Aluminum Extruded Products Market

Aluminum Extruded Products Market Size (2023-2028):

The Aluminum Extruded Products Market is predicted to grow from USD 34.52 billion in 2022 to USD 47.39 billion by 2028, with a CAGR of 6.92%.

The market for extruded aluminum products is growing due to escalating calls from end-use industries such as construction, machinery, and equipment, automotive, and mass transportation. The expansion of this market is driven by the expansion of its end-use industries.

At the same time, the growing call for sustainable and recyclable aluminum materials has boosted the market for aluminum extrusions. Emerging economies like India, South Africa, Brazil, and the oil-for-employed GCCs (Gulf Cooperation Countries) have great potential for the aluminum extrusion market. Aluminum extrusion is a process to transform aluminum alloy into extruded goods with a definitive cut profile. The malleability of aluminum alloys makes it easy to machine and mold them into extruded products of complex shapes. After the extrusion process, there are several options available to adjust the texture, color, and gloss of aluminum products. Custom extruded aluminum products have a longer life than other materials, such as steel and plastic, due to their high strength, lightweight, and corrosion resistance.

Aluminum Extruded Products Market Trends:

Escalatingcall for aluminum extrusions in the construction industry in emerging Asia-Pacific countries is predicted to drive worldwide market expansion during the foreseen period. Factors such as the rapid expansion of the construction and transportation industries increased investments in infrastructure development, and rising disposable income are also likely to support the expansion of the world market in the coming years. There is an increase in the consumption of extruded aluminum products in the construction of railings and coatings for bridges, road signs and lighting poles, and pedestrian bridges, among other things due to its ease of manufacture, its low maintenance cost, and its lightness.

Aluminum Extruded Products Market Drivers:

The growing call for aluminum extrusion products in the automotive industry is likely to drive the worldwide market during the foreseen period. Advanced automotive systems, such as sensors and batteries, have increased the overall weight of vehicles. Environmental problems such as worldwide warming due to increased CO2 emissions and fossil fuel depletion are the main concerns. The strict fuel efficiency and emissions standards for automobiles have promoted the consumption of the product in automobiles due to its lightness, high strength and cost-effectiveness. The worldwide market for aluminum extrusion products is driven by their strong presence as substitutes for steel for automobiles and transportation. Extrusion is relatively simple. Slide a heated aluminum bill through a die with a large hydraulic press. About 40% of all extrusions are colored, anodized, or lightly powdered. During extrusion, almost all extrusions are produced in one way or another, whether by the extruder, the consumer, or a third party.

Aluminum Extruded Products Market Restraints:

Lack of knowledge about extruded aluminum products is a potential drag on the extruded aluminum product market. Therefore, many buildings ignore the lucrative nature of using extruded aluminum products, which includes reduced heat flux, energy efficiency, and cost-effectiveness.

Opportunities in the Aluminum Extruded Products Market:

The rising popularity of aluminum extrusions in electric vehicles (EVs) is probable to create immense expansion opportunities for players in the worldwide industry. Growing environmental concerns have led to the adoption of electric vehicles, predicted to promote the expansion of the worldwide market. Developments such as Fuel Cell Electric Vehicles (FCEV), Hybrid Electric Vehicles (HEV), and Battery Electric Vehicles (BEV) are predicted to drive the call for the product in the production of lightweight battery boxes. Major electric vehicle manufacturers like Tesla, BMW, and Nissan are escalatingly using aluminum battery housings. The worldwide market for aluminum extrusion products is driven by their strong adoption in the automotive industry, as they replace steel in the automotive and transportation industry, due to their lightweight nature, resulting in reduced fuel consumption and emissions. of greenhouse gases. The recyclable and corrosion-resistant nature of aluminum extrusion products ensures the durability of the entire system in which they are employed. In addition, the use of aluminum extrusion products in buildings and constructions in doors, windows, panels, window frames, stairs, and terraces is also predicted to increase.

Challenges in the Aluminum Extruded Products Market:

The automotive and transportation applications segment is likely to take a severe hit due to the COVID-19 pandemic. Worldwide car production is predicted to decline by at least 20% in 2021 due to supply chain disruptions and reduced calls.

ALUMINUM EXTRUDED PRODUCTS MARKET REPORT COVERAGE:

Market Segmentation:

By Product Type:

• Mill-finished

• Powder-coated

• Anodized

In terms of product type, extruded factory-finished aluminum products accounted for the largest market share in 2015, in terms of value; This is predicted to increase at the highest CAGR during the foreseen period. This expansion is attributed to the escalating call for finished aluminum extrusions in the construction and automotive industries.

By End-Use Industry:

• Construction

• Automotive

• Electrical & electronics

• Mass transport

• Machinery & equipment

The construction segment is predicted to account for the largest share in 2015. However, the automotive segment is predicted to grow at the highest CAGR during the foreseen period. The call for light cars to achieve high fuel efficiency will drive the market for extruded aluminum products in the country.

Aluminum Extruded Products Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Asia Pacific market dominated the worldwide market with the largest share of 63% in 2017 and is predicted to record the highest CAGR of 7% by the end of 2026. This is attributed to the expansion of industries. automotive and building and construction in China, India and Indonesia. Escalating investments in developing countries in Southeast Asia, such as Indonesia, Myanmar, and Thailand, for infrastructure development are predicted to drive the expansion of the regional market. The European market accounted for the second-largest market share of 15% in 2017 and is predicted to show a remarkable CAGR of 5.5% during the evaluation period due to strict regulations on greenhouse gas emissions. In addition, the growing call for the product in structural components and electric vehicle battery boxes is predicted to drive the expansion of the regional market.

North America is predicted to post a CAGR of 2.5%, in terms of revenue, from 2022 - 2027. The aluminum industry in the region has also been hit hard by the pandemic and, as a result, call. in the building and construction industry, it has been seriously affected. Economic packages announced by the US government, such as the $ 1 trillion package, are predicted to increase the call for aluminum to some extent. Although the COVID-19 pandemic has significantly affected construction production and overall economic expansion in the Middle East and Africa, the construction industry remains positive about its long-term outlook with spending commitments from Investments in events and long-term infrastructure. The housing sector has especially benefited from increased allocations for projects in Bahrain, the United Arab Emirates, and Saudi Arabia. These factors are predicted to collectively contribute to market expansion in the region.

Recent Developments in the Aluminum Extruded Products Market:

• Fehrmann Alloys, based in Hamburg, Germany, has added a new high-performance alloy for 3D printing to its portfolio of aluminum alloys. The company presented AlMgty 90 at Formnext Connect 2021.
• Aluminum extrusion manufacturer Vitex Extrusion recently leased a 50,000-square-foot building adjacent to its existing production facility in Franklin, NH to expand capacity, the company said in a recent statement. The new facility will focus on the machining, fabrication, and assembly of aluminum extrusions

Aluminum Extruded Products Market Key Players:

1. United Company Rusal (Russia)
2. Alcoa Inc. (U.S.)
3. Aluminum Corporation of China Limited (China)
4. Rio Tinto Plc (U.K.)
5. BHP Billiton Ltd. (Australia)
6. Norsk Hydro ASA (Norway)
7. Centaury Aluminum Corporation (U.S.)
8. China Hongqiao Group Limited (China)
9. Aluminum Bahrain B.S.C (Bahrain)
10. Hindalco Industries Limited (India)