Aluminum Extrusion: Market Size. From $58. 35 billion in 2020, the global Aluminum Extrusion market is projected to reach $123. 28 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 9.
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Aluminum Extrusion Market Analysis & Trends - Industry Forecast to 2028" - https://www.reportlinker.com/p06127622/?utm_source=GNW
8% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, technological advancements in the aluminum industry, increasing demand for flexible design and growth in demand for recycled and value-added aluminum products.
Global Aluminum Extrusion Market: Market Dynamics
Aluminum-extruded products are light-weight but perform efficiently under extreme conditions such as heat, humidity, abrasion, and vibrations. The automotive & transportation sector is witnessing an increase in aluminum content in internal combustion as well as electrical vehicles (EVs), which is likely to boost the market growth. Automobile manufacturers are under increasing pressure to meet the regulatory requirements pertaining to the environmental impact of vehicles. The other factors driving the aluminum extrusion market are rapidly growing building & construction industry, increasing replacement of steel in automobiles and transport and high sustainability and durability of the aluminum extrusion.
On the other hand, the low awareness about the products and the high initial set up cost is likely to obstruct the profit boundaries. In addition, rise in governmental incentives for building integrated photovoltaic (BIPVs) will further boost for the aluminum extrusion market.
Impact of COVID-19 on Aluminum Extrusion
The COVID-19 pandemic has created various disruptions in the Aluminum Extrusion Market due to factory shutdowns and trade restrictions owing to lockdowns imposed by various governments across the world to contain the spread of the virus. Consumers intend to leave home to shop for necessities but maintain low engagement in shared services. In addition, the decline in metal production due to a drop in demand and lack of workforce under widespread lockdown has cast a major influence on the market. Regulations on cross-border imports and exports delayed the lead time for replenishment of raw materials, thereby negatively affecting the upstream process. However, the implementation of intelligent mining, robotics, and artificial intelligence in construction and mining sites will decrease the number of active labor on the shop floor; thus, restricting the further spread of the virus. This is expected to slowly improve the market scenario.
By End User
Building & Construction Segment Dominate the Market in 2020
The building & construction segment made huge revenue in 2020 and growing its prominence during the forecast period due to the increase in the construction of green buildings, rapid urbanization and industrialization. Due to the high strength to weight ratio of aluminum, it is more suitable for large buildings in seismic zones. The use of extruded products in construction activities has been greatly influenced by the investment in the housing sector.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period owing to urbanization, stable PEST (political, economic, social, and technological) conditions, the presence of a the prominent automotive industry, the rise in demand for electric vehicles, and large application of aluminum extrusion in construction and automotive industries across China, India, and Japan.
List of the Key Players Profiled in the Market Include:
• Norsk Hydro ASA
• Kaiser Aluminum
• Hindalco Industries Limited
• Gulf Extrusions Co. LLC
• Constellium N. V.
• Arconic Corporation
• Balexco BAHRAIN ALUMINIUM EXTRUSION COMPANY
• China Zhongwang Holdings
List of the Regions/Countries Profiled in the Market Include:
• Rest of Europe
• New Zealand
• Rest of Asia Pacific
• Saudi Arabia
• Rest of Middle East
• Rest of Latin America
Rest of the World (RoW)
• South Africa
Read the full report: https://www.reportlinker.com/p06127622/?utm_source=GNW
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