High Strength Aluminum Alloys Market Insights: Agreements, Mergers & Acquisitions, Expansions, and New Product Launch are the Key Development Strategies Adopted by the Leading Market Players

Global High Strength Aluminum Alloys Market was valued at USD 35.26 Billion in 2017, and is projected to reach USD 55.24 Billion by 2023, growing at a CAGR of 7.8% between 2018 and 2023. The increasing stringent regulations for fuel efficiency and emission and growing use of high strength aluminum alloy in luxury car segment are key factors for the growth of the global market for high strength steel aluminum alloys.

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The key companies offering high strength aluminum alloys are mainly involved in agreements, new product launches, expansions, and mergers & acquisitions to strengthen their position in the high strength aluminum alloys market. The key players in the market actively participated in expanding their global reach, while small companies concentrated more on the strategy of mergers & acquisitions between 2012 and 2017.

From 2012 to 2017, agreements, and expansions, were the key strategies, accounting for a share of 79% among others in the high strength aluminum alloys market. The agreement was considered as the most-preferred growth strategy by the manufacturers, and accounted for 43% of the total development strategies of the high strength aluminum alloys market.

The major manufacturers profiled in this report are Alcoa (US), Norsk Hydro ASA (Norway), Hindalco Aluminum (India), UC Rusal (Russia), Rio Tinto (UK), Century Aluminum Company (U.S.) among others. These companies have adopted various organic and inorganic growth strategies such as agreements & contracts, joint ventures & collaborations, expansions, mergers & acquisitions, and new product & technology developments.

Alcoa, Norsk Hydro, UC Rusal, Hindalco and Rio Tinto are the top players in the market of high strength aluminum alloys market. The companies follows dynamic growth strategies with agreements, expansions, mergers & acquisitions, and new product developments as their major growth strategies to enhance their geographical presence, thereby enhancing its customer base.

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Alcoa is one of the major player in the industry with strong foothold in the North American and European market. In 2014 the company expanded its wheel manufacturing facility in Hungary. Alcoa's Dura-Bright EVO surface-treated wheel is highly resistant to corrosion caused by road salts and other weather elements. Also in 2014 they have acquired TITAL GmbH (Germany). This has strengthen Alcoa's aluminum casting capacity and cater to the demand of aerospace manufacturers.

Hindalco Aluminum is one of dominating player APAC region. The company provide high strength aluminum alloys for many truck bodies and automotive components. The company possess strong hold in automotive and transportation segment. The company established a new manufacturing facility in 2017 for the production of high-end aluminum alloy plates for use mainly in defence end-use industry. Also in 2017 to penetrate more into the automotive segment they have entered into an agreement with ThyssenKrupp to develop lightweight innovative aluminum for use in the automotive industry.

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