by Aluminum extrusion is a process that uses ramming or pushing aluminum alloy billets or ingots into a shaped opening in a die. Extruded aluminum is most commonly used in the construction of window frames, doors, buildings and transportation applications such as truck and trailer components, highway signs, and automotive parts. Aluminum extrusion products provide durability, flexibility, low maintenance, corrosion-resistant and recyclability. Aluminum extrusions are cost-effective alternative to steel and provide builders and fabricators an eco-friendly material choice. The increasing demand for light-weighting and improved fuel efficiency of vehicles is a significant driver for aluminum extrusion market.
The global aluminum extrusion market is estimated to be valued at US$ 110 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand from transportation industry is expected to drive the growth of aluminum extrusion market over the forecast period. Developed economies are shifting focus towards lightweight vehicles to improve fuel efficiency in order to reduce carbon emissions. Aluminum provides 40% weight reduction compared to steel thereby allows enhanced vehicle performance and handling. Another driver is increasing infrastructure and construction activities across developing nations of Asia Pacific and Latin America which is boosting adoption of aluminum extrusions in window frames, doors and roofing. Asia Pacific region accounts for approximately 50% of the global consumption of aluminum extrusion on account of rapid urbanization and industrialization.
Segment Analysis
The aluminum extrusion market is dominated by the building and construction sub segment. Around 60% of the total aluminum extrusion is consumed by building and construction industry. Aluminum extrusions are widely used in doors, windows, curtain walls, balcony railings etc. in commercial and residential buildings. Being a cost effective and durable material, aluminum extrusions is the preferred choice over other alternatives like wood, PVC etc.
PEST Analysis
Political: The government policies promoting energy efficient building materials is driving the growth of aluminum extrusions market. Some countries have imposed regulations to ban less efficient materials like wood and promote aluminum for window frames etc.
Economic: Rising construction activities especially in developing countries of Asia and Middle East due to growing economies is fueling the demand for aluminum extrusions from building and construction industry.
Social: Aluminum extrusions are gaining preference over other conventional building materials due to increased environmental awareness. Aluminum being 100% recyclable is appealing to environmentally conscious consumers.
Technological: New production technologies are enabling extrusions in complex shapes and sizes. Developments in alloy composition is further enhancing the corrosion resistance and strength properties of aluminum extrusions.
Key Takeaways
The Global Aluminum Extrusion Market Growth is expected to witness high over the forecast period of 2023 to 2030. The global aluminum extrusion market is estimated to be valued at US$ 110 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
North America region is currently the dominant as well as fastest growing regional market for aluminum extrusions. The growth can be attributed to recovering construction industry after pandemic in the US and infrastructure development projects in the region. The Asia Pacific region is emerging as a high growth regional market for aluminum extrusions supported by rapidly growing construction industry and urbanization. Countries like China, India are witnessing massive infrastructure and building construction which is driving the demand.
Key players:
Key players operating in the aluminum extrusion market are Arconic, Century Aluminum Company, Hydro Extrusion, Constellium, Gulf Extrusions, TALCO Aluminum Company, Zahit Aluminum, BALCO.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
