Allied Market Research published a report, titled, "Alloys Market by Material (Stainless Steel Alloy, Aluminum Alloy, Nickel Alloy, Bronze Alloy, Magnesium Alloy, Others), and End Use Industry (Aerospace, Power, Oil and Gas, Electrical and Electronics, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "alloys market" was valued at $301.7 billion in 2023, and is estimated to reach $533.9 billion by 2033, growing at a CAGR of 5.9% from 2024 to 2033.  

Prime determinants of growth  

The global alloys market is experiencing growth due to increase in demand for alloys in automotive and aerospace industries. However, fluctuating raw material prices is expected to hamper the growth of the market during the forecast period. Moreover, increase in demand for sustainable alloys is expected to offer lucrative opportunities in the market during the forecast period.  

The aluminum alloy segment is expected to remain the largest type throughout the forecast period  

On the basis of material, the aluminum alloy segment dominated the alloy market accounting for more than half of the market share in 2023 and growing with the CAGR of 5.4% during the forecast period. In the automotive industry, aluminum alloys are extensively used in vehicle bodies, engine components, and wheels. Their lightweight nature contributes to improved fuel efficiency and performance while reducing overall vehicle weight. For instance, 6000 series aluminum alloys are commonly used for structural components, such as chassis and suspension parts, because they offer good mechanical properties and are easy to extrude and fabricate. In the aerospace sector, aluminum alloys are pivotal in manufacturing aircraft structures, including wings, fuselage, and landing gear. Alloys like 2024 and 7075 are favored for their high strength and fatigue resistance, making them ideal for critical load-bearing applications. Additionally, aluminum alloys are used in aerospace components such as engine casings and interior fittings, contributing to weight reduction and improved fuel efficiency.