Expansion in the automotive industry, technological advancements in the melting process, and easy availability of raw materials are some of the factors for boosting the Aluminum-based master alloy market.
Market Size – USD 127.7 Million in 2018, Market Growth - CAGR of 7.4%, Market Trends –Technological advancements in the melting process
The Global Aluminum-based master alloy market is forecasted to reach USD 224.3 Million by 2026, according to a new report by Reports and Data. There are certain traits associated with this type of master alloy that has resulted in its market expansion. The association of characteristics like corrosion resistance, lightweight, makes it applicable in various industries like building and construction industry and automotive industry. The presence of these traits in Aluminum-based master alloy has not only resulted in its diverse application, but it has also contributed to the market growth of the sector.
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Furthermore, in this type of master alloy low melting loss and lower consumption of energy is observed. Presence of these features in Aluminum-based master alloy results in its increased preference among manufacturers as well as buyers, boosting the growth of the market.
In addition to the advantages mentioned above associated with Aluminum-based master alloys, its compatibility with different base materials have also resulted in its increased preference over other alternatives. The presence of this trait results in having a positive impact on the growth rate of the industry. In recent years technological advancements in the industry in regards to its melting process have resulted in enhancements of new melting techniques like induction technology. The induction melting technology is energy efficient and easily manageable as compared to other traditional methods of melting. Such technological advancements results in positively impacting the sector.
In context to region, Asia Pacific leads the market. Factors that have resulted in its market dominance are an enhancement in the automotive industry, expansion of building and construction industry, and the presence of key players of the automotive industry in this region.
Further key findings from the report suggest
• The Aluminum-based master alloy market held a market share of USD 127.7 Million in the year 2018. It is forecasted to grow at a rate of 7.4% during the forecast period.
• In product type, hardeners can be observed to dominate the market. In the year 2018, the segment generated the highest revenue of USD 53.64 Million. It is forecasted to observe a stable growth rate of 7.4% during the forecast period. The fact that this type of master alloy is usually used to strengthen an alloy has contributed to its generated revenue.
• In regards to raw materials, aluminum holds the largest market share that generated USD 97.1 Million in 2018 with a growth rate of 7.5% during the forecast period. As this type of alloy is mostly used in the automotive industry that requires the component to be lightweight and corrosion resistant, it results in optimized use of the element in this type of alloy.
• In the technology used in the melting process for Aluminum-based master alloy, induction segment is forecasted to observe the highest growth rate of 8.1% during the forecast period. It is forecasted to occupy 37% of the market by 2026. Factors like energy efficient and limited complication in its management would contribute to its growth rate.
• In the sales channel used for this market direct sales segment can be seen to lead the market that generated USD 116.2 Million in 2018 with a higher growth rate of 7.5% during the forecast period. Preference of the buyers to receive the product through a contract between the metal producers and the buyers have resulted in this segment to lead the market.
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• In regards to the application management of crystal, structure segment can be seen to lead the market that generated the highest revenue of USD 61.3 Million in 2018 with a growth rate of 7.6% during the forecast period. The fact that Aluminum-based master alloy is mostly used for strengthening alloy and managing crystal structure, this has resulted in the revenue generated by this segment.
• In context to end-users, the automotive industry dominates the market that occupied 35% of the market in 2018. The segment is forecasted to have a growth rate of 7.7% during the forecast period. Advantages like lightweight, corrosion resistance, and fuel efficiency are achieved in automobiles due to the application of this type of master alloy results in its extensive application and market dominance of this segment.
• In regards to region, Asia Pacific can be seen to occupy the largest market share that generated the highest revenue of USD 42.1 Million in 2018 with a growth rate of 7.8% during the forecast period. Factors like the expansion of the automotive industry in this region, the presence of key players of the automotive industry and developments in the building and construction industry have resulted in the market dominance of this region.
• Key participants include Aida Alloys, Nanjing Yunhai Special Metals, Hebei Sitong New Metal Material, AMG, SLM, Huazhong Aluminum, Jiangxi Hongke Special Alloys, XZ Huasheng, Minex Metallurgical, and Xuzhou Huatian Metal Flux.
For the purpose of this report, Reports and Data have segmented the global Aluminum-based master alloy market according to Product type, Raw materials, Technology, Sales channel, Application areas, End-users, and Region:
Product type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Grain Refiners
• Hardeners
• Modifiers
• Beryllium-Aluminum
Raw materials Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Aluminum
• Titanium
• Magnesium
• Beryllium
• Others
Technology Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Induction
• Reverb melting
Sales channel Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Direct sales
• Distribution sales
Application areas Type Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Composition adjustment
• Management of crystal structure
• Simplification of fabrication technique
End-users Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• Automotive industry
• Building and Construction industry
• Packaging Industry
• Energy sector
• Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aluminum-based-master-alloy-market
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
• North America
o U.S.
• Europe
o UK
o France
• Asia Pacific
o China
o India
o Japan
• MEA
• Latin America
o Brazil
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