Increase in demand for lightweight and durable extruded products and high corrosion resistance and durability fuel the global aluminum extrusion market growth
PORTLAND, OREGON, UNITED STATES, August 12, 2021 /EINPresswire.com/ — Allied Market Research published a report, titled, “Aluminum Extrusion Market by Product Type (Mill-finished, Anodized, and Powder Coated), and End-User (Building and Construction, Electrical and Electronics, Automotive & Transportation, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global aluminum extrusion industry garnered $77.8 billion in 2019, and is expected to generate $118.7 billion by 2027, manifesting a CAGR of 5.4% from 2020 to 2027.
Prime determinants of growth
Increase in demand for lightweight and durable extruded products and high corrosion resistance and durability fuel the global aluminum extrusion market growth. However, high capital cost restrains the growth. Contrarily, rise in demand for customized extrusion create new opportunities in the next few years.
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The aluminum extrusion market witnessed a temporary downfall, owing to decline in demand from the automotive and construction sectors.
Furthermore, extended lockdown across the globe negatively affected the global supply chain of alumina and bauxite mining. Regulations on imports and exports further delayed the lead time for replenishment of raw materials, thereby affecting the upstream process.
Presently, the second wave of Covid-19 is wreaking havoc in most of the nations, and government bodies are implementing strict regulations and lockdown again. This may lead to dwindled growth of the market.
The mill-finished segment to maintain its lead position during the forecast period
By product type, the mill-finished segment accounted for the largest share in 2019, contributing to nearly three-fifths of the global aluminum extrusion market, and is estimated to maintain its lead position during the forecast period. This is due to rise in demand for low-cost extruded aluminum products for electrical and automotive applications such as cylinder heads, blocks, and covers. However, the anodized segment is expected to witness the largest CAGR of 6.7% from 2020 to 2027, owing to its high durability and clean appearance.
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The industrial segment to grow at the fastest CAGR
By end user, the industrial segment is estimated to portray the fastest CAGR of 8.5% from 2020 to 2027, owing to rise in demand of lightweight aluminum profiles in various industrial applications. However, the building and construction segment held the highest market share in 2019, contributing to around three-fifths of the global aluminum extrusion market, and is estimated to maintain its dominance in terms of revenue during the forecast period. This is attributed to large number of smart city projects and rapid urbanization.
Asia-Pacific to maintain its leadership status by 2027, North America to grow at a significant pace
By region, Asia-pacific contributed to the highest market share in 2019, accounting for more than two-third of the global aluminum extrusion market, and is projected to maintain its leadership status by 2027. Furthermore, the region is projected to portray the highest CAGR of 5.9% from 2020 to 2027. This is attributed to rise in demand from automotive and transport sectors. On the other hand, North America is expected to grow at the CAGR of 3.4% by 2027.
Leading Market Players
Hindalco Industries Limited
Aluminium Products Company (ALUPCO)
Bahrain Aluminium Extrusion Co. (BALEXCO)
Constellium N. V.
Gulf Extrusion Co. LLC
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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