Global Secondary Aluminum Alloy Market to Touch USD 63244.79 Million by 2030 by Growing with a CAGR of 4.90% Over 2021-2030; Market to be Driven by Growing Applications of Secondary Aluminum in Manufacturing of Automobiles and Aircrafts

Key Companies Covered in the Secondary Aluminum Alloy Market Research Report Are Century Metal Recycling Limited, Kawashima Co., Ltd., Daiki Aluminum Industry Co., Ltd., Allocco Recycling, Ltd., Superior Aluminum Alloys, LLC, Metal Exchange Corporation, Keiaisha Co., Ltd., Shin Wen Ching Metal Enterprise., Ltd., Namo Alloys Pvt. Ltd., Sunalco Industries Pvt. Ltd., and other key market players.

New York, Feb. 03, 2022 (GLOBE NEWSWIRE) — The total number of cars and commercial vehicles produced around the globe, according to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), grew from 58239494 and 19344025 numbers respectively in the year 2010 to 67149196 and 24637665 numbers respectively in the year 2019. Moreover, according to the statistics by the General Aviation Manufacturers Association (GAMA), the year-to-date (YTD) total shipment of airplanes grew from 2020 numbers in the year 2010 to 2658 numbers in the year 2019. Amongst these, turboprops grew from 368 numbers to 525 numbers, while business jets grew from 763 numbers to 809 numbers during the same period.

Research Nester has recently added a report on “Secondary Aluminum Alloy Market” which is studied for the forecast period, i.e., 2021-2030. The report also includes the major market players and the latest market trends, growth opportunities, and the factors that are associated with the growth of the market in the coming years.

The demand for aluminum is growing significantly in the end-use industries, especially in the automotive and aeronautics industry. These industries utilize recycled aluminum alloys, also known as secondary aluminum alloys, as recycled aluminum is highly cost-effective and less energy-consuming. According to the statistics by the International Aluminum Institute, the recycling of aluminum requires up to 95% less energy than its production from ore. Moreover, in the year 2018, the global recycling input rate (RIR) of aluminum was 32%, while the global recycling efficiency rate (RER) was 76%. Besides this, the statistics also stated that recycling one tonnes of aluminum saved over 16 tonnes of GHG emissions, which is equivalent to driving over 40,000 miles in an average vehicle in the United States.

The global secondary aluminum alloy market registered a revenue of USD 39198.54 Million in the year 2020 and is further expected to touch USD 63244.79 Million by the end of 2030, by growing with a CAGR of 4.90% during the forecast period. The growth of the market can also be attributed to the growing production of primary aluminum worldwide, which in the years to come, will raise the volume of scrap aluminum, and in turn, contribute to the growth of the market. In other statistics by the International Aluminum Institute, the production of primary aluminum worldwide was projected to touch 65325 Thousand metric tonnes by the end of 2020, up from 58456 Thousand metric tonnes in the year 2015.

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The secondary aluminum alloy market in the United States attained a market revenue of USD 8450.77 Million by the end of 2030, up from a revenue of USD 4871.08 Million in the year 2020. The market in the region is further expected to grow with a CAGR of 5.66% during the forecast period, backed by the growing concern for aluminum wastes in the municipal waste stream, and for the rising awareness for recycling aluminum in the nation. The total quantity of aluminum wastes generated in the municipal waste stream in the United States, according to the statistics by the United States Environmental Protection Agency (EPA), touched 3890 Thousand tons in the year 2018, up from 340 Thousand tons in the year 1960. Apparently, the recycling of this metal from municipal waste stream touched 670 Thousand tons in the year 2018, up from an almost negligible quantity in the year 1960. 

The secondary aluminum alloy market in Europe, on the other hand, registered a revenue of USD 4367.54 Million in the year 2020 and is further projected to touch USD 6197.99 Million by the end of 2030 by growing with a CAGR of 3.56% during the forecast period. Growing demand for secondary aluminum from the end-use industries in the region, along with the presence of several major automotive organizations are some of the major factors anticipated to drive the market growth in the region.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The global secondary aluminum alloy market is segmented by strength into low, high, and ultra-high strength aluminum alloys. Amongst these segments, the high strength aluminum alloys segment is anticipated to grow with the highest CAGR of 5.40% during the forecast period, and further attain revenue of USD 43955.13 Million by the end of 2030, up from a revenue of USD 25982.89 Million in the year 2020. In the United States, the segment is expected to attain the largest revenue of USD 5864.83 Million by the end of 2030, up from a revenue of USD 3223.94 Million in the year 2020. The segment is also anticipated to grow with the highest CAGR of 6.17% during the forecast period. Meanwhile, in Europe, the segment registered the largest market revenue of USD 2880.55 Million in the year 2020 and is further expected to grow with the highest CAGR of 4.11% during the forecast period.

The global secondary aluminum alloy market is further segmented by application industry into building & construction, automotive, aluminum cans, and other applications. Amongst these segments, the automotive segment garnered the largest revenue of USD 17931.54 Million in the year 2020 and is further predicted to reach USD 31938.62 Million by the end of 2030. In Europe, the segment is projected to grow with the highest CAGR of 4.54% during the forecast period and also generate the largest market revenue of USD 3129.98 Million by the end of 2030. On the other hand, in China, the segment is projected to grow with the highest CAGR of 7.40% during the forecast period.

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The global secondary aluminum alloy market is also segmented by alloy type.

Global Secondary Aluminum Alloy Market, Segmentation by Alloy Type

• Wrought Alloys
• Case Alloys

Some of the prominent industry leaders in the global secondary aluminum alloy market that are included in our report are Century Metal Recycling Limited, Kawashima Co., Ltd., Daiki Aluminum Industry Co., Ltd., Allocco Recycling, Ltd., Superior Aluminum Alloys, LLC, Metal Exchange Corporation, Keiaisha Co., Ltd., Shin Wen Ching Metal Enterprise., Ltd., Namo Alloys Pvt. Ltd., Sunalco Industries Pvt. Ltd., and others.

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