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Published on : Sep 03, 2019

The distinct properties of aluminium alloys as against other metallic alloys have caught the attention of several industries. This factor has emerged as a frontline driver of demand within the global aluminium alloys market. Moreover, the electrical industry is on the lookout for optimizing the efficiency of existing aluminium alloys. Hence, the market shall keep expanding as long as key industries keep their feet dipped in aluminium-based manufacturing. 

Novelis Inc. recently announced the launch of a novel aluminium alloy. Novelis claims that the newly-developed alloy is 15-25% more efficient than alloys currently being used in the automotive industry. The efficiency of this aluminium alloy is graded in terms of strength, formability, light-weightiness, and structural integrity. This development could play a key role in turning the fortunes of the global aluminium alloy market. 

A report by Research Moz (Rmoz) on the global aluminium alloys market intercepts and records key trends, opportunities, and restraints pertaining to this market. 

Supremacy of Aluminium in Manufacturing Automotive Sheets

The use of aluminium alloys for manufacturing cylinder blocks, crankcases, and automotive sheets has played an integral role in market growth. Furthermore, electrical wires can also be drawn from aluminium alloys which gives an impetus to market growth. Other key industries such as marine and aerospace are also key consumers of aluminium alloys. 

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Growth of Asia Pacific Market

Based on geography, the global aluminium alloys market is segmented into South America, Europe, Asia Pacific, North America, and the Middle East and Africa. In terms of revenue, the Asia Pacific aluminium alloys market is poised to outgrow other regional markets. This projection is based on the recurring need for aluminium alloys for electrical wiring in India. 

The global aluminium alloys market consists of the following vendors: Rio Tinto Alcan, United Company RUSAL, Alcoa, and Aluminium Corporation of China.