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(MoneyNewsWire.Net, March 28, 2018 ) Aluminum-extruded products market will grow from USD 34.48 Billion in 2016 to USD 47.61 Billion by 2021, at an estimated CAGR of 6.67%. The market for aluminum-extruded products is growing due to increase in demand from end-use industries such as construction, machinery & equipment, automotive, and mass transport. The growth of this market is fueled by the growth of its end-use industries. Along with the same, the rise in demand for sustainable & recyclable aluminum material has fueled the market for aluminum-extruded products. Emerging economies such as India, South Africa, Brazil, and oil-centric GCC (Gulf Cooperation Countries) possess a great potential for the aluminum-extruded products market.
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This market is segmented on the basis of type, end-use industry, alloy type, and region. In terms of product type, mill-finished aluminum-extruded products accounted for the largest market share in 2015, in terms of value; this is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand of the mill-finished aluminum-extruded products in the construction and automotive industries.
In terms of end-use industry, the market is segmented into construction, automotive, mass transport, machinery & equipment, electrical & electronics, and others (energy, telecom, and consumer durables). The construction segment is projected accounted for the largest share in the 2015. However, the automotive segment projected to grow at the highest CAGR during the forecast period. The demand of light-weight cars to achieve high fuel-efficiency will propel the market for aluminum-extruded products in the country.
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In terms of region, the market for aluminum-extruded products is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is projected to grow at the highest CAGR among all the regions by 2021. This is mainly due to emerging economies such as China, Southeast Asian countries, and India; urbanization; industrialization; and stable PEST (political, economic, social, and technological) conditions.
Aluminum-extruded products are light-weight but perform efficiently under extreme conditions such as heat, humidity, abrasion, and vibrations. However, the lack of awareness regarding aluminum-extruded products poses as a potential restraint in the aluminum-extruded products market. Hence, many constructions do not consider the lucrativeness of using aluminum-extruded products, which includes reduction of heat flow, energy efficiency, and cost-effectiveness.
Strategies such as mergers & acquisitions and agreements & expansions were largely adopted by most of the players in this market. Companies such as United Company Rusal (Russia), Alcoa Inc. (U.S.), Aluminum Corporation of China Limited (China), Rio Tinto Plc (U.K.), BHP Billiton Ltd. (Australia), Norsk Hydro ASA (Norway), Centaury Aluminum Corporation (U.S.), China Hongquiao Group Limited (China), Aluminum Bahrain B.S.C (Bahrain), and Hindalco Industries Limited (India) have adopted this strategy. Along with the same, these players have a strong distribution network and influencing presence in developed as well as developing economies.
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