Secondary Aluminum Alloy Market Segmentation by Alloy Type (Wrought Alloys, and Case Alloys); by Strength (Low Strength, High Strength, and Ultra-High Strength Aluminum Alloys); and by Application Industry (Building & Construction, Automotive, Aluminum Cans, and Other Applications) – Global Demand Analysis & Opportunity Outlook 2020-2030
Buy Now Report ID: 3578 | Published Date: Feb 07, 2023
Growth Drivers
Challenges
Environmental Concerns Pertaining to Mining of Bauxite
The secondary aluminum alloy market in Europe is anticipated to garner a significant market revenue of USD 6197.99 Million by the end of 2030, and also grow with a CAGR of 3.56% during the forecast period. One of the major factors anticipated to drive the market growth in the region is the growing use of aluminum in different end-use industries, including the manufacturing of vehicles. Presence of several of the major vehicle manufacturers in the region, for which, the demand for aluminum is continuously increasing, is also expected to drive the market growth in the coming years. Besides this, the rising production of primary aluminum in the region is also anticipated to accelerate the market growth. In other statistics by the International Aluminum Institute, in the year 2020, the production of primary aluminum in Western & Central Europe, and Russia & Eastern Europe, recorded 3334 Thousand metric tonnes and 4153 Thousand metric tonnes respectively.
On the other hand, the market in the United States is expected to grow with a CAGR of 5.66% during the forecast period, and attain a magnificent revenue by the end of 2030. The growth of the market in the country can primarily be attributed to the increasing aluminum wastes generated in municipal waste stream and the growing focus of the government of the nation to recycle the metal. According to the statistics by the United States Environmental Protection Agency (EPA), the total quantity of aluminum wastes generated in municipal waste stream grew from 340 Thousand tons in the year 1960 to 3890 Thousand tons in the year 2018. Moreover, recycling of this metal from municipal waste stream increased from almost negligible quantity in the year 1960 to 670 Thousand tons in the year 2018.
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The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Singapore, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global secondary aluminum alloy market is segmented by alloy type into wrought alloys and cast alloys. Out of these, the wrought alloys segment is anticipated to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 5.73% during the forecast period. Based on strength, the market is segmented into low, high, and ultra-high strength aluminum alloys. Out of these, the high strength aluminum alloys segment is anticipated to hold the largest revenue of USD 43955.13 Million by the end of 2030, up from a revenue of USD 25982.89 Million in the year 2020. The segment is also expected to grow with the highest CAGR of 5.40% during the forecast period. Further, on the basis of application industry, the market is segmented into building & construction, automotive, aluminum cans, and other applications. Out of these, the automotive segment is expected to garner the largest revenue of USD 31938.62 Million by the end of 2030, up from a revenue of USD 17931.54 Million in the year 2020.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global secondary aluminum alloy market that are included in our report are 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.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global secondary aluminum alloy market that are included in our report are 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.
March 14th, 2019: Metal Exchange Corporation (MEC) announced that to serve its customers in Southeast Asia and South Asia markets, it had opened a trading office in Singapore. The new office is stated to be a step forward for benefitting global market as well as to add strength to the company’s global presence.
August 12th, 2019: Superior Aluminum Alloys, LLC, announced that it has successfully launched its new product, aluminum deox rod/wire, which is used by steel mills during the steelmaking process to remove oxygen from liquid steel.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The growing awareness for the environment, and the increasing focus on recycling of aluminum are some of the major factors anticipated to drive the market growth in the coming years.
Ans: The market is anticipated to attain a CAGR of 4.90% over the forecast period, i.e., 2021 – 2030.
Ans: The environmental concerns pertaining to mining of bauxite, and the fluctuating prices of raw materials are estimated to hamper the market growth.
Ans: The major players in the market are Century Metal Recycling Limited, Kawashima Co., Ltd., Daiki Aluminum Industry Co., Ltd., Allocco Recycling, Ltd., Superior Aluminum Alloys, LLC, Metal Exchange Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by alloy type, strength, application industry, and by region.
Ans: The high strength aluminum alloys segment is anticipated to hold the largest revenue of USD 43955.13 Million by the end of 2030 and display significant growth opportunities.
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