Aluminum Extruded Products Market Overview
As per MRFR findings, the global aluminum extruded market can rise at 6.5% CAGR by 2025 and acquire USD 68.5 billion by 2025.
Market Dynamics
The high consumption of aluminum extruded products in the expanding construction sector will help the demand grow. In the coming years, increasing demand for these goods in the automotive industry will continue to expand the market. The increase in demand for electric vehicles, which require high-alcohol extruded products, may be beneficial to the industry. The inability to resolve environmental and occupational risks associated with bauxite mining for aluminum extraction could stifle market growth. Furthermore, manufacturing defects in extruded products that impact overall operating costs may be a business challenge.
The COVID-19 pandemic has wreaked havoc on global manufacturing and spread through all major continents. Several industry activities and processes have been impacted, including those in the aluminum extruded materials industry. Many of the major end-use industries for aluminum extruded products have experienced a shortage as a result of the pandemic. Global metal production is seeing a sharp drop in demand as the major end-users are reeling under the widespread lockdown. The demand from the major end users is the most important factor to remember when estimating the overall impact of Covid-19 on this global market. The drop in electronics and electricals development, such as modern devices and printed circuit boards, has had a major effect on global demand for aluminum extruded products (PCB). On the other hand, industry analysts agree that the aluminum metal, which is used to make these small but powerful devices, may see a rise or fall in demand depending on its application. Consider the ventilators used to assist the Covid-19 patient in breathing. PCBs are also required for the operation of high-volume medical devices. Furthermore, the decline in demand in the automotive industry has had a direct impact on the supply chain in this sector.
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Segmental Analysis
Mill-finished products had the highest market share of 40% in 2017 and are projected to rise at a CAGR of 5.5 percent over the forecast period. This is due in large part to the high strength and cost-effectiveness of the mill-finished component. In the automobile and construction industries, it has a wide range of applications. They also perform admirably in extreme heat and cold, as well as high and low humidity levels.
With a 42 percent market share and a market value of USD 17.01 billion in 2017, the 6000 series aluminum alloys sector led the global aluminum extruded products industry in 2017. Its exceptional strength, flexibility, and corrosion resistance are the reasons for this.
Construction accounted for 44 percent of the market in 2017 and is projected to develop at a CAGR of 6.63 percent over the next few years, according to end-use. The product's structural integrity and soundproof properties, as well as its low price, account for this. Aluminum extruded materials are used on new construction sites, airports, and residential and industrial buildings.
Regional Analysis
The Asia Pacific region's aluminum extruded products industry has the potential to capture a 63 percent share of the global market. By 2025, the segment is expected to grow at a CAGR of 7%. Increased construction development in China, Indonesia, and India, among other APAC countries, will help to boost regional market growth. The expansion of the automotive industry, which is one of the largest consumers of aluminum extruded products, may contribute to the expansion of the APAC market. Increased infrastructural development investments across developing economies can help to drive regional market growth.
The demand for aluminum extruded products in Europe could account for around 15% of the global market. During the assessment period, the EU market is expected to grow at a CAGR of 5.5 percent. The implementation of strict regulations on vehicular and greenhouse gas emissions can help the EU market grow. Furthermore, the rising demand for various commodities such as battery enclosures and structural components for electric vehicles can boost the regional market's growth.
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Competitive Analysis
The major market players operating in the global market as acknowledged by MRFR are China Zhongwang Holdings Limited (China), Hydro Extruded Solutions (Norway), Arconic (US), Hindalco Industries Limited (India), Century Extrusions Limited (India), Constellium (The Netherlands), QALEX (Qatar), Bonnell Aluminium (US), Gulf Extrusions Co. LLC (UAE), and TALCO (India), among others. Over the review period, critical innovations and strategic decisions by advertisers, as well as joint partnerships, mergers and acquisitions, and product releases, among other things, are likely to drive the market.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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