By 2024, the global demand for aluminum alloys in the Asia-Pacific region will account for more than 2. 3%.

SMM September 20-Rahul Varpe, an industry figure, says the aluminum alloy market will exceed $150 billion by 2024. The rapid population growth and urbanization of the BRICS countries will be an important driving force in the global product market in 2024. These countries are gradually shifting their focus to investment in industrial development in order to create jobs for an increasing number of young and middle-aged people.

The increasing trend of air travel in domestic and international commuting and global trade activities will promote the demand for aluminum alloy in the aviation industry. The number of orders has increased from less than 3 billion in 2011 to more than 3.7 billion in 2016, which will double over the next 20 years, according to the International Air Transport Association (IATA).

The aluminum alloy market mainly depends on the availability of aluminum and other alloy materials (including zinc, copper, magnesium, manganese, tin, etc.). Due to its application in a variety of end-user industries, the fluctuation of aluminum prices is likely to inhibit the growth of the global aluminum alloy market in the next seven years. As a result of market competition, price fluctuations in other alloy elements, such as copper, zinc and magnesium, may also hinder industry growth.

According to the product type, the aluminum alloy market is divided into forging and casting alloys. Forged alloys may have a considerable share because of their excellent strength and lighter weight than cast alloys. They play an important role in both the automobile and aerospace industries.

Aluminum alloy market applications are divided into construction, transportation, packaging, electrical, machinery and other including consumer goods. In the future, the Asia-Pacific region will control the global aluminum alloy market, accounting for more than 2/3 of the total share by 2024. High growth in manufacturing and construction in China, Japan and India will drive regional economic growth during the forecast period.

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