Aluminum Extrusion Market Current Scenario with Forecast to 2027
Aluminum Extrusion Market Report
The growth of the market is primarily driven by increasing demand for lightweight and durable extruded products, coupled with their high corrosion resistance.
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ -- The global aluminum extrusion industry, as reported by Allied Market Research, reached $77.8 billion in 2019 and is projected to reach $118.7 billion by 2027, with a compound annual growth rate (CAGR) of 5.4% from 2020 to 2027.
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The growth of the market is primarily driven by increasing demand for lightweight and durable extruded products, coupled with their high corrosion resistance and durability. However, the high capital costs associated with aluminum extrusion pose a challenge to market growth. Nonetheless, the rising demand for customized extrusions presents various opportunities for growth in the coming years.
The COVID-19 pandemic has had a notable impact on the aluminum extrusion market, with temporary downturns attributed to decreased demand from sectors such as automotive and construction. Extended lockdowns worldwide have disrupted the global supply chain for alumina and bauxite mining, leading to delays in replenishing raw materials and affecting upstream processes. The ongoing second wave of COVID-19, accompanied by strict regulations and lockdown measures, may further impede market growth.
In terms of product segmentation, the mill-finished segment held the largest share in 2019 and is expected to maintain its dominance throughout the forecast period, while the anodized segment is anticipated to witness the highest CAGR. By end-user segmentation, the industrial segment is projected to experience the fastest growth, whereas the building and construction segment dominated the market in 2019.
Regionally, the Asia-Pacific region led the market in 2019 and is expected to continue its dominance through 2027, with the highest CAGR projected for this region. Other regions analyzed in the report include LAMEA, Europe, and North America.
Key players profiled in the report include Hindalco Industries Limited, Aluminium Products Company (ALUPCO), Arconic Corporation, Bahrain Aluminium Extrusion Co. (BALEXCO), China Zhongwang, Constellium N. V., and Gulf Extrusion Co. LLC.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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