Nov 08, 2024 (MENAFN via COMTEX) --
(MENAFN - Straits Research) Introduction
Aluminum extrusion is a course of forming the aluminum with the assistance of an opening formed in shape according to the required end result. The said extrusion process applies to major areas of strength for aluminum to acquire the expected segments through the directional disfigurement through an extrusion machine or equipment. When the extrusion cycle is finished, the extruded aluminum product is kept for cooling and handled forward to make it completely straight. With such an aluminum extrusion process, different sorts of items can be delivered with the assistance of this aluminum extrusion process regardless of their shape and size.
Market DynamicsIncreased Demand for Light-Weight, Durable, and High-Corrosion Resistant Extruded Products Driving Market Growth
With the rise in the demand for lightweight and durable extruded products used for various manufacturing industries for production, needs are proving to be the key driver for the growth of the market. The reason behind this is that aluminum extruded products have a high strength-to-weight ratio that makes them ideal for large constructions and buildings to provide added strengths at comparatively less weight.
Not only light-weight, but the high-corrosion resistance is also among the reasons for which industries buy aluminum extruded products. These two properties of the aluminum material are the main reasons for its increased demand in the global industrial scenario. Apart from all these reasons, one of the key reasons is the affordability of aluminum extruded products, as it requires minimal maintenance costs.
Demand for Customized Extruded Products in Various Industries Creating Opportunities for Manufacturers and Start-Up Owners
Today, industries are focusing more on providing cutting-edge technology to their consumers and making their user experience memorable with their products. This is why the majority of the industries are trying to customize their products with respect to the needs and demands of their end consumers. The aluminum extruded material is the only affordable option available in the market that can be utilized effectively for the said purpose.
With the aluminum extrusion process, manufacturers can produce a wide range of products irrespective of size and shape on a single machine or equipment. A single piece of equipment can help you produce a number of products without any extra costs incurred by the machinery. As the demand for customized extruded products is increasing, it is expected to create further opportunities for the market, manufacturers, and potential start-up owners.
Impact of Covid-19 on Global Market
There is nothing new and extravagant to discussing the adverse effects of the Covid-19 pandemic, as almost everybody on the planet has been antagonistically impacted by the pandemic. The aluminum extrusion market saw slight ruin with the decrease in the interest for automotive and development needs, as the whole business was positioned at a point.
As indicated by a report, the global market saw a sharp decrease in the said period which straightforwardly impacted the advancement of the aluminum extrusion market. Alongside this, the lockdown across the globe made an interruption of the worldwide inventory network, which is the justification for the postponements on imports and commodities, causing huge production and demand & supply gaps.
Regional Analysis of Global Aluminum Extrusion Market
The global aluminum extrusion market is categorized into four major regions namely - North America, Europe, Asia-Pacific, and Middle-East & Africa. The Asia-Pacific region is the most dominant region of all, with an estimated market value of USD 41,466 million in 2030 at a CAGR of 7%, from the early figures of 2021 that stood at USD 22,555 million. The rapid industrial revolution in the said region has led to an increase in demand for aluminum extrusion products, one of the most utilized products in the industry nowadays.
Europe being the key industrial region globally has varieties of industries operating in the region, with which the automotive is the major industry. Thus, Europe has a significant market share that accounts for USD 8,402 million by 2030 at a CAGR of 6.7%.
North America accounted for a market share of USD 4,476 million in 2021 and is expected to grow to USD 6,944 million in 2030 at a CAGR of 5%, and that is why listed at the third position in the revenue generation list. Middle-East & Africa and Latin America had a market value of USD 3375 million in 2021, and are expected to grow at 5372 million in 2030 at a CAGR of 5.3%.
Key Highlights
The global aluminum extrusion market was valued at
USD 86,537 million in 2021
and is expected to reach a valuation of
USD 1,46,202 million by 2030 . The market is expected to grow at a
CAGR of 6%
during the forecast period (2022-2030). By product type, the mill-finished products segment is expected to dominate the market with an estimated figure of USD 82628 million by 2030 at a CAGR of 6%. By end-use, the building and construction segment has the maximum market value of USD 85167 million by 2030 at a CAGR of 6%. The Asia-Pacific region holds the major share of the global aluminum extrusion market with an estimated market value of USD 41466 million by 2030 at a CAGR of 7%.
Competitive Players
Aluminum Products Company
Arconic Corporation
Bahrain Aluminum Extrusion Co. (Balexco)
Century Extrusions limited
China Zhongwang
Hindalco Recent Developments
December 2021-
Aluminum Products Company signed a treaty to achieve the international copper alliance membership. April 2021-
Arconic Corporation purchased the Group annuity contract to reduce the gross pension obligation by USD 1 billion. December 2020-
Hindalco announced the opening of the new production facility at Silvassa to strengthen the company's market presence over the western and southern regions of India.
Segmentation
By Product
Mill-Finished
Anodized
Powder Coated
By End-Use
Building & Construction
Automotive and Transportation
Electrical & Electronics
Consumer Goods
Electrical & Energy
Others
By Alloy Type
1000 series
aluminum 2000 series
aluminum alloy
3000 series
aluminum alloy
5000 series
aluminum alloy
6000 series
aluminum alloy
7000 series
aluminum alloy
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COMTEX_459616089/2604/2024-11-08T18:51:37
