New York, NY -- (SBWIRE) -- 06/20/2019 -- Market Size – USD 1.82 Billion in 2018, Market Growth - CAGR of 6.33%, Market Trends –Technological advancements in astronautics
The Global aluminum-lithium alloy market is forecast to reach USD 2.99 Billion by 2026, according to a new report by Reports and Data. Various factors have contributed to the market expansion of aluminum-lithium alloy market. One of the crucial factors that have contributed to the market expansion of aluminum-lithium alloy market is the benefit of weight reduction as compared to its alternatives like composites. As a result of weight reduction, its application in aircraft helps in providing it with 20% more fuel efficiency. It is because of these benefits associated with aluminum-lithium alloy, the market is witnessing an increase in its use in aeronautics and astronautics, resulting in boosting the growth of the market.
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Apart from the specified advantages associated with aluminum-lithium alloy market, another essential factor promoting the market is a combination of alloy used in aluminum-lithium alloy has traits like high strength, specifically in elevated temperature and resistant to the external environment associated with it. It is because of the association of these traits that it is considered as a material that may find high applicability in astronautics. Furthermore, constant advancements in astronautics help in identifying the areas of application of aluminum-lithium alloy in astronautics that results in positively impacting the market growth of the industry.
In context to region, North America can be seen to be leading the market. Factors that have resulted in the market dominance of this region are, the constant emphasis on R&D, technological advancements in aeronautics and astronautics, which results in increased application of aluminum-lithium alloy in these sectors contributing to its market growth.
Further key findings from the report suggest
- The aluminum-lithium alloy market held a market share of USD 1.82 Billion in the year 2018 and forecasted to grow at a rate of 6.33% during the forecast period.
- When compared with other alternatives like titanium, and other composites, it has lower cost along with enhanced productivity. Such advantages as compared to its alternatives is one of mentionable factor contributing to the continuous growth of this market.
- In product type, 2xxx series can be seen to be leading the market. In the year 2018, it generated the highest revenue of USD 1.64 Billion with a growth rate of 6.2% during the forecast period. Factors like high use in commercial purpose, increased use in the production of aircraft have contributed to its market share.
- In context to raw materials, aluminum can be seen to lead the market that yielded USD 1.64 Billion in 2018 with a growth rate of 6.5% during the forecast period. The fact that in aluminum-lithium alloy, aluminum is one of the essential ingredients, which results in its market dominance.
- In the sales channel, due to the buyer's preference in buying it through direct contracts between the material producers and buyers have resulted in the market dominance of the direct sales segment. In the year 2018, it generated the higher revenue, USD 1.64 Billion with the higher CAGR of 6.5% during the forecast period.
- In context to application, highest growth rate is observed in the astronautics segment that is forecasted to witness a CAGR of 8.4% during the forecast period. Factors like continuous developments in astronautics and recognition of areas of application of aluminum-lithium alloy in it have contributed to the high growth rate of this segment.
- In regards to region, North America is leading the market that is forecasted to generate the highest revenue of USD 1.47 Billion by 2026 with a CAGR of 6.6% during the forecast period. Factors like the industry being a monopoly sector, the presence of major industries in this region, and continuous developments in astronautics have resulted in its market dominance.
- Key participants include AMI metals, Southwest Aluminum, Aleris, Constellium, Rio Tinto Alcan, RUSAL, FMC, Alcoa, Kaiser Aluminum, and KUMZ.
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For the purpose of this report, Reports and Data have segmented the global aluminum-lithium alloy market according to Product type, Raw materials, Sales channel, Application area, and Region:
Product type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- 2xxx series
- 8xxx series
Raw materials Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Aluminum
- Copper
- Lithium
- Others
Sales channel Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Distribution sales
- Direct sales
Application area Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Astronautics
- Aeronautics
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 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
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/aluminum-lithium-alloy-market
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