(MoneyNewsWire.Net, January 28, 2020 ) According to the latest report by IMARC Group, titled “Aluminum Extrusion Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global aluminum extrusion market size reached 19.1 Million Metric Tons in 2018. Aluminum extrusion is defined as the process of transforming aluminum alloys into specific shapes by pushing them through a cross-sectional die. Extruded aluminum is exceptionally lightweight, cost-effective and corrosion resistant. It also offers high ductility, better electric conductivity and can be repeatedly recycled without losing its integrity. In addition to this, it is extremely durable and stable while being highly malleable in nature. Consequently, it is widely utilized for the transportation and disposal of mined materials and the manufacturing of various aircraft parts. Owing to the multiple advantages offered by aluminum extrusion products, they are also extensively utilized across numerous industrial verticals, which include automotive, electrical and construction.
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Global Aluminum Extrusion Market Trends:
The growing preference for green construction is a key factor driving the growth of the market. Rising environmental consciousness has led to the widespread utilization of various eco-friendly and energy-efficient materials, including extruded aluminum in construction projects. Extruded aluminum is widely used in the construction of doors, windows, panels, ladders and bridges and forms a key component in Leadership in Energy and Environmental Design (LEED)-certified green buildings. This, along with significant growth in the construction industry, is providing a thrust to the market growth. Moreover, as it is lightweight, it is extensively utilized in the automotive industry as a convenient alternative to steel. It also aids in improving the fuel efficiency of vehicles while resulting in lesser amounts of greenhouse gas emissions. Furthermore, extruded aluminum is also used in numerous home appliances as it is a good thermal conductor and is extremely cost-efficient. On account of the aforementioned factors, the market is expected to reach a volume of 26.0 Million Metric Tons by 2024, registering a CAGR of around 5.1% during 2019-2024.
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Key Market Segmentation:
Market Breakup by Product Type:
1. Mill Finished
3. Powder Coated
Based on the product type, the market has been divided into mill finished, anodized and powder coated. Among these, mill finished represents the leading segment.
Market Breakup by Alloy Type:
1. 1000 Series Aluminum Alloy
2. 2000 Series Aluminum Alloy
3. 3000 Series Aluminum Alloy
4. 5000 Series Aluminum Alloy
5. 6000 Series Aluminum Alloy
6. 7000 Series Aluminum Alloy
On the basis of the alloy type, the market has been segregated into 1000, 2000, 3000, 5000, 6000 and 7000 series aluminum alloy. At present, the 6000 series alloy dominates the market.
Market Breakup by End-User:
1. Building and Construction
3. Machinery and Equipment
4. Consumer Durables
Based on the end user, the market has been categorized into building and construction, transportation, machinery and equipment, consumer durables, electrical and others. The building and construction segment currently represents the largest end user of aluminum extrusion products.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
On the geographical front, Asia Pacific exhibits a clear dominance 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 analyzed with the detailed profiles of the key players operating in the market. Some of the leading players include Norsk Hydro ASA, Constellium SE, Gulf Extrusion Co. LLC, Hindalco Industries Limited, Alcoa Corporation, Aluminium Products Company (ALUPCO), China Zhongwang Holdings Limited and Bonnell Aluminum, Inc.
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