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Global Secondary Aluminum Alloy Market to Grow with a CAGR of 4.90% During 2021-2030; Market to Expand on Account of Growing Demand for the Product from the End-Use Industries

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Research Nester published a report titled Secondary Aluminum Alloy Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global secondary aluminum alloy market in terms of market segmentation by alloy type, strength, application industry, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global secondary aluminum alloy market is anticipated to grow by a CAGR of 4.90% over the forecast period, i.e., 2021 – 2030. The market is segmented by strength into low strength aluminum alloys, high strength aluminum alloys, and ultra-high strength aluminum alloys, out of which, the high strength aluminum alloys segment generated the largest market revenue of USD 25982.89 Million in the year 2020, and is further projected to generate the largest revenue of USD 43955.13 Million by the end of 2030.

The global secondary aluminum alloy market is estimated to garner a revenue of USD 63244.79 Million by the end of 2030, up from a revenue of USD 39198.54 Million in the year 2020. Increasing use of secondary aluminum alloys in different end-use industries, such as for the manufacturing of automobiles in the automobile industry, or for manufacturing aircrafts in the aeronautics industry, followed by the growing focus of the government of nations worldwide in promoting the three R’s, i.e., reuse, reduce, and recycle, are some of the major factors anticipated to drive the market growth in the coming years.

In Europe, the secondary aluminum alloy market is anticipated to grow with a CAGR of 3.56% during the forecast period, and further register a revenue of USD 6197.99 Million by the end of 2030. Growing production of primary aluminum in the region, followed by the availability of major automobile companies, and the rising demand for secondary aluminum alloy from the end-user industries are some of the major factors anticipated to drive the growth of the market in the region.

Growing Availability of Scrap Aluminum for Manufacturing Secondary Aluminum Alloy

Globally, the production of primary aluminum touched 63657 Thousand metric tonnes in the year 2019, up from 42353 Thousand metric tonnes in the year 2010, according to the statistics by the International Aluminum Institute.

Primary aluminum is used in many end-use industries for manufacturing different products. Once the product attains the end of its lifecycle, the aluminum metal in that product is then treated as scrap. Since the prime raw material of secondary aluminum alloy is scrap aluminum, hence, with the rising utilization of primary aluminum, the volume of scrap aluminum is also anticipated to increase, and in turn contribute to the rising production of secondary aluminum alloy. Moreover, as aluminum when recycled possesses its original characteristics, hence recycling of the metal is widely preferred around the globe. Such a factor is anticipated to drive the growth of the market in the coming years.

However, the environmental concerns pertaining to mining of bauxite, and the fluctuating prices of raw materials are expected to operate as key restraint to the growth of global secondary aluminum alloy market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global secondary aluminum alloy market which includes company profiling of Century Metal Recycling Limited, Kawashima Co., Ltd., Daiki Aluminum Industry Co., Ltd., Allocco Recycling, Ltd., Superior Aluminum Alloys, LLC, Metal Exchange Corporation, Keiaisha Co., Ltd., Shin Wen Ching Metal Enterprise., Ltd., Namo Alloys Pvt. Ltd., Sunalco Industries Pvt. Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global secondary aluminum alloy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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