In its research report, Market Research Future (MRFR), emphasizes that the Global Aluminum Extruded Products Market 2020 is expected to grow significantly, securing a substantial market valuation of USD 68.5 Billion by 2025, and a healthy 6.5% CAGR over the review period.
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.
Drivers and Restraints
Growing demand in the automotive industry for extruded aluminum products is expected to fuel the global market over the forecast period. Modern devices such as sensors and batteries in cars also increased the vehicles' total weight. The main problems are environmental issues such as global warming due to increased CO2 emissions and fossil-fuel oil depletion. Within the Asia-Pacific developing countries, the growing demand for aluminum extruded products in the construction industry is expected to fuel global market growth during the forecast period. Factors such as rapidly rising construction and transportation sectors, increasing spending in infrastructure development, and increasing disposable income are also likely to support the growth of the global economy in the coming years. In the buidling of bridge railings and coverings, road signs and light poles, and pedestrian bridges, the use of aluminum extruded products is growing due, among other things, to its ease of manufacture, low maintenance costs, and lightweight.
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Based on product type, the mill-finished segment accounted for the largest market share of 40% in 2017 and is estimated to secure the highest CAGR of 5.5% over the review period. This is largely accredited to the high strength and cost-effectiveness of the mill-finished product. It finds extensive applications in the automotive and construction industries. In addition, they display exceptional performance in high and low temperatures, and humidity.
On the basis of alloy type, the 6000 series aluminum alloys sector led the global aluminum extruded products market with a market share of 42% in 2017 and was valued at USD 17.01 billion. This is accredited to its high strength, versatility, and superior corrosion resistance.
Based on the end-use, the construction segment accounted for the major market share of 44% in 2017 and is assessed to exhibit a CAGR of 6.63% in the following years. This is accredited to the structural integrity and soundproof properties, and low cost of the product. Aluminum extruded products are extensively used in new construction projects, airports, and residential and commercial buildings.
The geographical overview of the global aluminum extruded products market has been conducted in four major regions, comprising North America, the Asia Pacific, Europe, and the rest of the world. The Asia-Pacific market led the global aluminum extruded products market with the largest share of 63% in 2017 and is estimated to record the highest CAGR of 7% by the end of 2025. This is due to the development of the China, India, and Indonesia automotive and building and construction industries. Increasing investments for infrastructural development in developing countries in South-East Asia such as Indonesia, Myanmar and Thailand are further expected to drive regional demand growth.
The European market accounted for the second-largest 15 percent market share in 2017 and is predicted to show a significant 5.5 percent CAGR during the evaluation period due to the strict regulations on greenhouse gas emissions. In addition, increased demand for the commodity in the structural components and battery enclosures in electric vehicles is anticipated to fuel the regional market growth.
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