Aluminum-based Master Alloy Market Size Worth USD 395.3 Million in 2032 | Emergen Research

Increasing advancements in automotive industries and construction activities across the globe and rising adoption of lightweight vehicles and aluminum-based master alloys in the renewable energy sector are key factors driving Aluminum-based Master Alloy market revenue growth.

Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) — The global aluminum-based master alloy market size was USD 202.6 Million in 2022 and is expected to register a rapid revenue CAGR of 7.1% during the forecast period. The market’s expansion is attributed to advancements in automotive and construction industries globally, coupled with the escalating adoption of lightweight materials and aluminum-based master alloys in the renewable energy sector.

The market is witnessing a surge in demand, particularly in the wake of increasing popularity of Electric Vehicles (EVs) and the requirement for lightweight materials in automobiles. The demand for aluminum alloys is expected to reach 68.7 million tons, reflecting an 8% increase compared to 2020. Aluminum-based master alloys, known for their customizability and consistency, play a pivotal role in meeting the escalating need for lightweight materials.

The primary aluminum-based master alloy segment dominated the market in 2022, securing the largest revenue share. This is attributed to the rising demand for primary aluminum-based master alloys in energy devices, automotive components, and building materials. The alloy’s consistent and homogenous composition, resistance to corrosion, high electrical conductivity, and aesthetic appeal contribute to its popularity.

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The reverb melting technology segment is expected to witness a fast revenue growth rate, driven by its efficiency in forming specialized alloys with increased production yields and enhanced product quality. Industries requiring ultra-aluminum-based master alloy, such as electronics and aerospace, find reverb melting technology crucial for precise control over the aluminum melting process.

Aluminum, as a raw material, is anticipated to dominate the market due to its high adoption in master alloys. Aluminum-based master alloys may contain over 50% of the main element composition, offering properties like high-strength to weight ratio, good formability, corrosion resistance, and strength. The strict requirements for purity in aluminum manufacturing contribute to its preference in alloy production.

The composition adjustment segment is expected to register a moderately fast revenue growth rate, driven by the rising adoption of composition adjustment in adjusting the chemical composition of master alloy. This ensures uniformity and consistency, making aluminum-based master alloy an ideal material for various applications.

The construction and building industry segment is poised to account for the largest revenue share in the global aluminum-based master alloy market during the forecast period. The industry benefits from the mechanical strength and high strength-to-weight ratio of aluminum-based master alloys, leading to improved fuel efficiency and lower emissions.

The North America market led in revenue share in 2022, driven by a surge in construction and building industry demand in the U.S. and Canada. The construction sector in the U.S. witnessed significant growth, with over 919,000 facilities and notable investments in domestic manufacturing.

Anticipated as the fastest-growing region, the Asia Pacific market is witnessing increased adoption of primary aluminum-based master alloys, especially in countries like China, Japan, South Korea, and India. China’s robust aluminum production growth further contributes to the region’s market dominance.

The European market is expected to hold a substantial revenue share due to the rising demand for steel components in the construction industry, notably in the UK, Germany, and France.

Fluctuating costs of raw materials and the availability of more durable alternatives pose challenges to market revenue growth. The complex and resource-intensive manufacturing process, along with high energy costs, makes aluminum-based master alloys comparatively expensive, prompting potential buyers to explore cost-effective alternatives.

As industries continue to prioritize lightweight materials, the global aluminum-based master alloy market is set for robust growth. Manufacturers are responding to the increasing demand by investing in research and development to offer tailored products that meet specific application needs. Despite challenges, the market is poised to play a pivotal role in the evolution of industries such as automotive, construction, energy, and more.

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Scope of Research

Major 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.

Strategic Development

• 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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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
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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