Aluminum Extrusion Market Size to Reach USD 165.32 Billion by 2032 | Future of Electric Vehicles Drive the Market Growth | As per SNS Insider Report

Shaping the Future: Exploring Innovations, Applications, and Growth Drivers in the Aluminum Extrusion Market

Pune, July 05, 2024 (GLOBE NEWSWIRE) — The Aluminum Extrusion Market Size is projected to reach USD 165.32 billion by 2032 and grow at a CAGR of 8.88% over the forecast period of 2024-2032. The Aluminum Extrusion market will be experiencing rapid growth as the rising demand for lightweight and durable extruded products. This material allows for the creation of complex shapes and designs which can be used to meet the specific needs of different industries and applications. This factor will be important for the market growth, as this will be the perfect gateway for the players to attend several untapped opportunities.     

 

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Key Players listed in the Report:

  • BRT Extrusions, Inc.
  • Constellium
  • Kaiser Aluminum
  • Hulamin Ltd.
  •  National Material L.P.
  • Extrudex Aluminum
  • AMG Advanced Metallurgical Group
  • Hindalco Industries Ltd.
  • SMS Schimmer
  •  Gulf Extrusions Co. LLC
  • UAJC Corporation
  • Norsk Hydro ASA
  • International Extrusion Corporation
  • American Aluminum Extrusion LLC

The rising usage of aluminum extrusion in the building & construction industry drives the Market growth.  

In the building and construction industry, aluminum extrusions is becoming more and more in demand. Innovation is a catalyst that has a significant impact on business operations and results. Aluminum extrusion stands out among the revolutionary technologies transforming the industry because it radically changes how intricate structures and components are designed and manufactured. Aluminum is formed by forcing it through a die to create perfect cross-sectional profiles that are suited to exact requirements. This process is known as extrusion. Aluminum extrusion, renowned for its adaptability and efficiency, has ushered in a new era of progress in building and transportation by providing unmatched advantages in terms of strength, lightweight characteristics, and sustainability.

Moreover, in April 2024, the global shift away from traditional fossil fuels and toward cleaner, greener alternatives is being driven by governments, industries, and consumers. To achieve its lofty goal of 500 GW of renewable energy capacity by 2030, India must also significantly increase its yearly capacity expansion. Furthermore, due to an increase in the demand for products, in 2024, Jindal Aluminium sets a new production record for aluminum extruded products. It produced 1,15,920 metric tons in FY 2023-24. An increase in production helps to supply more material to the different industries which may increase the market growth.

There will be several challenges associated with this, i.e., the infrastructure the high cost, and the lack of skilled labour. Despite these challenges, SNS Insider predicts the growth of the market because of the rising government investments and the plans to improve the overall landscape and make it possible for the access element to improve.

“Growing demand for Aluminum Extrusion products in wind power drives the market growth.

Extruded aluminum products are essential for increasing wind turbine performance and efficiency. Because of their excellent strength-to-weight ratio and ability to assemble larger, more efficient blades that can capture more wind energy, lightweight aluminum alloys are being employed more and more in the construction of wind turbine blades. Turbine tower platforms also use extruded aluminum components, especially in offshore wind farms where the exceptional corrosion resistance and longevity of this metal have proven to be vital assets. With 42.8 GW of installed onshore wind energy, India is the fourth-largest installed wind energy capacity in the world. These extruded goods have the potential to spark a revolution in this industry.

Aluminum Extrusion Market Report Scope & Overview

Report Attributes Details
Market Size in 2023 USD 85.47 billion
Market Size in 2031 USD 156.28 billion
CAGR (2024-2031) 8%
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Market Driver Technological advancements in extrusion processes improve efficiency and expand applications.

Growing demand from construction, automotive, and aerospace industries due to lightweight properties and durability.

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Segmentation Analysis

On the Basis of Product segment shape type holds the largest market share.

The shape type dominated the aluminum extrusion market with the highest revenue share of more than 76.22% in 2023. The rising demand is due to its exceptional malleability, aluminum can be easily formed into a wide variety of shapes via the extrusion technique. This process involves heating aluminum billets and applying high pressure to them using a hydraulic press or ram against steel dies. Then, aluminum forms are made that exactly replicate the dies’ shapes and rise the demand in the market.

On the Basis of Application Segment Building & Construction hold the dominant share

The building & construction dominated the market with the highest revenue share of more than 52 % in 2023. Due to the wide range of uses in the building industry. Every area of the house, including the floors, ceiling, and electrical appliances, can have them. Growing investments in the housing industry have had a significant impact on the use of extruded goods in construction operations.

Regional Landscape:

Asia Pacific led the aluminum extrusion market with the highest revenue share of approx. 65.22% in 2023. Because of the presence of well-established manufacturing sectors in nations like China, India, Vietnam, Japan, and South Korea, this area is likely to maintain its dominant position during the predicted years. Among these nations, China is expected to be a key engine of industrial growth, driven mostly by its large construction sector. In the near future, market growth is anticipated to benefit from the Chinese government’s strategic investments in energy and transportation infrastructure.

Recent Developments

  • In June 2024, Capral acquired Apple Aluminium supplier to increase its product portfolio and supply more offerings to its customers.
  • In January 2024, meeting the growing demand for aluminum is proving to be difficult in North America. Constellium, a French supplier, has shown that using recycled metal can assist in meeting this demand. Impure aluminum has been suggested by Constellium as a possible fix for automakers.

Key Takeaways:

  • The aluminum extrusion market size will increase due to the growing application in building and construction, and others.
  • Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
  • Government initiatives will have a major impact on overall market growth in shapes  type segment and increase the market growth.  

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Aluminum Extrusion Market Segmentation, by Product

8. Aluminum Extrusion Market Segmentation, by End-User

9. Aluminum Extrusion Market Segmentation, by Product Finishing

10. Aluminum Extrusion Market Segmentation, by Alloy Type

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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