Aluminum Alloys Market Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
From less than 80 million units
in 2011 to over 90 million units in 2016, global automotive sales increased
significantly following the economic downturn of the previous decade. Because
of the rapidly rising GDP and rising purchasing power of the populations of
China, India, and Japan, the majority of passenger car sales were concentrated
in the Asia Pacific region. The market for aluminium alloys will benefit in the
coming years from rising demand for lightweight alloys to improve vehicle
performance and efficiency.
Pacific Asia In 2014, the GDP
grew by more than 5%, with manufacturing accounting for a sizable portion of
that growth. In the upcoming years, the overall industrial developments in
China, India, South Korea, Japan, and Indonesia will have a significant impact
on the global market. Numerous manufacturing conglomerates have been persuaded
to relocate their manufacturing bases in this area by the availability of a
cost-effective workforce and lax industrial regulations. The product's wide
range of industrial applications, such as die casting and manufacturing
machinery and equipment, will benefit the aluminium
alloys market share.
It is divided into two categories
based on the type of product: wrought alloy and cast alloy. Wrought alloy is a
widely used product category because it has a higher tensile strength than cast
alloys and contains more aluminium. It is lighter in weight and typically free
of casting flaws like shrink and porosity. The global
aluminium alloys market segment will experience significant growth in
the coming years due to the rising demand for lighter and stronger metal for
the fabrication of various mechanical parts.
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