by Market Overview:
The aluminum extrusion market consists of applications in the automotive industry, construction industry, machinery & equipment, and electrical sector. Aluminum extrusion products have advantages such as strength, durability, corrosion resistance, and lightweight properties. They provide an essential solution for industries requiring high strength and lightweight materials for improved productivity.
Market key trends:
One of the key trends in the aluminum extrusion market is increasing application in the automotive industry. There is a rising demand for aluminum extrusion from the automotive industry due to stringent regulations regarding fuel efficiency and emission control. Automakers are focusing on reducing vehicle weight to improve fuel efficiency without compromising structural integrity and performance. This has resulted in increased adoption of aluminum extrusion for producing auto components such as wheels, bumpers, door frames, and other structural and non-structural parts. The growing automotive industry especially in developing economies is expected to drive the growth of aluminum extrusion market during the forecast period.
The aluminum extrusion market has been witnessing significant growth due to rising construction activities across the globe. The growing construction of residential and commercial buildings have increased the demand for aluminum extrusion products for various applications such as doors, windows, and façade. Moreover, improving living standards and rising disposable income have boosted renovations and remodeling activities, thereby driving the market. Aluminum extrusion is also replacing other metals in transport and automotive industries owing to its light weight and durability properties.
The global Aluminum Extrusion Market Demand is estimated to be valued at US$ 110 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Aluminum extrusion offers high strength-to-weight ratio which makes it suitable for various industrial applications where lightweight structures are required.
Weakness: Aluminum extrusion manufacturing requires high capital investment in setting up plants and machinery.
Opportunity: Growing construction of green buildings due to rising environmental concerns provides growth opportunities for aluminum extrusion market.
Threats: Fluctuations in raw material prices especially aluminum impact the production cost of extruded products. Substitutes such as plastics, fiberglass and steel pose threat to market growth.
Key Takeaways
The global aluminum extrusion market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing infrastructural developments and construction activities across developing regions of Asia Pacific and Latin America. The market size for 2023 is US$ 110 Bn.
Regional analysis: Asia Pacific dominates the market and is expected to continue its dominance, growing at a CAGR of over 9% during the forecast period. China, India, Indonesia, Thailand, and Vietnam are witnessing rapid infrastructural growth and industrialization which is fueling the regional market.
Key players operating in the aluminum extrusion market are UAJC Corporation, Constellium, Norsk Hydro ASA, China Zhongwang Holding Limited, Kaiser Aluminum, Extruded Aluminum, Gulf Extrusions Co., Novelis, AMG Advanced Metallurgical Group, and Hindalco Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
