Global Aluminum Extrusion Market Set For 5.0% Growth, Reaching $113.84 Billion By 2028
Aluminum Extrusion Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What has been the steady growth of the aluminum extrusion market and what is the projected growth for 2024?
The aluminum extrusion market size has grown steadily in recent years. With a rising from $89.37 billion in 2023 to a projected $93.67 billion in 2024 at a compound annual growth rate CAGR of 4.8%. The growth in the historic period can be attributed to emerging markets growth, the growing demand for aluminum in the construction industry, and the increase in demand for lightweight and durable extruded products.
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What is the expected market size by 2028 and what are the factors contributing to this growth?
The aluminum extrusion market size is expected to see steady growth in the next few years, projected to reach $113.84 billion in 2028 at a compound annual growth rate CAGR of 5.0%. The growth in the forecast period can be attributed to government support, global population growth and urbanization, the increasing demand for automotive applications, and the growing demand for aluminum in packaging. Major trends in the forecast period include use of artificial intelligence, strategic partnerships and acquisitions, product innovation, and new plant expansions.
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What are the growth drivers of the aluminum extrusion market?
One of the key factors driving the market growth is the increase in the construction of green buildings. Green buildings are environmentally sustainable, energy-saving, and produce low carbon emissions. Aluminium has been a driving force behind the green construction movement because of its unrivaled characteristics. The characteristics of aluminium, such as strong and durable, recyclable, corrosion-resistant, light and malleable, make it apt for sustainable architecture. According to the U.S. Green Building Council USGBC, India ranked third in Leadership in Energy and Environmental Design LEED in 2021 with a total of 146 LEED-certified buildings and spaces, which represents about 2.8 million gross area square meters GSM of space. This is an almost 10% increase in LEED-certified space in India from 2020. Thus, the increase in the construction of green buildings will lead to rising demand for aluminium extrusions.
Which are the major companies operating in the aluminum extrusion market?
The key players in this market include Norsk Hydro ASA, UACJ Corporation, Constellium N. V., Kaiser Aluminum, Hindalco Industries Ltd., Tredegar Corp. Bonnell Aluminum, Co., Ltd., Arconic Corporation, Jindal Aluminium Limited, Gulf Extrusion Co LLC, QALEX, M/s. Century Extrusions Ltd, MYCO INDUSTRIES MIDC, San Internationl, GS Machining HK Co., Limited, Soil Metal Products Co.,Ltd, Liaoning Zhongwang Group Co, Donghe International Co., Ltd, Dragon LTD, ADD Associates Ltd, Branton Engineering Ltd, Scrap Merchant Supplier UK LTD, William Burton, Metals4u Limited, Alubin Limited, RIAK, BK-ALPROF, RUSAL, LLC, BRT Extrusions, Inc., Momentum Manufacturing Group MMG, Richardson Metals, Inc, Western Extrusions Corp., PSI Industries, Inc., Hydro Extrusion, Prolind Industrial Ltda, Benetec, Xtral Tecnologia Em Aluminio, Asa Alumínio, Extrusora Argentina, Emirates Extrusion Factory LLC, Cephe Sistemleri, New African Engineering Services, Hulett Metals
What are the emerging trends in the aluminum extrusion market?
Companies in the aluminium extrusion market are focusing on using artificial intelligence AI to optimize the extrusion procedure, decreasing material waste and enhancing product quality. AI can also assist in identifying flaws in extruded components, thus minimizing the requirement for manual inspection and enhancing quality control. For instance, in April 2023, ASCONA and D-CUBE announced the launch of a holistic solution for inline surface inspection of aluminium profiles. This AI-driven solution detects different types of surface defects in real time and converts them into meaningful warning messages.
How is the aluminum extrusion market segmented?
The aluminum extrusion market is segmented onto:
1 By Product Type: Mill Finished, Anodized, Powder Coated
2 By Alloy Type: 1000 Series Aluminum Alloy, 2000 Series Aluminum Alloy, 3000 Series Aluminum Alloy, 4000 Series Aluminum Alloy, 5000 Series Aluminum Alloy, 6000 Series Aluminum Alloy, 7000 Series Aluminum Alloy
3 By End-Use: Building And Construction, Transportation, Machinery and Equipment, Consumer Durables, Electrical, Other End-Uses
What is the regional analysis of the aluminum extrusion market?
Asia-Pacific was the largest region in the aluminium extrusion market in 2023, covering regions such as Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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