotive vehicles across the globe supporting the consumption of these alloys.
 

Moreover, aluminum alloys are highly resistant to corrosion compared to other metals, boosting the demand for aluminum alloys from various end-use industries. Aluminum alloys are broadly used across the construction industry for producing different materials, such as doors, windows, panels, etc., due to their lightweight and high-strength properties.
 

The metal alloys market from casting process is expected to grow at a considerable rate at a CAGR of nearly 5% from 2022 to 2030 owing to the use of this process in producing complex structures in one part. Several aluminum & stainless-steel alloy casting products are widely used in transportation, machinery, and construction applications. The casting process offers strength to the parts. Furthermore, other materials, such as magnesium alloy casting products, are widely used in power tools & sporting goods and the transportation sector.
 

Transportation application dominates the metal alloys sector with around 36% of the volumetric share in 2021. The segment is expected to dominate the market over the forecast timeframe with the generation of over USD 180 billion in revenue by 2030. The growing sales of lightweight vehicles, which include LCVs and passenger cars, across the globe owing to continuous growth in the socio-economic conditions will support the demand for alloys.
 

The market from transportation application is being driven by rising fuel prices, stringent emission regulations, and efficient driving experience, especially in North America and Europe. Furthermore, the increasing adoption of aluminum in multiple automotive applications by globally established OEMs has enhanced segmental growth. The rising average weight of the vehicles due to the integration of various systems has encouraged OEMs to consider using lighter materials in their vehicles.
 

The Europe metal alloys market generated around USD 52 billion in revenue in 2021 and is expected to showcase a CAGR of 3.8% through 2030. The increasing use of aluminum alloys in automotive, shipbuilding & railway applications is further increasing the market share. Continuous government support to improve the housing industry is strengthening the market share.
 

For instance, the Housing Construction Campaign with a package of measures to tackle housing shortages and rising house prices across the region are significantly contributing to the increasing market penetration. In addition, the proliferating Europe packaging sector, and the growing usage of aluminum alloys in flexible packaging will drive the metal alloys market growth.
 

Metal Alloys Market Share

Key market participants in the metal alloys industry are strategically engaging in product development and facility expansion to cater to a wide range of customers across the globe. For instance, in February 2022, RUSAL developed an optimized 5xxx series aluminum alloy for anodizing.
 

The production has started at the company’s Bratsk Aluminum Smelter (BrAZ) plant. This development will strengthen the company’s market foothold. Key market players in the industry are

• RUSAL
• Chalco
• Jindal Stainless
• ArcelorMittal
• POSCO
• Kobe Steel, Ltd.
• Alcoa Corporation
• Rio Tinto

The metal alloys market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2022 to 2030 for the following segments:

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By Material

• Stainless Steel Alloys
• Aluminum Alloys
• Bronze Alloys
• Nickel Alloys
• Others

By Process

• Casting
• Hot & Cold Rolling
• Others

By Application

• Transportation
• Construction
• Packaging
• Machinery
• Electrical
• Others

By Region

• North America 
  • U.S.
  • Canada 
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE