Aluminum extrusion is a manufacturing process to achieve cross-sectional profiles which often offers more corrosion resistance and comes with high strength and light-weighting properties. The global Aluminium Extruded Products Market are expecting to gain benefit from market tailwinds and achieve 6.5% CAGR during the forecast period to reach a valuation of USD 68.5 billion. Market Research Future (MRFR) in their analysis reveals various possibilities that the market can explore for further growth.
The construction industry is one important segment that can inspire the growth of the global aluminum extruded product market. Its various application spaces such as skylights, rain screens, windows & doors, sunrooms, water collection systems, and others are going to help in the expansion of the market. The automotive industry is also expecting substantial head-up during the forecast period. Due to the global demand for low carbon emission, the request for the uptake of the aluminum extruded product market is increasing. However, its health hazards can dampen the global aluminum extruded product market prospect.
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MRFR’s segmentation of the aluminum extruded products market is based on product type, alloy type, and end-use.
By product type, the aluminum extruded products market can be segmented into mill-finished, anodized, and powder-coated. The mill-finished segment was accounted for over 40% of the global market in 2017 and is deemed to record the fastest CAGR of 5.5% over the assessment period. The segment is gaining precedence due to product features such as high strength and cost-effectiveness of the mill-finished product. The automotive and construction industries are also triggering the market intake of the segment.
By alloy type, the aluminum extruded products market comprises 7000 series aluminum alloys, 5000 series aluminum alloys, 6000 series aluminum alloys, 2000 series aluminum alloys, 1000 series aluminum alloys, and 3000 series aluminum alloys. The 6000 series aluminum alloys segment has the upper hand in the market. It has 42% of the global market dominance (as of 2017) and was valued at USD 17,010 million. Features such as high strength, versatility, and superior corrosion resistance are providing substantial traction to the market.
By end-use, the aluminum extruded product's market consists of construction, automotive, transportation & logistics, electrical & electronics, and others. The construction segment held over 44% of the global market share in 2017 and it is expected to record 6.63% CAGR during the forecast period. Benefits such as structural integrity, soundproof properties, and low-cost are expected to ensure its market growth.
MRFR’s take on the global aluminum extruded products market from a regional perspective includes namely, Asia Pacific (APAC), Europe, North America, Latin America, and the Middle East & Africa (MEA).
The APAC market, with burgeoning industrial segments and extensive works going on in the residential sector, has captured a substantial amount of the global market. It was the frontrunner in 2017 with 63% of the total market share, and it can be the fastest growing one with around 7% CAGR during the forecast period. The automotive sector is expected to provide a substantial head start.
Europe is following the lead of the APAC with a projected market valuation of USD 9,756.5 million by the end of 2025. The robust automotive sector is providing considerable thrust to the regional market. The market in North America had control over 12.5% of the global share in 2017 and is expected to gather significant thrust during the forecast period.
Influential companies in the global aluminum extruded products market are implementing several strategies to grow individually and take the market ahead at the same time. These companies are China Zhongwang Holdings Limited (China), Hydro Extruded Solutions (Norway), Hindalco Industries Limited (India), Arconic (US), Century Extrusions Limited (India), QALEX (Qatar), Constellium (The Netherlands), Gulf Extrusions Co. LLC (UAE), Bonnell Aluminium (US), TALCO (India), and others.
In April 2019, Montenegros’ Uniprom D.O.O. started the construction of a new aluminum billet plants. This would incur around USD 17 million costs and the plant’s capacity would be around 70,000 tons per year. It would also set up a plant with foundry alloys production capacity of 30,000 tons. The second company would cost around USD 12 million.