aluminum-based master alloy market, valued at USD 202.6 million in 2022

VANCOUVER, BRITISH COLUMBIA, CANADA, June 11, 2024 /EINPresswire.com/ -- The global aluminum-based master alloy market, valued at USD 202.6 million in 2022, is set to grow rapidly with a projected compound annual growth rate (CAGR) of 7.1% during the forecast period. Key drivers of this growth include advancements in the automotive and construction industries and the rising demand for lightweight vehicles and materials in the renewable energy sector.

Master alloy is a base metal such as aluminum, copper, or nickel. It is used in a small quantity to combine with a high quantity of alloyed metals. They are extensively used in the production of titanium alloys. Further, it acts as a raw material for the manufacturing of alloys. The material is primarily utilized to improve metals' corrosion and heat resistance. It consists of two or more elements and has a defined composition.

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Key Market Drivers

Aluminum-based master alloys, which include mixtures such as aluminum-titanium, aluminum-silicon, aluminum-magnesium, and aluminum-lithium, are crucial in high-tech industries. Their applications span energy, packaging, automotive, and construction, benefiting from the rising global demand for lightweight materials, especially due to the popularity of electric vehicles (EVs).

The demand for aluminum alloys is expected to reach 68.7 million tonnes in the next decade, an 8% increase from 2020. These alloys are highly valued for their customizable and consistent properties, making them essential in producing lightweight components.

For instance, Kymera International's recent exploration of metal binder spraying technology at the World PM 2022 conference highlights the innovative applications of aluminum-based alloys in manufacturing.

The overall report focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity. The market outlook section gives a detailed analysis of market evolution, growth drivers, restraints, opportunities, and challenges, Porter’s 5 Force’s Framework, macroeconomic analysis, value chain analysis and pricing analysis that directly shape the market at present and over the forecasted period. The drivers and restraints cover the internal factors of the market whereas opportunities and challenges are the external factors that are affecting the market. The market outlook section also gives an indication of the trends influencing new business development and investment opportunities.

Aluminum-Based Master Alloy Top Companies and Competitive Landscape

The global aluminum-based master alloy market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective aluminum-based master alloy.

Some of the major companies included in the global aluminum-based master alloy market report are:

Aida Alloys

SLM Solutions

Nanjing Yunhai Special Metals

Hebei Sitong New Metal Material

AMG Aluminum UK Ltd.

HZALU

Jiangxi Hongke Special Alooys

Xuzhou Huatian Metal Flux

KBM Affilips B.V.

Sichuan Lande Industry

Reading Alloys

Avon Metals Ltd.

Bamco

Saru Aikoh

ACMECast

Ametek Metals

Kymera International

NicoCorp Development Ltd.

Aluminum-Based Master Alloy Latest Industry News

On 28 September, 2023, NioCorp Developments Ltd. plans to produce primary aluminum-scandium alloy products from mining and upgrading facilities located in the U.S.. Project Creek, could allow commercial and defense manufacturers to replace some existing aluminum parts on vehicles. Scandium-containing aluminum alloys provide high-strength, corrosion-resistant, weldable alternatives to existing aluminum options and offer significant improvements in properties and opportunities for lightening, especially in transportation applications.

On 20 March 2020, Kymera International (‘Kymera‘), a leading specialty materials company specializing in the production of powders, pastes and pellets of pure and alloyed aluminum, copper, tin and zinc, as well as many other niche products, announced that it has completed a transaction with Ametek Inc., acquiring 100% of Reading Alloys. Established in 1953, Reading Alloys designs, develops and manufactures master alloys, insulating coatings and titanium powders. The company is a preferred supplier to manufacturers of high-quality titanium and superalloy machined products used in aerospace and aircraft applications.

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Market Challenges

However, the market faces challenges such as fluctuating raw material costs and the availability of cheaper alternatives. The production of aluminum-based master alloys is costly due to the complex and resource-intensive manufacturing process, which involves advanced technology and skilled labor. High energy costs also contribute to these expenses, potentially leading buyers to seek more affordable options.

LATEST TRENDS

"Growth in Automotive Industry to Foster Market Improvement "

Increasing demand for automotive industry is estimated to surge market growth. Increasing demand for transportation is anticipated to surge market growth. The material helps to control oxygen content within the alloy. Such advantages help the performance of the vehicles. Further, it is effective and hard which is projected to drive market growth during the forecast period. The material is used in construction activities for its stability and reliability features. Such advantages of the product are predicted to surge market growth. Increasing demand for titanium alloy in automotive industry is anticipated to stimulate master alloy market expansion. Growing need for high-performance master alloys in automotive industry is projected to drive market growth. Rising environmental regulations to reduce carbon emissions led to using lightweight materials in automobile sector is anticipated to stimulate market growth.

Aluminum-Based Master Alloy Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global aluminum-based master alloy market on the basis of type, technology, raw material, application, end-use, and region:

Type Outlook (Revenue, USD Million; 2019-2032)

Primary Aluminum Based Master Alloy

Secondary Aluminum Based Master Alloy

Technology Outlook (Revenue, USD Million; 2019-2032)

Induction

Reverb melting

Raw Material Outlook (Revenue, USD Million; 2019-2032)

Aluminum (AI)

Titanium (Ti)

Magnesium (Mg)

Beryllium (Be)

Others

Application Outlook (Revenue, USD Million; 2019-2032)

Composition Adjustment

Management of crystal structure

Simplification of fabrication technique

End-Use Outlook (Revenue, USD Million; 2019-2032)

Energy Industry

Packaging Industry

Automotive Industry

Construction and building industry

Others

Regional Outlook (Revenue, USD Million; 2019–2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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The aluminum-based master alloy market is poised for substantial growth, driven by the increasing need for lightweight materials across various industries. Despite challenges such as high production costs, the market's potential remains strong, supported by continuous advancements and rising demand in key sectors like automotive and construction.

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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