Selbyville, Delaware, April 11, 2022 (GLOBE NEWSWIRE) -- According to the research report published by Global Market Insights Inc., the Metal Alloys Market was estimated at USD 291 billion in 2021 and is poised to reach a valuation of around USD 466 billion by 2028, progressing at a CAGR of 5.1% from 2022 to 2030. The latest report gives an in-depth assessment of the competitive scenario, market size & estimations, drivers & opportunities, wavering market trends, top winning strategies, and major investment pockets.
Metal products are broadly adopted across several end-use industries, such as machinery & heavy equipment, transportation, construction, and packaging. A rising number of infrastructure development projects, along with increasing construction of colleges, residential buildings, schools, and commercial office spaces, is set to support product uptake. In addition, proliferating industrialization in emerging nations, as well as growth, can be based and flexible packaging sectors in these nations are primed to facilitate market growth through the forecast period.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/5235
Nickel alloys find extensive usage in the electronic & power, aerospace & defense, and automotive sectors. Increasing demand for new generation aircraft as well as numerous ongoing projects to examine the behavior of nickel alloys in various environmental conditions, which is likely to enhance material consumption in the coming years. In 2021, the nickel alloys material segment exceeded a valuation of USD 10.5 billion and is slated to be valued at USD 14.5 billion by 2030 driven by prevalent product demand in several industries.
Meanwhile, the casting process segment held about 38% volumetric shares in 2021 and is projected to surpass USD 170 billion in revenue by 2030. Some commonly used metal alloys are nickel, stainless steel, aluminum, carbon, and cobalt. Certain advantages provided by metal alloy castings include near-net-shape components production and versatility. Alloy casting products like aluminum castings can sustain high operating temperatures better than other cast alloys. These factors are foreseen to foster a segmental outlook.
Key reasons for metal alloys market growth:
- Growing usage of nickel alloys.
- Rising demand for the casting process.
- High uptake in machinery applications.
- Surging prominence in the construction sector.
2030 forecasts show the ‘machinery’ segment retaining its dominance:
From the application perspective, the metal alloys market size from the machinery segment is speculated to grow at above 4.5% CAGR over the review timeline. Stainless steel alloys are utilized in various machinery on account of their unmatched hardness and strength, which makes them ideal for outdoor machines in harsh environmental conditions. Surging demand for machineries in the construction and industrial sectors is likely to boost segmental growth in the forthcoming years.
North America to maintain top status in terms of revenue:
In the regional landscape, the North America metal alloys market is estimated to witness substantial growth to reach a valuation of more than USD 65 billion by 2030. The booming automotive and aerospace industries in the region are generating significant demand for aluminum alloys. Additionally, prominent R&D projects, coupled with notable product development, are anticipated to drive regional market growth in the future.
Request for the customization of this report: https://www.gminsights.com/roc/5235
Impact of COVID-19 pandemic on metal alloys market:
After the onset of COVID-19, there was an upsurge in research efforts to examine the antiviral properties of metal products in combatting the novel coronavirus. To that effect, in February 2021, the U.S. Environmental Protection Agency (EPA) announced that some copper alloys could provide long-term efficacy against viruses like the COVID-19-causing SARS-CoV-2. This bolstered the use of antimicrobial copper alloys in a wide array of surfaces like handrails and doorknobs, which has positively influenced market growth during the pandemic.
Leading market players:
Some key firms in the global metal alloys industry are POSCO, Nippon Steel, Alcoa Corporation, Kobe Steel, Ltd., RUSAL, Jindal Stainless, Chalco, and Kaiser Aluminum Corporation, Rio Tinto, ArcelorMittal, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
