Aluminum Extrusion Market Size to Hit US$ 104.52 Bn by 2030
November 25, 2021
The global aluminum extrusion market was valued at USD 57.75 billion in 2020 and is projected to hit USD 104.52 billion by 2030, growing at a CAGR of 8.1% from 2021 to 2030.
/EIN News/ -- Tokyo, Nov. 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 molding aluminium using a die with a shaped opening. A ram drives the aluminium product through the die shape throughout this process, and it emerges in the same shape as the die. After the extruded product has cooled, it is placed on a stretcher to straighten it completely. Aluminum extrusion comes in three different shapes: hollow, semi-hollow, and solid. Aluminium extrusions are widely used in the building, construction, automotive, and transportation industries, as well as in the electrical industry.
Get Report Sample Copy OR Any Customization Requirement@ https://www.precedenceresearch.com/customization/1384
Crucial factors accountable for market growth are:
- Rise in demand for lightweight and durable extruded products across diverse industry verticals.
- The demand for flexible designs.
- Rapid growth in construction sector across the globe.
- Cost-effectiveness, lightweight and corrosion-resistant property of aluminum.
Scope of the Aluminum Extrusion Market
|Market Size in 2021||USD 57.75 Billion|
|Growth Rate From 2021 to 2030||CAGR of 8.1%|
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
|Companies Covered||Hindalco Industries Limited, Arconic Corporation, Aluminium Products Company (ALUPCO), Bahrain Aluminium Extrusion Co. (BALEXCO), China Zhongwang, Constellium N. V., and Gulf Extrusion Co. LLC.|
Asia Pacific is expected to grow significantly during the forecast period and is anticipated to contribute more than 75% of the market share owing to the rapid developmental activities performed in the developing countries such as India, China, Vietnam, Japan, and South Korea. For instance, On 7th January 2021, National Aluminium Company Limited (NALCO), announced that it will invest Rs.30,000 crores for expansion and business diversification.
- The Shapes Product segment is expected to lead the market contributing more than 80.5% of the revenue share in the upcoming years.
- The building & construction end use segment of the Aluminum Extrusion Market is estimated to lead the market with a market share of more than 60.4% in 2020.
- By Geography, Asia Pacific holds a significant share accounting for more than 75% in 2020 in the Aluminum Extrusion Market in terms of revenue share because of the rapid developmental activities performed in the developing countries such as India, China, Vietnam, Japan, and South Korea
Driver - The rapid growth in the construction sector across the globe is a primary attribute that is estimated to drive the growth of the Aluminum Extrusion Market. For instance, On 7th December 2020, Hindalco Industries Limited announced that it has plans to invest ₹7,000 crore in ‘next few years’ in order to double its production capacity.
Restraint - The major restraining factor that will negatively impact the growth of the Aluminum Extrusion Market includes high initial set up cost and low production efficiency.
Opportunity - With the help of aluminium extrusion, industry players can produce a wide range of extruded goods in a variety of shapes and sizes on the same equipment, and this aspect is likely to drive the Aluminum Extrusion Market forward. For instance, On 23rd March 2021Alcoa Corporation has announced that it will supply sustainable aluminium for the wheels of the Audi e-tron GT, the first vehicle to employ metal produced using a new technology that abolish all direct carbon dioxide emissions from the typical smelting process.
Challenges - The slow extrusion process of aluminum will prevent it to be used in continuous production processes and this attribute is estimated to be a major challenge that will hamper the market growth.
- On 7th December 2020, Hindalco Industries Limited has stated that a 34,000-tonne extrusion facility will be built in Silvassa for a total investment of Rs 730 crore. The new mill will supply the rapidly expanding demand for extruded aluminium goods in the western and southern United States.
- On 30th September 2021, Alcoa Corporation announced that it will enter the burgeoning high-purity alumina business as part of a cooperative development effort to fulfil increased demand for sustainable goods. Alcoa of Australia Limited (AoA), a subsidiary of Alcoa Corporation, has signed a binding term sheet for high-purity alumina (HPA) development activities with Western Australia-based FYI Resources Ltd.
- On 20th September 2021, Alcoa Corporation announced plans to reopen the Alumar smelter in Sao Lus, Brazil, with a capacity of 268,000 metric tonnes per year.
- On 8th July 2021, WKW Extrusion's ErbslohAluminium will use Alcoa Corporation's EcoLum, a low-carbon primary aluminium, to make its new brand of semi-finished extrusion alloys.For its own NEWTRAL brand of alloys, ErbslohAluminium, based in Germany, will employ Alcoa's low-carbon EcoLum. Customers in the industrial, automotive, furniture accessories and consumer electronics industries will benefit from the new brand, which is built with a specific focus on reducing carbon dioxide emissions. With low-carbon, sustainably produced aluminium, Alcoa and ErbslohAluminium products will assist downstream industries improve the environmental footprint of their products and supply networks.
Browse more related reports@ https://www.precedenceresearch.com/industry/chemical-and-material
Segments Covered in the Report
- Rods & Bars
- Pipes & Tubes
- Automotive & Transportation
- Building & Construction
- Consumer Goods
- Electrical & Energy
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1384
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us: