Aluminum Extrusion Market To $175 Billion By 2032 With CAGR 7% X Herald

2023-09-25 11:45:28

(MENAFN- Ameliorate Digital Consultancy) The market for aluminum extrusion is anticipated to reach a value of US$ 89 billion in 2022 and to grow at a CAGR of 7% to reach US$ 175 billion over the assessment period of 2022 to 2032.

The aluminum extrusion market has emerged as a pivotal player in the global manufacturing industry, revolutionizing the way we design and construct products. Aluminum extrusions involve the process of shaping aluminum alloys into specific cross-sectional profiles, resulting in versatile components used in various applications. This market has witnessed significant growth due to its ability to meet the rising demand for lightweight, durable, and corrosion-resistant materials across diverse sectors.

The outlook for the aluminum extrusion market remains robust. It is expected to continue its upward trajectory in the coming years. Factors such as increased urbanization, the need for sustainable materials, and advancements in technology are driving this growth. Additionally, the automotive, construction, aerospace, and electrical industries are major consumers of aluminum extrusions, providing a steady market base.

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Market Insights:

Sustainability and Environmental Concerns: One of the primary drivers of the aluminum extrusion market is its sustainability. Aluminum is a 100% recyclable material, reducing the carbon footprint in manufacturing processes. As environmental concerns grow, the demand for sustainable materials like aluminum is expected to rise, further boosting the market.

Automotive Industry Revolution: The automotive industry is undergoing a transformative shift towards electric vehicles (EVs) to combat climate change. Aluminum extrusions play a vital role in EV manufacturing due to their lightweight nature, which enhances vehicle efficiency and range. This trend is expected to fuel the demand for aluminum extrusions in the automotive sector.

Architectural Applications: In the construction industry, architects and builders are increasingly turning to aluminum extrusions for their projects. The material's flexibility, corrosion resistance, and aesthetic appeal make it an ideal choice for windows, doors, facades, and structural components. The growing construction sector worldwide is a significant contributor to the market's growth.

Technological Advancements: Advancements in extrusion technology have led to improved precision and cost-efficiency. The ability to create intricate and complex designs with tight tolerances has expanded the scope of aluminum extrusions across industries. This has opened new avenues for applications in electronics, consumer goods, and more.

Key Players:

Hindalco Industries Ltd.
Novelis
Norsk Hydro ASA
Constellium N.V.
Arconic Corp.
Kaiser Aluminum
QALEX
Alupco

Competitive Landscape:

In India, the aluminum extrusions business of Hydro was acquired by Hindalco Industries Ltd in December 2021. The company is concentrating on increasing its footprint in the higher end of the value added market through this purchase.

As part of a partnership with HES-SO Valais-Wallis to create carbon neutral manufacturing solutions, Novelis established a net zero lab in February 2022. By doing this, the business will invest in decarbonization research with the goal of becoming carbon neutral by 2050.

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