Secondary Aluminum Alloy Market Scope to Grow with a CAGR of 4.90% During 2021-2030

Research Nester has released a report titled Secondary Aluminum Alloy Market: Global Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.

The production of primary aluminum around the globe, according to the statistics by the International Aluminum Institute, grew from 42353 Thousand metric tonnes in the year 2010 to 63657 Thousand metric tonnes in the year 2019.

The statistics portray the growing production of primary aluminum worldwide, which is also expected to raise the volume of scrap aluminum, once the manufactured product attains the end of its lifecycle. Secondary aluminum alloy is made majorly by using scrap aluminum, as aluminum possesses its original characteristics even after recycling. As a result, the metal is highly preferred for recycling, as the recycling process also helps in contributing to a green environment. On the other hand, the rising focus of the government of nations in driving awareness for the three R’s, i.e., reduce, reuse, and recycle, is also expected to create numerous opportunities for market growth.

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The global secondary aluminum alloy market is anticipated to grow by a CAGR of 4.90% over the forecast period, i.e., 2021 – 2030. The market is estimated to garner a revenue of USD 63244.79 Million by the end of 2030, up from a revenue of USD 39198.54 Million in the year 2020. The market is segmented by strength into low strength aluminum alloys, high strength aluminum alloys, and ultra-high strength aluminum alloys. Amongst these segments, the high strength aluminum alloys segment is anticipated to generate the largest revenue of USD 43955.13 Million by the end of 2030. Moreover, in the year 2020, the segment registered a revenue of USD 25982.89 Million.

The secondary aluminum alloy market in Europe is projected to grow on account of the increasing availability of major automobile companies in the region, and for the rising demand for secondary aluminum alloy in the automotive industry. The market in the region is anticipated to grow with a CAGR of 3.56% during the forecast period, and further register a revenue of USD 6197.99 Million by the end of 2030.

However, the environmental concerns pertaining to mining of bauxite, and the fluctuating prices of raw materials are some of the major factors predicted to hinder the market growth.

This report also provides the existing competitive scenario of some of the key players of the global secondary aluminum alloy market, which includes company profiling of 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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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Secondary Aluminum Alloy Market: Global Demand Analysis & Opportunity Outlook 2030”, analyses the overall global secondary aluminum alloy market industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global secondary aluminum alloy market in the near future.

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