DUBLIN, Jun 11, 2021--(BUSINESS WIRE)--The "Aluminum Extrusion Market by Product Type and End-User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global aluminum extrusion market was valued at $77.8 billion in 2019, and is projected to reach $118.7 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027.
Aluminum extrusion involves shaping aluminum alloy billet by forcing it through a die. During the extrusion process, a ram pushes the aluminum product through the die shape and it comes out with the same shape of the die. Some of the shapes for aluminum extruded products include multi-void hollows, complex, and customized designs. Aluminum extrusions are widely used in building & construction, automotive & transport, and electrical industries. The aluminum is adequately protected by transparent oxide layer, which covers the surface area.
Increase in demand for lightweight and durable extruded products in various industries is expected to drive the market growth of aluminum extrusion during the forecast period. The lightweight and high strength to weight ratio of aluminum makes it ideal for large constructions and buildings to provide added strength at a decreased weight. In addition, the structural strength of aluminum products is consistent under different temperature conditions, unlike plastic products. The plastic becomes brittle at low temperature, whereas the aluminum is strong even at low temperature. Due to such property, it is widely used in aerospace and spacecraft applications. However, high initial set up cost and low production efficiency may negatively impact market growth. Due to slow extrusion process, aluminum extrusion cannot achieve continuous production.
Nonetheless, surge in demand for flexible design is expected to create lucrative opportunities for the market players. With aluminum extrusion, industry players can produce wide range of extruded products with various shapes and sizes on the same equipment.
The global aluminum extrusion market is segmented on the basis of product and end user. On the basis of product, it is divided into mill-finished, anodized, and powder coated. Anodized extrusion expected to witness steady market growth. This is attributed to high chemical resistance of anodized extrusion, which are becoming increasingly important for industrial applications. Due to the thick layer of aluminum oxide, it is highly resistant to corrosion. Based on end user, it is categorized into building and construction, electrical and electronics, automotive & transportation, industrial, and others. The building and construction segment accounted for significant revenue share. This is attributed to large number of smart city projects and rapid urbanization. The aluminum extrusion is majorly used in curtain walling, roofing and exterior cladding in buildings and constructions. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 scenario analysis
The global aluminum extrusion market is expected to witness temporary downfall, owing to decline in demand for automotive and constructions. Consumers intend to leave home to shop for necessities, but maintain low engagement in shared services.
In addition, a large number of manufacturing industries and commercial areas went under complete lockdown for the last few months, thereby negatively impacting the market growth.
Furthermore, extended lockdown across the globe negatively affected the global supply chain of the alumina and bauxite mining. Regulations on cross-border imports and exports delayed the lead time for replenishment of raw materials, thereby negatively affecting the upstream process.
However, implementation of IoT, robotics, and artificial intelligence may decrease the number of active labor on the shop floor; thus, restricting further spread of the virus. This will slowly improve the market scenario.
The global aluminum extrusion market analysis covers in-depth information of major industry participants.
Porter's five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Major countries have been mapped according to their individual revenue contribution to the regional market.
The report provides in-depth analysis of the global aluminum extrusion market forecast for the period 2020-2027.
The report outlines the current global aluminum extrusion market trends and future estimations of the market from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, & market opportunity and their detailed impact analysis are explained in the study.
Increase in demand for lightweight and durable extruded products
High corrosion resistance and durability
High capital cost
Growth in demand for customized extrusion
Aluminium Products Company (ALUPCO)
Bahrain Aluminium Extrusion Co. (BALEXCO)
CENTURY EXTRUSIONS LIMITED
Constellium N. V.
Hindalco Industries Limited
JINDAL ALUMINIUM LIMITED
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210611005281/en/
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