iCrowdNewswire Dec 30, 2020 5:00 AM ET
Aluminum extrusion is defined as a process to manufacture extruded products with definitive cross-sectional profiles. Products made from this process are known as aluminum extruded products. The new research report about the global aluminum extruded products market published by Market Research Future (MRFR) predicts augmentation for this market at 6.5% CAGR between 2018 and 2025. By value, the market can be worth the USD 337.8 bn by the end of the forecast period.
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The most eminent factor driving the global aluminum extruded products market growth is the rising demand for aluminum extruded products in the automotive industry. Advanced systems in automobiles such as batteries and sensors, increase the overall weight of vehicles. Environmental issues like increasing CO2 emissions and depletion of fossil fuel oil, that vehicles are responsible for, are also a cause of concern. Thus, there are new standards regarding emissions and fuel efficiency. The aluminum extruded products are used for manufacturing vehicles that address these concerns. Such vehicles include Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), and Hybrid Electric Vehicles (HEVs). Many big automotive brands are investing in such vehicles.
The global aluminum extruded products market segmentation covers alloy type, end-use, and product type. MRFR is exploring features of these segments to understand ongoing market trends.
By alloy type, this market has been segmented into 1000 series aluminum alloys, 2000 series aluminum alloys, 3000 series aluminum alloys, 5000 series aluminum alloys, 6000 series aluminum alloys, and 7000 series aluminum alloys. During the forecast period, the 6000 Series Aluminum Alloys segment is expected to hold the major market share of 42% due to its high strength, superior corrosion resistance, and versatility. Some of the commonly used alloys in 6000 Series are 6026, 6061, 6063, and 6082. By 2025, this segment is expected to grow at 6.7% CAGR.
Regarding end-use, the market has been segmented into automotive, construction, electrical & electronics, transportation & logistics, and others. During the forecast period, the construction segment is likely to witness the maximum growth at 6.63% CAGR as aluminum extruded products are widely used in commercial buildings and residential buildings. Doors, frames, windows, photovoltaic panel framing, and many other things are constructed from aluminum extruded products. Apart from soundproof properties and structural integrity, the use of aluminum extruded products for construction also incurs low cost. Aluminum extruded products are also used for constructing airports.
Based on the product type, the market has been segmented into anodized products, mill-finished products, and powder-coated products. Holding the largest market share of 40%, the mill-finished products segment is expected to grow at 5.5% CAGR during the forecast period. By 2025, the market worth of mill-finished product segment can be USD 30,631.3 mn. The main reason for market growth is the product’s affordability, high strength, superior performance in extreme conditions, temperature adaptability. Hence, these products are widely used in the automotive sector and the construction sector.
Global Key Players:
- Bonnell Aluminium
- Century Extrusions Limited
- China Zhongwang Holdings Limited
- Gulf Extrusions Co. LLC
- Hindalco Industries Limited
- Hydro Extruded Solutions
Latest Industry News
- Researchers at Pacific Northwest National Laboratory (PNNL) have demonstrated an advanced friction extrusion manufacturing process following Solid Phase Processing (SPP) approach, through which, one can produce nanostructured rods and tubes directly from high-performance aluminum alloy powder in a single step. This process also increases product ductility. 20 JUNE 2019
The regional segmentation of the global aluminum extruded products market covers Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa (MEA).
With 63% market share, the Asia Pacific regional market can grow at 7% CAGR during the review period due to surging demand for aluminum extruded products in the construction industry in the emerging economies like China and India. Other factors responsible for the market growth include growing investments for infrastructural development, rapidly growing construction & transportation industries, and increasing disposable income. Due to the ease of fabrication, low maintenance cost, and lightweight nature, the use of aluminum extruded products is increasing in the constructions of bridge railings & coverings, pedestrian bridges, road signs & light poles, and many other things. Other important country-specific markets in this region are Indonesia, Japan, Myanmar, South Korea, and Thailand.
Europe has 15% of the global market share and is currently ranked second, and it can grow at 5.5% CAGR during the forecast period. The main factor helping market growth is stringent regulations about the emission of greenhouse gases. Other factors include the battery casings in electric vehicles and rising demand for the product in the structural components. By 2025, the European market can be worth USD 9,756.5 mn. The distinguished country-specific markets in this region include France, Germany, Italy, Poland, Russia, Spain, and the UK. A significant market revenue also comes from other countries in Europe.
In North America, the market growth is slow but stable as advanced and developed infrastructure is everywhere. The maximum market revenue can be expected in the USA and Canada. As a regional market, South America is smaller than North America in terms of technology, as it is not as advanced as the latter. Maximum market revenue in this region comes from Argentina, Brazil, and Mexico.
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