According to the latest report by IMARC Group, titled “Aluminum Extrusion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global aluminum extrusion market reached a volume of 29.4 Million Metric Tons in 2021. Aluminum extrusion refers to the process of melting and transforming aluminum alloys into a certain shape by extruding it through a cross-sectional die. Extruded aluminum has a smooth and fine surface finish that can be later buffed, polished, painted or powder-coated depending upon the requirements of the application. It is stable, light in weight, highly malleable in nature and offers excellent ductility. Additionally, it offers numerous benefits as it is corrosion-resistant, requires low maintenance and can be recycled multiple times without losing its integrity. It is also characterized by excellent electrical and thermal conductivity due to which it is increasingly used for numerous application segments across the electrical, automotive, transportation and construction industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aluminum Extrusion Market Trends:
The global market is majorly driven by the escalating popularity of green construction. The rising construction activities across the globe, along with an enhanced focus on sustainable development, have impelled the builders to employ energy-efficient and eco-friendly construction materials with improved structural strength and low maintenance requirements. Supported by the inflating disposable income levels of the masses, this is significantly contributing to the uptake of extruded aluminum as a preferred green building material. Moreover, since the usage of extruded aluminum meet the green building standards of numerous countries, including the Leadership in Energy and Environmental Design (LEED) in the United States, they are widely utilized by several builders as an indispensable component in construction activities, especially for designing doors, windows and panels in various ongoing projects. Extruded aluminum is increasingly used as a major component for designing key automobile components to reduce their overall weight for improving fuel efficiency and minimizing greenhouse gas (GHG) emissions, which, in turn, is acting as a major growth-inducing factor. This is further facilitated by the several favorable initiatives undertaken by various governments to encourage the utilization of eco-friendly vehicles, thereby creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a volume of 38.6 Million Metric Tons by 2027, exhibiting a CAGR of 4.7% during 2022-2027.
- Based on the product type, the market has been categorized into mill finished, anodized and powder coated. At present, mill finished represents the leading segment.
- On the basis of the alloy type, the market has been divided into 1000, 2000, 3000, 5000, 6000 and 7000 series aluminum alloys. Among these, the 6000 series alloy exhibits a clear dominance in the market.
- Based on the end-use industry, the market has been segmented into building and construction, transportation, machinery and equipment, consumer durables, electrical and others. The building and construction segment currently accounts for the majority of the total market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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