Global Secondary Aluminum Alloy Market Analysis 2020-2030
The process of recycling aluminum scrap into reusable aluminum is known to be secondary aluminum. These alloys are mostly used in automotive, but also in recreational vehicles, lawn equipment, hand tools, telecommunications, industrial and outdoor lighting, office equipment, barbeque grills, escalators and housewares among others. The global secondary aluminum alloy market is anticipated to grow by a CAGR of 4.90% over the forecast period, i.e., 2021 – 2030. Factors such as the growing manufacturing of automobiles in the automotive industry, where secondary aluminum alloys are used massively, along with the increasing focus on recycling aluminum are anticipated to drive the market growth. Moreover, factors such as the growing demand for secondary aluminum alloys from different end-user industries, along with the numerous benefits associated with the process of recycling aluminum, are also expected to contribute to the market growth. The market is estimated to garner a revenue of over USD 63240 Million by the end of 2030, up from a revenue of around USD 39200 Million in the year 2020.
The global secondary aluminum alloy market is segmented into numerous segments which include segmentation by alloy type, strength, application industry, and by region. The strength segment is further divided into low strength aluminum alloys, high strength aluminum alloys, and ultra-high strength aluminum alloys. Amongst these, by the end of 2030, the high strength aluminum alloys segment is projected to generate the largest revenue of about USD 43960 Million, up from a revenue of near to USD 25980 Million in the year 2020.
In Europe, the secondary aluminum alloy market is anticipated to register a revenue of about USD 6200 Million by the end of 2030, and further grow with a CAGR of 4% approximately during the forecast period, backed by the presence of numerous automobile manufacturers in the region, where the demand for secondary aluminum alloy is expected to be significantly high.
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.