Global Secondary Aluminum Alloy Market TOC
Secondary Aluminum Alloy Market size is estimated to surpass USD 165.44 billion by the end of 2035, growing at a CAGR of 5.15% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of secondary aluminum alloy was over USD 86.40 billion. The market for secondary aluminum alloys is expanding quicker due to rising demand for ecologically friendly and environmentally-friendly goods, increased knowledge of the numerous advantages of recycling, and the cost-effectiveness of employing recycled aluminum.
Globally, increasing industrialization has resulted in increased urbanization and economic development. Because of rising industrialization, there is a demand for industrial secondary aluminum alloy for a wide range of purposes, including building and construction. Furthermore, rising GDP in the major countries boosts spending power or capacity on specific things. This, in turn, is simultaneously propelling secondary aluminum alloy requirements which are driving the market positively.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
5.15% |
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Base Year Market Size (2022) |
USD 86.40 Billion |
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Forecast Year Market Size (2035) |
USD 165.44 Billion |
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Regional Scope |
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End-User Industry (Automotive & Transportation, Building & Construction, Aerospace & Defense)
By the end of 2035, the automotive & transportation segment in the secondary aluminum alloy market is estimated to gain the largest revenue of USD 84.35 billion. The use of aluminum instead of steel improves passenger and commercial vehicle performance, fuel efficiency, safety, and durability while also providing several environmental advantages. Cast secondary aluminum alloy is used to make seats, gearboxes, cylinder heads, auxiliary equipment, pistons, and engine blocks. Wrought secondary aluminum alloys are utilized in truck trailers, railways, and automotive bodywork. Furthermore, increased demand for EVs is predicted to drive market development, since EVs' low weight requirements would necessitate a higher amount of plastics and aluminum in them than conventional fuel cars.
Strength (Low Strength Aluminum Alloys, High Strength Aluminum Alloys, Ultra-High Strength Aluminum Alloys)
Secondary aluminum alloy market from the high-strength aluminum alloys segment is expected to grow at the fastest CAGR of 5.47%. The growth is attributed to its strong penetration in the automotive and transportation industries, as well as Asia Pacific's fast-rising automotive market. The need for goods with high tensile strength, corrosion resistance, minimal maintenance, recyclability, and extended shelf lives in various end-use sectors is the key factor driving the expansion of the high-strength aluminum alloy segment.
Our in-depth analysis of the global secondary aluminum alloy market includes the following segments:
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Type |
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Strength |
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End User |
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APAC Market Forecast
The Asia-Pacific secondary aluminum alloy market is expected to hold the larger share with a revenue of USD 108.36 billion by the end of 2035. The Asia-Pacific region is further expected to showcase exponential growth over the forecast period of 2023-2035 by registering a CAGR of 5.82%. Significant factors, including the rising focus on sustainable and eco-friendly practices, are catering to the region’s market growth. Besides, the Asia-Pacific region is also growing at a rapid pace, with countries such as China, India, Japan, and South Korea being major producers and consumers of these alloys. Moreover, companies are also investing significantly in secondary aluminum alloys, which is also expected to create a positive impact on the market in the upcoming years.
Middle East & Africa Statistics
Over the forecast period, the Middle East & Africa secondary aluminum alloy market is projected to expand at a CAGR of 5.49%. The region's expansion is expected to be fueled by a stable supply of aluminum scrap generated by numerous companies that produce wasted aluminum products. As these regions' economies and industrial activities expand, so does the amount of scrap aluminum accessible for recycling. Each year, the Middle East generates a massive amount of aluminum garbage. Over 500 million aluminum cans of the beverage are utilized in UAE alone, out of which just 5% is recycled and the rest is collected by scrap dealers or goes directly to landfills.
Author Credits: Smruti Ranjan, Rajrani Baghel
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