In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 2, 2022: Hydro completes the sale of the aluminum extrusion plant in India to Hindalco Industries.
May 18, 2022: Morf3D and Constellium are collaborating on the additive manufacturing development program, for Aheadd CP1 aluminium powder.
The global aluminum extruded products market is estimated to garner a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. 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 market 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, the solar PV generation increased to 821 TWh (23%) in the year 2020 and is expected to reach up to 6970 TWh by 2030. On the back of the myriad of uses of aluminum extruded products, the global aluminum extruded products market is expected to grow significantly over the forecast period.
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The market is segmented 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.
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global aluminum extruded products market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the flourishing housing and construction sector. The 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 power plants.
The global aluminum extruded products market is estimated to witness significant growth over the forecast period in the North America region on the back of flexible government guidelines in the region. Furthermore, the Aluminum Extruders Council is a trade association that is dedicated to advancing the effective use of aluminum extrusion in the North America region. On the back of remarkable practices followed by governments for facilitating trade, the global aluminum extruded products market is projected to grow over the forecast period.
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The global aluminum extruded products market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global aluminum extruded products market includes the following segments:
Ans: The soaring construction industry is estimated to be a major factor that is driving the growth of the global aluminum extruded products market.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 - 2031.
Ans: The major players in the market are Arconic Corporation., Constellium (NYSE), Century Extrusions Limited., Bonnell Aluminum, and Gulf Extrusions Co. LLC.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end-user, alloy type, and by region.
Ans: The building & construction sub-segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
Ans: Lack of awareness regarding aluminum extruded products is estimated to hamper the market growth.
Ans: Asia Pacific region is expected to provide more business opportunities for the growth of the global aluminum extruded products market on the back of rising construction sector.