The Metal Alloys Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Alloys Global Market Report 2024, The metal alloys market size has grown strongly in recent years. It will grow from $301.74 billion in 2023 to $320.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to automotive growth, infrastructure development, military applications, aerospace industry demand, energy sector needs.
The metal alloys market size is expected to see strong growth in the next few years. It will grow to $404.36 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to digital transformation, shift in consumer preferences, urbanization, climate change mitigation, medical devices demand. Major trends in the forecast period include nanostructured alloys, digital twin adoption, smart alloys, biodegradable alloys, material traceability.
Growth in the automotive industry is expected to propel the growth of the metal alloys market going forward. The automotive industry refers to industries associated with the production, retailing, wholesaling, and maintenance of motor vehicles. Metal alloys, such as aluminum alloys, are extensively used in the automotive industry for their favorable properties such as good durability, superior corrosion resistance, and improved maintenance. For instance, in April 2022, according to a report published by the European Automobile Manufacturers Association, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. As a result, the market for metal alloys is driven by the expansion of the automotive sector.
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The metal alloys market covered in this report is segmented –
1) By Material: Stainless Steel Alloys, Aluminum Alloys, Bronze Alloys, Nickel Alloys, Other Materials
2) By Process: Casting, Hot and Cold Rolling
3) By Application: Transportation, Construction, Packaging, Machinery, Electrical, Other Applications
Top Major Players
Pohang Iron and Steel Company
Thyssen Krupp AG
Tsingshan Holding Group Co Ltd.
Johnson Matthey PLC
Stryker Medical Inc.
Major companies operating in the metal alloy market are launching new products such as alloy powder to increase their profitability in the market. Metal alloy powder is finely divided particles resulting from the combination of two or more metallic elements, produced through processes like atomization, mechanical alloying, or chemical methods. For instance, in October 2023, TANAKA Precious Metals, a Japan-based precious metals manufacturer launched high-entropy alloy powder, 10µm or smaller high-crystallinity precious metal alloy powder, uniquely incorporating platinum, palladium, iridium, ruthenium, and rhodium with outstanding composition uniformity. Their stability as alloys stems from a sizable crystallite size, ensuring enhanced mechanical strength, corrosion resistance, and controlled thermal expansion. These alloys, available in powder form, facilitate versatile applications, including 3D printing and rod forming. Additionally, their utility extends to paste form for circuitry and sensor applications. The robust properties of high-entropy alloys find application in durable catalysts and heat-resistant conductive films.
The metal alloys market report table of contents includes:
1. Executive Summary
2. Metal Alloys Market Characteristics
3. Metal Alloys Market Trends And Strategies
4. Metal Alloys Market – Macro Economic Scenario
5. Global Metal Alloys Market Size and Growth
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32. Global Metal Alloys Market Competitive Benchmarking
33. Global Metal Alloys Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Metal Alloys Market
35. Metal Alloys Market Future Outlook and Potential Analysis
36. Appendix
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