Aluminum Extrusion Market Insights and Industry Analysis by Product Type (Mill finished, Anodized, Powder coated) Alloy Type (2000 Series Aluminum, 3000 Series Aluminum, 5000 Series Aluminum, 6000 Series Aluminum, 7000 Series Aluminum) Application (Building and Construction, Automotive and Transportation, Electrical and Electronics, Consumer Goods, Machinery) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, June 24, 2022 (GLOBE NEWSWIRE) -- Aluminum Extrusion Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Aluminum Extrusion Market Information by Product Type, Alloy Type, Application and Region - Forecast till 2030”, the market is estimated to grow at a 6.30% CAGR to reach USD 115,761.53 Million by 2030.
Aluminum extrusion is an advanced method used for transforming aluminum alloys into several unique products for industries and consumers. This method is used to develop objects that have a certain cross-sectional profile by forcing the material via a die of the cross-section.
Aluminum extrusions find widespread deployment in automotive, electronics, bridge decking, mass transit, solar/renewable energy, and telecommunications industries. Three types of shapes are generally extruded, namely hollow, semi-hollow, as well as solid.
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Product Type, Alloy Type, Application and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
New infrastructure development is a driving force
Growing investments in the housing sector
The important companies in the aluminum extrusion industry are
Hulamin Ltd In February 2022, Novelis introduced a net-zero laboratory by joining hands with HES-SO Valais-Wallis for the development of carbon-neutral solutions pertaining to aluminum manufacturing. With this, the company will spend on research on decarbonizing, with the aim to become carbon neutral by 2050.
Mounting concerns with regard to carbon emissions as a result of mining as well as extraction activities have fostered the use of alternative raw materials, like aluminum. The NHTSA has implemented stringent emission regulations over the years. These regulations determine the stringency of the carbon dioxide standards, which has resulted in a rise in the fuel economy by 1.5% from 2021 to 2026. This should result in an augmented demand for a variety of aluminum components in the automotive industry in subsequent years.
The aerospace & defense, and construction industries are some of a few other prominent end-users of aluminum. The surge in the number of construction activities worldwide has led to a higher need for various aluminum products. Also, the low weight and costs of extrusion products contribute to their significant demand in numerous industrial applications, particularly in the aerospace & defense and construction sectors.
Substantial setup costs along with the low production rate can be a major challenge for the aluminum extrusion companies in the market. Owing to the slow and complicated extrusion process, a continuous and optimum production level is rarely achieved.
Nonetheless, the heightened demand for flexible design can give rise to attractive opportunities for aluminum extrusion market vendors in the following years.
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The aluminum extrusion industry has been considerably affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under a lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials coupled with the COVID-19 pandemic have restricted the growth rate of the global market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth. Also, the emergence of vaccines for the novel coronavirus and the reopening of several recycling units worldwide would result in the re-initiation of the aluminum extrusion market at its full-scale capacity.
Anodized, Mill finished, and Powder coated are the top product types considered in the study.
7000 Series Aluminum, 3000 Series Aluminum, 2000 Series Aluminum, 6000 Series Aluminum, and 5000 Series Aluminum are the major alloy types studied in the report.
Machinery, automotive and transportation, building and construction, consumer goods, electrical and electronics, and others are the major segments, depending on application. The building and construction industry has gained the top spot in the market, given the extensive deployment of extruded products in various construction activities, in view of the rising spending on the housing sector. The biggest construction industry is in China, considering the country’s tendency to spend heavily on new housing development. The second position has been garnered by the automotive and transportation sector, which will also capture a lucrative growth between 2020 and 2030.
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Asia Pacific is the dominant market for aluminum extrusion. The region will keep amassing significant revenues all through the forecast period thanks to the strong presence of a highly established manufacturing sector in China, Vietnam, India, South Korea, and Japan. However, out of these nations, China will be the prime market and the highest contributor to the region’s growth, given the country’s thriving construction industry. The Chinese government is planning to invest in energy and transport infrastructure in the coming years, which is likely to favor the APAC market in the approaching years.
North America will be one of the highest gainers in the worldwide market in the years ahead, on account of the jumpstart experienced by industrial operations following the pandemic. Government initiatives with regard to economic development will also ensure sustained market expansion. For instance, in October 2020, a new infrastructural scheme valued at CAD 7.5 billion (~USD 5.8 billion) by Canada was introduced, which would push several renewable energy initiatives and create jobs in the country. The decline in the production of automobiles due to the pandemic has reduced the demand for aluminum and related products. With the focus now on recovering from the loss, the key producers in the region are teaming up to facilitate improvements in the automotive industry by backing schemes, including the vehicle-renewal scheme that aims to bolster sales of eco-friendly vehicles, like clean EVs and ICEs. This will quite possibly leave a profound impact on the aluminum extrusion industry in the region.
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