The latest market report published by Credence Research, Inc. “Aluminium Extrusion Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global aluminium extrusion market is worth US$ 75.1 Bn in 2018 and expected to grow at a CAGR of 5.1% during the forecast period from 2019 to 2027.
Market Insights
“Increasing demand from automotive industry driving the market growth”
The revolution in the automotive industry with the launch of hybrid and electric vehicles has further increased the extruded aluminium demand. According to the International Energy Agency (IEA), there were about 5 million passenger electric cars running on road in 2018, an increase of 63% than in 2017. Adding aluminium parts in vehicle design helped to lower vehicle weight which results in higher speed and performance and reduction in emission. In addition, due to its lightweight, non-corrosive nature, the aerospace and defense industry also prefers extruded aluminium. With the high requirement of passenger planes from emerging economies such as India, China, and ASEAN, there is a high demand for extruded aluminium in the coming future.
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Further, with the use of extruded aluminium products, the carbon footprint can be reduced and help in sustainable production. Increasing the construction of green buildings that are eco-friendly, energy-efficient has also impacted positively to market growth. In the sustainable energy sector, aluminium extrusion is used in frames and structures of the solar panels. As per the World Economic Forum, the world will add 70,000 solar panels every hour in the next 5 years. Thereby, creating a high demand for aluminium extrusion, especially in China, the U.S., and India.
Rise in demand for extruded aluminium in the construction industry, especially in the Asia Pacific region is driving the global market. Rapidly growing infrastructural activities in the developing region of the world majorly in China, India, Indonesia, and other ASEAN countries are keeping the market demand at a high rate. Additionally, aluminium is replacing steel in many applications owing to its light-weight and non-corrosive nature. Overall, the global aluminium extrusion market was valued at US$ 75.1 Bn in 2018 and expected to grow at around 5.1% CAGR from 2019 to 2027.
The overall aluminium extrusion market is fragmented in nature and it is growing at a moderate rate. Major players of the market like Norsk Hydro ASA (Norway), CHINA ZHONGWANG HOLDINGS LIMITED (China), Hindalco-Novelis (India) and QALEX (Qatar) are adopting strategies such as partnering with other market players and researching in aluminium extrusion technology to further improve their product strength and thereby improve the market share.
Industrial Developments
- In January 2020, China Zhongwang Holdings Limited announced its cooperation with the BMW group for supplying high-end automotive aluminium extrusion profiles. With this cooperation, the company has entered into the high-end OEM supplier chain ecosystem of Germany, which will strengthen its presence in the global automotive market.
• In September 2019, Norsk Hydro ASA opened its aluminium research lab in Sweden for testing new types of aluminium alloys for its extrudability. The company is investing in the Extrusion test Centre as a part of global research and product application capability towards the growing market of sustainable aluminium solutions.
Key Market Movements:
- Based on product type, the aluminium extrusion market is segmented into powder-coated, mill-finished and anodized; and the market is dominated by mill-finished segment owing to its high strength and low cost.
• Based on the profile, aluminium extruded shapes have the highest demand in the market on account of high demand from the building & construction industry.
• Based on alloy type, 6000 series extruded aluminium alloy accounted for the largest share of the global market in 2018. The growing use of this alloy in automotive & infrastructure to aircraft & yacht structures is keeping its use in high demand.
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List of Companies Covered:
- Norsk Hydro ASA
• CHINA ZHONGWANG HOLDINGS LIMITED
• Arconic
• Constellium
• Hindalco-Novelis
• Jindal Aluminium Limited
• Alcoa Corporation
• TALCO ALUMINIUM COMPANY
• QALEX
• Balexco
• Bonnell Aluminum
• Global Aluminium Pvt. Ltd.
• and Others
Market Segmentation:
By Product Type Segment
- Powder-coated
- Mill-finished
- Anodized
By Profile Type Segment
- Shapes
- Rods & Bars
- Pipes & Tubes
- Others
By Alloy Type Segment
- 1000 Series
- 2000 Series
- 3000 Series
- 5000 Series
- 6000 Series
- 7000 Series
By End-use Segment
- Building & Construction
- Transmission & Distribution
- Automobile
- Electrical & Electronics
- Aerospace & Defense
- Others (Solar Panels, Medical, Packaging, etc.)
By Geography Segment Type
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa, Latin America)
Access Free Sample Copy of Research Report: https://www.credenceresearch.com/sample-request/60187
About Credence Research (Original Publisher)
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