Published on : Mar 30, 2016
Aluminum alloys are produced by adding alloying metals to aluminum, to enhance the properties of aluminum and making them suitable for a specific application. The light weight of aluminum and enhanced properties due to the addition of alloying metals to it, makes it a good choice for creating light weight components for the automotive and the aerospace industry, where heavy weight components are not desired.
According to a report published by a market intelligent company called Transparency Market Research, the application of aluminum alloys in several end-use industries will ensure that the aluminum alloys market develops a modest CAGR of 4.80% from 2014 to 2020, and reach a value of US$126.5 bn in 2020.
Increasing Demand for High-Strength and Durable Components Drives Aluminum Alloys Market
Aluminum alloys are increasingly used for the construction of structures such as windows, roofs, partitions, and structural glazing. Moreover, they are used for making wires. Aluminum alloys used in construction makes the structure durable and gives them strength, thus they are used in the construction industry, for making electrical parts, and also for sports goods, thus driving the global aluminum market.
Asia Pacific Anticipated to be the Fastest Growing Region
Aluminum alloys have the properties of being light weight and exhibiting high strength. They are extensively used in aerospace and automotive industry where light weight components are desired. Asia Pacific accounted for a share of 60% in the global aluminum alloys market in 2013. The region is expected to be the fastest growing regional segment owing to the growing demands from developing countries such as India and China. The demand is majorly from the construction and transportation industries.