Thailand key area for aluminium alloys

The automobile industry in this region has witnessed tremendous growth in the past few years, attributable to growing population, favorable investment policies, growing economies, and government initiatives directed at promoting industry growth in the region. Cheap labor costs, coupled with favorable import-export policies, have made Asia-Pacific an ideal market for automotive OEMs as well as for aluminum manufacturers/suppliers.

According to MarketsandMarkets, the High Strength Aluminum Alloys Market was valued at US$37.94 Billion in 2018 and is projected to reach USD 55.24 Billion by 2023, at a CAGR of 7.8% from 2018 to 2023. The excellent properties, such as high corrosion resistance, durability, design flexibility, and weight reduction have contributed to the high growth of the high strength aluminum market.

High strength aluminum alloys has been used in the automotive & transportation industry in many application like wheel rims, engine components, pistons, powertrain, front & rear longitudinal frame, and many more. High strength aluminum alloys provides superior properties such as high-mechanical performance, Corrosion resistance and light weight. High strength aluminum alloys provides the best alternative to achieve improved performance, which includes high mechanical properties and low weight. With the increasing demand for the lightweight and efficient materials in the global automotive industry, the market for high strength aluminum alloys is also projected to grow, as aluminum can reduce the weight of automobile components as well as the complete body by up to 50%.