Aluminum Extrusion Market Is Expected To Expand Further At The Fastest CAGR
Aluminum Extrusion Industry Overview
The global aluminum extrusion market size is expected to reach USD 168.88 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.5% over the forecast period. Increasing investments in infrastructure and residential construction are projected to drive market growth during the forecast years. Emerging economies of the Asia Pacific, Central & South America, and Middle East & Africa regions are witnessing increasing investments in the residential and infrastructure sector owing to the rapid urbanization, rising per capita income levels, and growing population. For instance, in the economic budget of FY 2020-21, the Indian government announced around USD 1.41 trillion for infrastructure projects in the country.
The Indian government is set to develop 6,500 projects under its National Infrastructure Pipeline (NIP) over the next five years. In addition to the construction industry, high demand from the automotive & transportation sector is also expected to play a crucial role in boosting the market growth. Product properties, such as flexibility, durability, and corrosion resistance, enable its usage in automotive & transportation applications. This, in turn, is projected to drive the automotive & transportation application segment over the forecast period. In addition, aluminum, being a lightweight material, helps in curbing emissions from automobiles.
Aluminum Extrusion Market Segmentation
Grand View Research has segmented the global aluminum extrusion market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Shapes, Rods & Bars, and Pipes & Tubes.
- The shapes product segment accounted for the maximum revenue share of more than 79.5% in 2021. Aluminum has excellent malleability, which makes it easy to produce shapes using the extrusion process. Under this process, aluminum billets are heated and forced with ram or hydraulic press with high pressure on steel dies.
- Rods & bars are widely used in construction activities, especially in the forming of scaffolding systems. These lightweight scaffolding systems offer numerous advantages over traditional systems, in terms of stability, weight, and flexibility.
Based on the Application Insights, the market is segmented into Building & Construction, Automotive & Transportation, Consumer Goods, Electrical & Energy, and Others.
- The building & construction sector accounted for the largest revenue share of over 60% in 2021. The use of extruded products in construction activities has been greatly influenced by investment in the housing sector. The largest construction sector, in terms of nominal value, is dominated by China.
- The automotive & transportation sector accounted for the second-largest volume share in 2021 and is expected to grow at a lucrative CAGR during the forecast period. In vehicles, aluminum extrusions have wide applications in cross rails, anti-intrusion beams, fuel distribution pipes, radiator beams, engine mounts, longitudinal beams, seat tracks, underbody space frame rockers, roof rails, and tailgate frames, among others.
- Consumer goods accounted for the lowest market share in 2021 as the aluminum applications in consumer goods are lesser compared to other sub-segments. However, increasing production of consumer goods is expected to boost the demand for aluminum extrusions for use in furniture, sporting & athletic goods, toys, refrigerators & freezers, and other major appliances during the forecast period.
Aluminum Extrusion Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Most of the market players are focused on the development of lightweight materials for downstream sectors. The players are focused on capturing new contracts from various end-use industries. For instance, recently, China Zhongwang Holdings Ltd. supplied aluminum body parts to urban rail projects in Shanghai, Guangzhou, Xiamen, Hangzhou, Hefei, and Jinhua and Beijing-Zhangjiakou Smart High-speed Rail. The company also grabbed contracts through cooperation with CRRC to supply aluminum extruded train body parts to projects in Thailand and Nigeria. Some of the prominent players in the global aluminum extrusion market include:
- Hindalco Industries Ltd.
- Arconic Corp.
- Norsk Hydro ASA
- Constellium N.V.
- Kaiser Aluminum
- QALEX
Order a free sample PDF of the Aluminum Extrusion Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
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Grand View Research, Inc.
Phone: 1-415-349-0058
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Email: sales@grandviewresearch.com
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