Metal Alloys Market Analysis

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.