According to Precedence Research, the global aluminum extrusion market was estimated at USD 57.75 billion in 2020 and is expected to reach over USD 126.85 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 8.1% during the forecast period 2021 to 2030.
Aluminum extrusion market expansion is expected to be fueled by a spike in demand for lightweight and robust extruded products in a variety of industries. Aluminum's small weight and excellent strength-to-weight ratio make it ideal for usage in large structures and buildings to provide greater strength while reducing weight. Aluminum has a high tensile strength and stiffness, making it extremely resistant to deformation. Extruded aluminum's strong corrosion resistance and ease of maintenance are two more aspects that are predicted to propel the market forward.
The rise in demand for flexible design is expected to provide profitable prospects for aluminum makers. Furthermore, aluminum extrusion is utilized to produce a wide range of extruded goods in a variety of forms and sizes using the same equipment, which helps the aluminum extrusion market growth.
The huge growth of construction sector across the world is a major factor that boosts the market growth. Moreover, the demand for automobiles has increased across the globe and this factor is anticipated to drive the market growth.
Aluminum extrudes are cost-effective, lightweight, corrosion-resistant, low-maintenance, and have paramagnetic properties; as a result of these properties, aluminum is widely used in the aerospace and defense industry, and the aerospace and defense industry's rapid growth will contribute positively to the growth of the market.
Report Scope of the Aluminum Extrusion Market
|Market Size||USD 126.85 Billion by 2030|
|Growth Rate||CAGR of 8.1% From 2021 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||The major market player includes Hindalco Industries Limited, Aluminium Products Company (ALUPCO), Arconic Corporation, Bahrain Aluminium Extrusion Co. (BALEXCO), China Zhongwang, Constellium N. V., and Gulf Extrusion Co. LLC.|
Based on the Product, the aluminum extrusion market is divided Shapes, Rods & Bars and Pipes & Tubes. The Shapes Product segment expected to hit largest market share of over 80.5% in 2020 and will retain its dominance during the forecast period. Because of aluminum's great malleability, it is simple to construct forms using the extrusion technique. Aluminum billets are heated and driven through steel dies using a ram or hydraulic press with high pressure. After this procedure, aluminum shapes in the shape of dies are created.
Chassis, panels, transmission housings, roof rails, and engine blocks for trucks, vehicles, boats, and trains are all made from such shapes in the automotive and transportation industry. Furthermore, the demand for structural components in cars is increasing in order to make them lighter; for example, the Ford F-150 is made of aluminum materials, with the body panels and extruded shapes accounting for the majority of the body weight.
Rod and bar product segment is also estimated to grow remarkably during the forecast period owing to their extensive use in construction activities, especially in the forming of scaffolding systems. Rods and bars are formed using the extrusion process, which involves heating aluminum billets and passing them through a series of rolls, after which they are coiled and dragged into rods, bars, and tubes using thinning dies. The materials formed using the extrusion process possess the beneficial features such high stability, light weight, and flexibility. All these factors are expected to foster the market growth.
Based on the application, the building & construction segment accounted revenue share of 60.4% in 2020 owing to rise in use of extruded products in construction activities, greatly influenced by the investment in the housing sector. China, leads the market in the construction sector and invests heavily in the infrastructure development and this will accelerate the market growth.
The extensive use of aluminum extrusions in diverse applications such as anti-intrusion beams, cross rails, engine mounts, fuel distribution pipes, radiator beams, longitudinal beams, underbody space frame rockers, seat tracks, roof rails, and tailgate frames is expected to drive significant growth in the automotive & transportation sector over the forecast period.
The Consumer goods segment accounted for contributing the lowest market share among other applications owing to availability of less aluminum applications in consumer goods segment compared to other sub-segments. Although, the rise in production of consumer goods such as furniture, sporting & athletic goods, toys, refrigerators & freezers, and other major appliances are expected to boost the growth of the Aluminum Extrusion Market.
In the consumer goods business, extruded items including as sheets, bespoke forms, and bars are widely employed. Extruded shapes that have been customized have a wide range of applications in audio and video systems, computers, and other appliances. These attributes are expected to drive the growth of the market.
Asia Pacific dominated the aluminum extrusion market with a revenue share of more than 75% in 2020 and is expected to grow significantly over the forecast period owing to the rapid developmental activities performed in the developing countries such as India, China, Vietnam, Japan, and South Korea. China, in this region leads the market due to the extensive growth of the construction sector. Also, the objective of the Chinese government to invest heavily in transport and energy infrastructure is estimated to drive the market growth. For instance, On 16th April 2021, The Utkal-E coal block has been granted to National Aluminium Company Limited (NALCO) as a mining lease. This mining lease for the Utkal-E coal block spans 523.73 hectares in the villages of Nandichhod, Gopinathpur Jungle, KundajhariJungle, Kosala, and Korada in Angul District's ChendipadaTahasil. The Utkal-E coal block has an initial capacity of 2 million tonnes per year and a total mineable resource of 70 million tonnes.
North America is also estimated to grow significantly during the forecast period owing to the surge in industrial operations and the Government initiatives regarding economic developments. For example, Canada announced a new infrastructure plan worth CAD 7.5 billion (USD 5.8 billion) in October 2020 to support a variety of renewable energy initiatives and create jobs in the country. All these factors are anticipated to fuel the growth of the Aluminum Extrusion Market.
Key Companies Profiled
The global Aluminum Extrusion Market is characterized by the presence of various small and big players. The major market player includes Hindalco Industries Limited, Aluminium Products Company (ALUPCO), Arconic Corporation, Bahrain Aluminium Extrusion Co. (BALEXCO), China Zhongwang, Constellium N. V., and Gulf Extrusion Co. LLC. As the market is competitive in nature, the players are indulged in rapid adoption of advanced technologies to improve the aluminum extrusion propertiesand in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.
Segments Covered in the Report
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