Aluminum extrusion is a process by which aluminum alloy is forced through die with a specific cross-sectional profile. Extrusion is a process used to produce fixed cross-sectional profile in bulk quantities. Extrusion enables formation of workpiece with highly complex cross-sections with good surface finish. Aluminum extruded profiles or products are light in weight and they can withstand extreme conditions such as heat, vibrations, abrasion, and humidity. Moreover, aluminum extruded profiles or products are found in three shapes, such as hollow, semi-hollow, and solid. Therefore, aluminum extruded profiles are widely used in automotive and transport, building and construction, and electrical industries.
Competitive Landscape:
Major players active in the global extruded aluminum profiles market are Constellium, Schüco International KG, Arconic Corporation, Sainty Aluminium, Hindalco Industries Ltd., Centaury Aluminum Corporation, Bonnell Aluminum, Extal Ltd., Norsk Hydro ASA, China Hongqiao Group Limited, and China Zhongwang Holdings Ltd., among others.
Key Market Drivers:
Increasing demand for Extruded Aluminum profiles across the globe is expected to augment the growth of the extruded aluminum profiles market over the forecast period. For instance, in May 2021, Benkam Alu Extrusions launched a multi-year expansion project to double its aluminum extrusion production capabilities, with an annual production output of 100,000 tons of extruded aluminum products by 2025.
Moreover, increasing use of extruded aluminum profiles in the automotive sector and growing trend of electric vehicles (EVs) across the globe is expected to boost the growth of the extruded aluminum profiles market. For instance, according to the International Energy Agency (IEA), electric vehicles (EVs) will account for around 7% of the road vehicle fleet by 2030, which is around 25 million vehicles in 2030.
COVID-19 Impact Analysis:
Outbreak of COVID-19 (pandemic) has had a negative impact on the growth of the extruded aluminum profiles market, due to increasing number of preventive measures such as lockdown and cease in economic activities, which in turn has severely impacted various end-use sectors, such as automotive and transport, building and construction, and electrical industries. This has led to a decrease in the demand for extruded aluminum profiles.
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Key Takeaways:
- The extruded aluminum profiles market is expected to exhibit a CAGR of % during the forecast period due to the rise in adoption of aluminum extruded profiles/products from various end-use industries. For instance, in December 2021, Vedanta Aluminium Business launched High-Speed Billets, which find end-usage in automotive, building & construction, electrical, solar/renewable energy, and many other key industries.
- Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the extruded aluminum profiles market owing to the increasing use of aluminum, increase in demand for lightweight and durable extruded products, and rapid growth of the automotive and construction industry in these regions. For instance, according to the India Brand Equity Foundation (IBEF), India is expected to become the third largest construction market in the world by 2025. Moreover, India, China, and the U.S. are expected to account for almost 60 per cent of all global growth in the sector by 2025.
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