Aluminum Extruded Products Market size is expected to cross USD 90 Billion by the end of 2035, witnessing around 9% CAGR during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of aluminum extrusion products was USD 50 Billion. The growth of the market can be attributed to the high demand for aluminum-extruded products in the construction and automotive industry. Aluminum extrusion is the process of shaping aluminum to improve its tensile strength. Aluminum-extruded products are extremely light-weighted and perform efficiently under extreme conditions such as humidity, heat, vibrations, and abrasions. The inherent characteristics of aluminum extruded products are flexibility, high strength, and surface coating qualities. On account of expanding construction industry, the global aluminum extruded products industry is projected to witness growth over the forecast period. Furthermore, it is estimated that the construction industry would reach up to USD 15 trillion by 2030. Other than construction, there are various other domains where aluminum extruded products are used, such as air conditioning, solar panels, defense, and textile.
Moreover, aluminum extrusion is utilized in making light-weighted and strong structures and frames in the solar energy industry. According to the data released by International Energy Agency, solar PV generation increased to 821 TWh (23%) in the year 2020 and was expected to reach up to 6970 TWh by 2030 globally. On the back of the myriad uses of aluminum extruded products, the global aluminum extruded products market is expected to grow significantly over the forecast period. The market growth is also attributed to the increasing applications of extruded aluminum in various industries owing to its corrosion resistance, heat conduction, lightweight, nonmagnetic, and easy interlocking characteristics.
Growth Drivers
Soaring Construction Sector across the Globe with Rising Disposable Income – The increasing number of hospitals, and rising commercial and residential buildings with increasing population and businesses are estimated to propel the market growth. Also, the construction of buildings increases the employment opportunity for the people rising the economic standards of the population. The growing need for hospitals was on the rise from the pandemic which drives the market growth in coming years. As per the reports in 2022, the total expenditure of the construction sector was expected to increase by over 15% from 2020 in the U.S.
Growing Number of Solar Power Plants to Decrease the Dependency on Fossil Fuels – As of 2022, there are over 20 million homes with installation of solar panels in America as per the reports.
Increasing Use of Heat Radiators with Rising Need for Heat Sources – According to a report, heating radiators were made a value of ~USD 5 billion in 2021 across the world.
Escalating Demand for Automobiles Across the World – The number of new automobiles sold in the United States in the year 2022 was estimated to be between 13 million to 14 million.
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 50 Billion |
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Forecast Year Market Size (2035) |
~ USD 90 Billion |
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Regional Scope |
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Product Type (Anodized, Mill-Finished, Powder Coated)
The global aluminum extruded products market is segmented and analyzed for demand and supply by product type into anodized, mill-finished, and powder coated. Out of the three types, the powder coated segment is estimated to gain the largest market share over the projected time frame. The powder coating is rising the lifespan and durability of steel. The powder coating provides the aesthetic look of the product, reduces UV damage, and resistance to weather, and reduces air pollution, and maintenance costs. The use of powder coated aluminum is applied for outdoor furniture, construction equipment, and exterior building features. Also, the powder coating is estimated to prevent the steel from rusting, and fading, and withstand climatic changes outdoors. All these factors are estimated to propel the market segment growth during the forecast period. The powder coating was anticipated to reach over USD 11 billion market value in 2020 with rising demand for powder coats across the world.
End-user (Transportation & Logistics, Building & Construction, Automotive, Electrical & Electronics, Consumer Durables)
The global aluminum extruded products market is also segmented and analyzed for demand and supply by end-user into transportation & logistics, building & construction, automotive, electrical & electronics, and consumer durable. Out of which, the building & construction segment is anticipated to hold the largest share in the global aluminum extruded products market owing to the rising construction sector. Additionally, with rising urbanization, more houses are being made leading to an unprecedentedly growing construction sector. The increasing consumption of extruded products in the construction of buildings for various purposes is estimated to drive market growth. The increasing repairs for monuments, establishment of new commercial spaces, and improvement in hospital infrastructure are also driving the market growth as per the market analysis. The growing demand for construction is attributed to the increasing economic standards of countries leading to the improvement of roads and railways. According to the estimations, U.S. commercial construction is expected to reach a value of over USD 100 billion between 2022-2027.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Alloy Type |
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By End-User |
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APAC Market Statistics
The Asia Pacific aluminum extruded products market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the flourishing housing and construction sector. Developing economies, such as India and China are spending huge budgets on infrastructural development. It is estimated that in 2020, the construction industry in China estimated to be valued at USD 1050 billion. Moreover, many of the largest solar power plants are located in China and India. The global aluminum extruded products market is also projected to grow over the forecast period, on the back of the growing number of solar panels. The increasing fuel costs and extinction of fossil fuels are estimated to increase the use of solar power plants. The use of solar power plants for heat production, electricity, and power generation is increasing the market growth in the region.
North American Market Forecast
The global aluminum extruded products market is estimated to witness significant growth over the forecast period in the North American region on the back of flexible government guidelines in the region and on account of remarkable practices followed by governments for facilitating trade amongst businesses. Furthermore, the Aluminum Extruders Council is a trade association that is dedicated to advancing the effective use of aluminum extrusion in the North American region.
Hindalco Industries Ltd. announced that it has acquired the aluminum extrusion plant of Norsk Hydro ASA that is located in India.
Constellium SE in association with Morf3D, Inc., announced that they have collaborated on the additive manufacturing development program, for Aheadd CP1 aluminum powder.
Author Credits: Payel Roy, Dhruv Bhatia
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