Market Overview:
Aluminum extrusion is a process that uses ram-driven billets of aluminum alloy to push material through a pre-form die or shape. It is used in interior design, window frames, door frames, and curtain walling. The product has high durability, corrosion resistance, and strength-to-weight ratio which makes it ideal for construction, automotive, machinery & equipment applications.
Market Dynamics:
Rapid growth in construction industry is estimated to drive the growth of aluminum extrusion market during the forecast period. Increasing construction of residential and commercial buildings worldwide is boosting the demand for aluminum extrusions which are used in various construction applications such as curtain walls, window frames, door frames, railings etc. This is expected to fuel the market growth. Additionally, aluminum extrusion products are experiencing high demand from the automotive industry. Growing automobile production as a result of increasing disposable income is another factor augmenting the aluminum extrusion market growth. The other driver is increased usage of aluminum extrusion in machinery and equipment manufacturing owing to its durability and corrosion resistance properties.
The global Aluminum Extrusion Market Demand is estimated to be valued at US$ 110 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Aluminum extrusion provides lightweight and high strength which is suitable for various applications like construction, automotive and transportation. It has high corrosion resistance which increases product life. Advance extrusion technologies allows complex shape formations.
Weakness: Aluminum extrusion process requires high initial investment in extrusion press and dies. Fluctuation in aluminum ingot price impacts the production cost. Developing complex shapes through extrusion increases the cost.
Opportunity: Increasing construction of green buildings provides growth opportunity due to aluminum's recyclability and energy efficiency. Rapid urbanization and infrastructure growth in developing nations will boost the market. Rising automotive production drives the extrusion consumption.
Threats: Substitute materials like composite, plastics and polymers poses threat to aluminum extrusion market share. Fluctuations in foreign currency exchange rates affects the import-export of aluminum. Stringent environmental regulations increases the compliance cost.
Key Takeaways
The global aluminum extrusion market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing construction activities and rapid urbanization in developing nations. The market size for 2023 is US$ 110 Bn.
Regional analysis: Asia Pacific dominates the aluminum extrusion market with over 40% share owing to presence of major manufacturing hubs and high construction activities in China and India. China accounts for largest market share due to significant automotive production. North America is the second largest market supported by infrastructure development and automotive industry.
Key players analysis: Key players operating in the aluminum extrusion market are UAJC Corporation, Constellium, Norsk Hydro ASA, China Zhongwang Holding Limited, Kaiser Aluminum, Extrudex Aluminum, Gulf Extrusions Co., Novelis, AMG Advanced Metallurgical Group, and Hindalco Industries Ltd. These companies are focusing on partnerships, new product development and capacity expansion to strengthen their market position.
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