Metal Alloys Market Size

Metal Alloys Market Size

Metal Alloys Market was valued at around USD 291 billion in 2021 and is anticipated to grow at a CAGR of 5.1% from 2022 to 2030 driven by the rapidly rising transportation sector along with increasing investments in construction projects across the globe. With respect to volume, the industry size may register a CAGR of 4.5% through 2030, with a targeted projection of 170,031.0 kilo tons.

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Developments in additive manufacturing coupled with significant growth in flexible packaging are further offering new opportunities for product expansion. Metal alloys are metallic substances formed by fusing or mixing two metals, or a non-metal and metal, thereby obtaining a desirable characteristic including strength, hardness, lightness, etc. The unique combination of properties provided by metal alloys for a broad range of applications including transportation, construction, machinery, and packaging will support the metal alloys market over the forecast timeframe.

Metal alloys including stainless steel and aluminum are widely used in several applications owing to their superior corrosion resistance, good thermal & electrical properties, strength, and other properties. The rising use of aluminum alloys in transportation along with the growth in industrialization in developing economies around the globe will drive market growth.

The construction industry is another major consumer of metal alloys with a wide range of products including structural sections, girders, and rods & wires. Steel, aluminum, and other alloys including brass & titanium are widely used in the construction industry. Steel alloys are mainly used in structural applications such as bridges, highways, buildings, and other civil engineering works.

The proliferating urbanization and ongoing infrastructural development projects around the globe will drive the metal alloys market share. In addition, the current trends of using larger metals and metal alloys in roofing structures in developed economies including the U.S., Canada, and several European countries are supporting the material demand.

Ongoing research & development projects to understand the behavior of metal alloys in different temperatures and environmental conditions are expected to open new opportunities for the market. Several alloy manufacturers and research universities are collaborating & performing research projects and developing new metal alloys with a more positive outlook to utilize them in a wide range of applications.

For instance, in April 2020, researchers from Collins Aerospace, Pratt & Whitney, and the University of Connecticut announced that their collaboration study of 18 months led to the development of simple aluminum binary alloys that offer superior usage properties in additive manufacturing. Additionally, in June 2021, Sandvik Materials Technology (SMT) published a research report that comprises the behavior & understanding of nickel-based alloys. The study was performed through a collaboration of scientists from Lund University and Sandvik Materials Technology.