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Press Release: Extruded Aluminum Profiles Market to Surpass US$ 96,281.8 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Extrusion is a process where aluminum profiles are molded. The process resembles to that of squeezing toothpaste from a tube. The global extruded aluminum profiles market is estimated to surpass US$ 96,281.8 million by the end of 2027 in terms of revenue, exhibiting a CAGR of 5.1% during the forecast period (2020 to 2027).
Drivers
The process of aluminum extrusion involves heating raw aluminum in a kiln until it becomes soft enough to be formed. This hot aluminum is further pressed under high pressure through a mold which provides the final shape to the profiles. After the extrusion of the profiles, it is further cooled and then cut into the required sizes. As this process of producing aluminum profiles is cost-effective compared to other processes such as casting, the demand for extruded aluminum profiles is expected to propel in the near future. Moreover, extruded aluminum profiles have fewer restrictions over color and applying methods. Thus, they can be applied via electrodepositing, flow coating, electrostatic spraying, powder coating, and dip coatings. Also, dual colors can be applied to these aluminum profiles, thereby, enhancing their aesthetic appearance. Therefore, no restriction in the application of colors is another major factor augmenting the market growth for extruded aluminum profiles.
Among regions, Asia Pacific held dominant position in the global extruded aluminum profiles market in 2019, accounting for 55.7% market share in terms of revenue, followed by Europe and North America. The construction and electrical industry have been the pioneers for the development and expansion of the extruded aluminum profiles market. The construction of new airports, commercial, and residential buildings have contributed to the rise of the extruded aluminum profiles market in the region. For instance, according to Coherent Market Insights’ analysis, the construction of mega-projects in the ASEAN region accounted for US$ 2.9 Trillion in 2019.
Figure 1. Global Extruded Aluminum Profiles Market Revenue Share (%), By Region, 2019
Market Restraints
Bauxite ore is the primary source for the production of aluminum. This ore is chemically processed for the production of alumina. The alumina is further smelted with the help of an electrolysis procedure to produce raw aluminum metal. As the bauxite ore is obtained by undertaking strip mining operations in subtropical and tropical regions, restrictions over mining and related activities are expected to directly impact the market growth for extruded aluminum profiles. Thus, several governing organizations have setup standards for production of aluminum from bauxites such as the IS 5953 (1985) Standard set up by Government of India. Extinction of water reserves and reduction in air quality due to dust particles in areas near bauxite mines create environmental pollution. For instance, as per the Sustainable Bauxite Mining Guidelines Report published by World Aluminum in May 2018, the water near bauxite mines in Jamaica depleted owing to continuous mining. Thus, several associations such as AAC (Australian Aluminum Council) and ABAL (Associação Brasileira do Alumínio) are setting up regulatory and legislative frameworks to monitor and cater to the issues arising with aluminum production.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 71,853.3 Mn |
| Historical Data for: | 2017 and 2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.1% | 2027 Value Projection: | US$ 96,281.8 Mn |
| Geographies covered: |
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| Companies covered: |
Norsk Hydro ASA, Extal Ltd., Bonnell Aluminum, China Zhongwang Holdings Ltd., China Hongqiao Group Limited, Centaury Aluminum Corporation, China HongquiaoGroup Limited, Schüco International KG, Hindalco Industries Ltd., Sainty Aluminium, Arconic Corporation, and Constellium. |
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Market Trends
The demand for anodized aluminum profiles has increased across various industrial sectors over the last few years. As the anodizing is an electrolytic finishing process that can protect the metal parts by forming a uniform layer of oxide of aluminum, its application helps in achieving long lasting color on the aluminum profiles. Demand for anodized aluminum across the automobile industry has also increased in the last few years, especially, for the construction of EVs (electric vehicles). This can be attributed to the fact that to achieve a high-speed range for a definite battery weight and size in EVs, reduction of dead weight is required. As the weight density of aluminum is one-third of that of other metals such as steel and iron, several EV manufacturers prefer the usage of extruded aluminum profiles.
Figure 2. Global Extruded Aluminum Profiles Market Revenue Share (%), By End-use Industry, 2019
On the basis of end-use industry, in 2019, the construction segment accounted for 43.7% of the revenue share. The construction industry has played the most significant role in the expansion and development of the extruded aluminum profiles market across the globe. The molding ability of the extruded aluminum makes it possible for the construction players to construct the most unique and complex shapes of buildings. The rise in urbanization and increasing demand for corporate buildings have contributed to the rising demand for extruded aluminum profiles across the globe. For instance, according to a data published by the World Bank, the urban population has risen from US$ 4.05 Bn in 2016 to US$ 4.13 Bn in 2017.
Global Extruded Aluminum Profiles Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has led to decrease in the cost price of petrochemicals that are majorly used for transportation. This has reduced the transportation cost of raw materials that is required for the production of extruded aluminum profiles. This, in turn, is expected to benefit the manufacturers of extruded aluminum profiles. Moreover, unlocking and reopening of industries coupled with shifting focus on infrastructure development is expected to boost the demand for extruded aluminum profiles over the post-pandemic period.
Competitive Section
Key players operating in the global extruded aluminum profiles market include Norsk Hydro ASA, Extal Ltd., Bonnell Aluminum, China Zhongwang Holdings Ltd., China Hongqiao Group Limited, Centaury Aluminum Corporation, China HongquiaoGroup Limited, Schüco International KG, Hindalco Industries Ltd., Sainty Aluminium, Arconic Corporation, and Constellium.
Aluminum extrusion is a process by which aluminum alloy material is forced through a die with a specific cross-sectional profile. A powerful ram pushes the aluminum through the die and it emerges from the die opening. When it does, it comes out in the same shape as the die and is pulled out along a runout table. The most common extruded shapes are – angles, channels, and round tubes. Aluminum extruded profiles have applications in various industries including architectural, automotive, electronics, aerospace, energy, and others.
In the past, conventional metals such as iron and steel were used across the construction and automobile sectors. However, the limitations associated with the usage of these metals such as heavyweight and density have urged industrial manufacturers to find other alternatives. Thus, the demand for materials such as aluminum started gaining traction across the globe. Moreover, aluminum being one of the most abundantly available metals on the earth owing to ample availability of bauxite ores, its adoption is gaining traction. For instance, as per the USGS (United States Geological Survey) annual report on aluminum, the production of primary aluminum across the U.S. increased by 7.0% from 2018 to 2019. Moreover, properties of aluminum such as higher electric conductivity and ductility as compared to iron have urged industries to shift towards the adoption of aluminum over iron. Further, the ability of aluminum to modify its composition by forming alloys with other materials, makes it widely useful across several operators.
Players operating in the extruded aluminum profiles market are focused on various strategies such as mergers and acquisitions in order to strengthen their market position. For instance, in 2016, China Zhongwang Holdings Limited, a Chinese producer of extruded aluminum profiles, acquired Aleris Corp., one of the prominent U.S.-based aluminum rolled products manufacturers, for US$ 2.3 Bn. This deal permitted China Zhongwang Holdings to smoothly enter the European and American markets.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
* Browse 50 market data tables* and 40 figures* on "Extruded Aluminum Profiles Market” - Global forecast to 2027.
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