According to a new research report by Global Market Insights Inc., the global Metal Alloys Market size is expected to reach about USD 466 billion by 2030.
Metal alloys are primarily used for a wide range of applications including construction, transportation, packaging, machinery, electrical, and others. Metal alloys are used in various end-user industries as they offer strength & other properties to the metal and protect it from structural failure & corrosion. Metal alloys provide added protection to the metal and act as a barrier to inhibit the contact between chemical compounds or corrosive materials.
Metal alloys exhibit significant dependence on industrial production and construction spending. The demand for metal alloys is rapidly rising in developing regions such as Asia Pacific and Africa. Industrial sector in Asia Pacific is growing at considerable rate owing to large domestic markets and strong growth of economies in the region. In addition, the rising per capita metal consumption is rising in Asia Pacific owing to rising per capita income and a strong economic push. In matured regions, such as Europe and North America, the demand for metal alloys is heavily tied to the growth of the end-user industries and consumption of metals. The rising consumption of metals will drive the demand for metal alloys in the coming years.
Browse key industry insights spread across 270 pages with 440 market data tables & 27 figures & charts from the report, “Metal Alloys Market Size, By Material (Stainless Steel Alloys, Aluminum Alloys, Bronze Alloys, Nickel Alloys), By Process (Casting, Hot & Cold Rolling), By Application (Transportation, Construction, Packaging, Machinery, Electrical), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2022 - 2030”, in detail along with the table of contents:
Stainless steel alloys are gaining popularity over the last few years
Based on material, stainless-steel alloys registered nearly USD 125 billion in 2021 and will gain about USD 208 billion by 2028 at a CAGR of 6% owing to their widespread applications. Stainless steel alloys are a family of corrosion-resistant alloys, comprising iron and a minimum of 10.5% chromium with other elements. The material is widely used in the construction and machinery industries, among others. It is broadly categorized into Duplex, Ferritic, Martensitic, Austenitic, and Precipitation hardening stainless steel grades.
The strong demand for new housing projects in Asia Pacific along with proliferating infrastructure projects around the globe will drive the material demand. Several stainless-steel manufacturers are investing in new production facilities to cater to the increasing demand from end-users. For instance, in February 2018, Tsingshan Holding Group invested around USD 2.3 billion to establish a facility in Gujarat, India.
The hot & cold rolling process dominates the overall metal alloys industry size
Hot & cold rolling processes are likely to gather more than USD 240 billion at a CAGR of 5.5% by the end of 2030. Hot & cold rolling metal alloy products are widely used in the industry. They are basic shapes of the products from which the desired shapes can be produced and used in several specific parts of transportation, construction & other applications. The proliferating automotive industry in Asia Pacific coupled with ongoing infrastructure development projects is expected to drive the demand for hot & cold rolling process metal alloys over the study timeframe.
The construction application segment is expected to showcase a growth rate of over 5% from 2022 to 2030 in the metal alloys market. The construction industry derives most of its revenue from residential buildings, mostly new construction, and renovations. Rising urbanization will register a 40% increase in houses in India along with a contribution of 75% to India’s GDP by 2030. Furthermore, smart city construction is expected to become a trend in urban development.
Asia Pacific dominates the market share with China holding around 50% of the volumetric share
Asia Pacific will generate around USD 305 billion by 2030 at a CAGR of nearly 5.5% from 2022 to 2030 due to the increasing population along with improving living standards and proliferating disposable incomes. The increasing demand for apartments & flats along with the rising production of automotive & other transportation products is expected to enhance the regional market growth. Improvements in infrastructures owing to supportive government policies along with increasing businesses & commercial spaces are further supporting the industry share.
Mergers & acquisitions and strategic agreements are key strategies in the market
The global metal alloys industry is highly competitive and key industry participants are investing to strengthen their market positioning to gain competitive advantages. Key market participants in the industry are Kobe Steel, Ltd., Rio Tinto, POSCO, Jindal Stainless, Alcoa Corporation, RUSAL, ArcelorMittal, Baosteel, Chalco, Kaiser Aluminum Corporation, and others.