by Market Overview:
Aluminum extrusion involves forcing semi-molten aluminum alloy billets through a die to create objects with a constant cross-sectional profile. Aluminum extrusion is commonly used for construction applications due to its light weight, high strength, and durability. It is used in various end-use industries such as construction, transportation, machinery and equipment, electrical, and others. In construction industry, aluminum extrusion finds application in window frames, door frames, railing, curtain wall framing, etc. due to its weather resistance and corrosion properties. The transportation industry utilizes aluminum extrusion in Auto parts, aircraft components, truck & trailer components, and railway coaches & wagons.
Market Dynamics:
Increasing construction activities across both residential and non-residential sectors globally is a major driver for the aluminum extrusion market. Aluminum is extensively used in buildings for window frames, doors, curtain walls, flooring, and roofing due to its lightweight and durable properties. According to Oxford Economics, the global construction industry is forecast to grow by 85% to reach US$15.2 trillion by 2030. Additionally, the rising demand for light weight vehicles to increase fuel efficiency is also boosting the demand for aluminum extrusions in the transportation industry. stringent environmental regulations regarding vehicular emission are prompting automakers to use light weight materials like aluminum in manufacturing.
The global Aluminum Extrusion Market Demand is estimated to be valued at US$ 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.
Segment Analysis
The aluminum extrusion market has two main product segments – mill finished and anodized. The mill finished segment dominates the market with over 70% share as it finds applications across various end use industries like building and construction where appearance and aesthetics are not the key factors. However, the anodized segment is growing at a higher rate owing to its corrosion resistance property and ability to produce multiple shades and textures as per the design needs of consumer goods, automotive and other industrial applications where appearance holds significance.
PEST Analysis
Political: subsidies and tax incentives by various governments for aluminum usage and recycling are driving industry growth. Economic: increasing construction and automotive production across developing nations coupled with economic growth is boosting market demand. Social: rising consumer spending power and preference for eco-friendly materials are favoring aluminum usage. Technological: developments in extrusion dies and processes have enhanced design flexibility and productivity.
Key Takeaways
The global aluminum extrusion market size was valued at US$ 110 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period of 2023 to 2030, due to increasing construction activity and infrastructure development projects across the world.
Regionally, Asia Pacific accounts for around 45% market share led by China, India and other Southeast Asian countries. Growth levels in the region are projected to be higher than the global average owing to ongoing urbanization and industrialization. North America and Europe are also anticipated to register significant gains on account of surging automotive production.
Key players operating in the aluminum extrusion market are UAJC Corporation, Constellium, Norsk Hydro ASA, China Zhongwang Holding Limited, Kaiser Aluminum, Extrudex Aluminum, Gulf Extrusions Co., Novelis, AMG Advanced Metallurgical Group, and Hindalco Industries Ltd. Constellium enjoys leading position while UACJ and Novelis have wide product portfolio and global footprint. Competition is intensifying with growing M&A activities and capacity additions by various companies worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
