The global aluminium extrusion market is expected to reach USD 91.67 billion, by 2027, according to Million Insights, registering CAGR of 3.8 % over the forecast period, from 2020 to 2027. Increasing demand from the energy and electrical sector is a major factor driving the market growth. In 2020, the market growth is expected to hamper due to the COVID-19 pandemic.
Extruded aluminium is majorly used for building high voltage transmission towers in the electrical industry due to its beneficial properties like weldability, high corrosion resistance, and lightweight. These characteristics of extruded aluminium make tower durable along with easy installation which has led to low operation cost and maintenance. The International Energy Agency (IEA) reported that the International Energy Agency (IEA), electricity production is expected to increase globally, especially in Middle East and Africa, and Asia Pacific. By 2020, China is expected to contribute around 20% of global electricity which is anticipated to increase demand for the aluminium extrusion in this country.
Extruded aluminium is widely used for support and manufacturing solar panels frames. Thus, increasing production of solar panels is projected to drive the growth of aluminum extrusion market. Aluminium extrusion is also used in consumer goods applications like consumer electronics, kitchen, railing, ladders, and furniture due to its easy fabrication, cost-efficiency, and lightweight properties.
Market players are adopting strategies like capacity expansions, mergers, and acquisitions to strengthen their position in the market and maximize their sales. For instance, in 2020, Constellium mounted an extrusion press at Singen plant in Germany to fulfill the demand from automotive sector.
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Further key findings from the report suggest:
• Among products, rods & bars sub-segment is expected to grow with the CAGR of 4.5% in terms of revenue during the forecast period due to increasing demand for electrical industry.
• The building & construction application segment accounted for the highest revenue share of 60.7%, in 2019. This high revenue market share is attributed to rapid industrialization and urbanization in developing regions such as Middle East & Africa and Asia Pacific.
• The electrical & energy application segment is expected to exhibit at a CAGR of 4.8% in terms of revenue during the forecast period due to growing demand from electrical and energy sector.
• In 2019, Asia Pacific accounted for the largest market share of 74.4% in terms of revenue owing increasing number of smart city, metro, and defence projects in China and India.
• New plant set up and capacity expansion are major strategies adopted by the leading players in the aluminum extrusion market.
Million Insights has segmented the global aluminium extrusion market on the basis of product, application, and region:
Aluminium Extrusion Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• Rods & Bars
• Pipes & Tubes
Aluminium Extrusion Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• Building & Construction
• Automotive & Transportation
• Consumer Goods
• Electrical & Energy
Aluminium Extrusion Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• The Middle East & Africa