Alloy strips are strips made from alloys used in various industries for electroplating purposes. They provide strength, corrosion resistance and durability as per requirement. Alloy strips find applications across aerospace, automotive, electronics and other industries.
The global Alloy Strips Market is estimated to be valued at US$ 12 Billion in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of alloy strips across the aviation industry is driving the market growth. Alloy strips made from aluminum, magnesium and titanium alloys are increasingly used in aircraft manufacturing as they provide high strength to weight ratio and corrosion resistance. With air passenger traffic rising consistently across major economies, aircraft OEMs are ramping up production which is increasing the demand for alloy strips from the aviation industry. The lightweight and durability properties of alloy strips make them suitable for various aircraft components. This growing use of alloy strips for manufacturing aircraft structures and parts is a key trend propelling the alloy strips market.
SWOT Analysis
Strength: Alloy strips have enhanced strength and durability as compared to normal metal strips, making them suitable for demanding structural and engineering applications.
Weakness: High material and manufacturing costs associated with alloy strips compared to regular strips.
Opportunity: Growing demand from automotive and aerospace industries for high strength and durable structural materials.
Threats: Volatility in raw material prices can affect the costs of production for alloy strip manufacturers.
Key Takeaways
The Global Alloy Strips Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market is driven by increasing demand from end-use industries like automotive, aerospace and industrial machinery.
The Asia Pacific region currently dominates the global Alloy Strips market due to presence of major producers and consumers in countries like China, Japan and India. China, being the largest steel producer in the world, is also a major consumer of alloy strips for industrial applications. The automotive industry in China is steadily growing which is positively impacting the demand for alloy strips in the region.
Key players operating in the Alloy Strips market are Baosteel, ArcelorMittal, Nippon Steel & Sumitomo Metal, Posco, JFE Steel, ThyssenKrupp, Tata Steel, Outokumpu, Acerinox, Aperam and others. These players are focusing on expanding their production capacities and operations in fast growing markets to leverage new opportunities.
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