Tokyo, November 25, 2021 (GLOBE NEWSWIRE) – Precedence Research, recently announced report on “Aluminum Extrusion Market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2021-2030 ”.
Aluminum extrusion is the process of casting aluminum using a die with a profiled opening. A ram drives the aluminum product through the die shape throughout this process, and it comes out in the same shape as the die. Once the extruded product has cooled, it is placed on a stretcher to completely straighten it. Aluminum extrusion comes in three different forms: hollow, semi-hollow and solid. Aluminum extrusions are widely used in the building, construction, automotive and transportation industries, as well as in the electrical industry.
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The crucial factors responsible for the growth of the market are:
- Increased demand for lightweight and durable extruded products in various industrial sectors.
- The demand for flexible designs.
- Rapid growth of the construction industry around the world.
- Profitability, light and corrosion resistant property of aluminum.
Scope of the aluminum extrusion market
|Cover of the report||Details|
|Market size in 2021||$ 57.75 billion|
|Growth rate from 2021 to 2030||8.1% CAGR|
|Fastest Growing Market||North America|
|The biggest market||Asia Pacific|
|Year of reference||2021|
|Covered companies||Hindalco Industries Limited, Arconic Corporation, Aluminum Products Company (ALUPCO), Bahrain Aluminum Extrusion Co. (BALEXCO), China Zhongwang, Constellium NV and Gulf Extrusion Co. LLC.|
Asia-Pacific is expected to experience significant growth during the forecast period and is expected to contribute over 75% of the market share due to the rapid development activities carried out in developing countries such as India, China, Vietnam, Japan and South Korea. For example, on January 7, 2021, the National Aluminum Company Limited (NALCO) announced that it would invest Rs 30,000 for business expansion and diversification.
Highlights of the report
- The Shapes Product segment is expected to dominate the market contributing over 80.5% of the revenue share in the coming years.
- The building and construction end-use segment of the Aluminum Extrusion market is estimated to dominate the market with a market share of over 60.4% in 2020.
- By geography, Asia-Pacific holds a significant share accounting for over 75% in 2020 of the aluminum extrusion market in terms of revenue share due to the rapid development activities carried out in developing countries such as India, China, Vietnam, Japan and the South. Korea
Driver – The rapid growth of the construction industry across the globe is a major attribute that is expected to drive the growth of the aluminum extrusion market. For example, on December 7, 2020, Hindalco Industries Limited announced that it plans to invest 7,000 crore in the “next few years” to double its production capacity.
Detention – The major restraining factor which will negatively impact the growth of the aluminum extrusion market includes high initial installation cost and low production efficiency.
Opportunity – With the help of aluminum extrusion, industry players can produce a wide range of extruded products in a variety of shapes and sizes on the same equipment, and this aspect is likely to drive the market for aluminum extrusion. For example, on March 23, 2021, Alcoa Corporation announced that it will supply durable aluminum for the wheels of the Audi e-tron GT, the first vehicle to use metal produced using new technology. which removes all direct carbon dioxide emissions from the typical smelting process. .
Challenges – The slow extrusion process of aluminum will prevent it from being used in continuous production processes and this attribute is seen as a major challenge which will hamper the growth of the market.
- On December 7, 2020, Hindalco Industries Limited stated that a 34,000 ton extrusion facility will be built in Silvassa for a total investment of Rs 730 crore. The new plant will meet the growing demand for extruded aluminum products in the western and southern United States.
- On September 30, 2021, Alcoa Corporation announced its entry into the growing high purity alumina industry as part of a cooperative development effort to meet growing demand for sustainable products. Alcoa of Australia Limited (AoA), a subsidiary of Alcoa Corporation, has signed binding specifications for High Purity Alumina (HPA) development activities with FYI Resources Ltd, based in Western Australia.
- On September 20, 2021, Alcoa Corporation announced its intention to reopen the Alumar smelter in Sao Lus, Brazil, with a capacity of 268,000 metric tonnes per year.
- On July 8, 2021, WKW Extrusion’s ErbslohAluminium will use Alcoa Corporation’s EcoLum, a low-carbon primary aluminum, to manufacture its new brand of semi-finished extrusion alloys. For its own brand of NEWTRAL alloys, ErbslohAluminium, based in Germany, will use EcoLum low carbon. Customers in the industrial, automotive, home furnishings and consumer electronics sectors will benefit from the new brand, which is designed with particular emphasis on reducing carbon dioxide emissions. With low carbon and sustainably produced aluminum, Alcoa and ErbslohAluminium products will help downstream industries improve the environmental footprint of their products and supply networks.
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Segments covered in the report
- Rods and bars
- Pipes and tubes
- Automotive and Transportation
- Building construction
- Consumer goods
- Electric energy
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