The global extruded aluminum profiles market was valued at US$ 71,853.3 million in 2019, according to Extruded Aluminum Profiles Market Report, by Alloy Type (1000 Series Alloy, 3000 Series Alloy, 6000 Series Alloy, and Others), by Product Type (Pipes & Tubes, Rods & Bars, and Shapes), by Finish Type (Mechanical, Anodized, Powder Coated, and Others), by End-use Industry (Construction, Automotive, Artificial Intelligence Infrastructure, Solar Energy, Transportation, Electrical, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East & Africa), published by Coherent Market Insights.
The global extruded aluminum profiles market is expected to surpass US$ 96,281.8 million by 2027, exhibiting a CAGR of 5.1% during the forecast period (2020-2027). The demand for aluminum is increasing from the construction sector across the globe. For instance, according to the 2019 Industry Statistics by Aluminum Association, total aluminum demand across North America surged by 0.7% as compared to 2018. The escalating consumption of extruded aluminum in the construction industries for production of window and door frames is driving the growth of the extruded aluminum profiles market. The demand for aluminum in the construction sector is increasing, owing to various benefits it offers such as reduced heat effect, durability, and lightweight nature. Moreover, extruded aluminum profiles provide noise control and moisture resistance, which are major drivers for market growth.
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Key Trends and Analysis of the Extruded Aluminum Profiles Market:
- Among regions, Europe accounted for a significant market share in 2019. The automotive sector of the European market have played a vital role in the rise and expansion of the extruded aluminum profiles market. The lightweight and easy molding capabilities of the extruded aluminum have made it a material of choice in the automotive industry. With the introduction of electrical vehicles, the extruded aluminum profiles market has been further estimated to witness growth in the coming years. According to Coherent Market Insights’ analysis, the number of plug-in electric cars in Iceland, Norway, and U.K. in 2018 was 145,898 and has increased to 193,316 in 2019.
Key Takeaways of the Extruded Aluminum Profiles Market:
- Among product type, shapes segment held the largest revenue share of 78.7% in the global extruded aluminum profiles market in 2019. There has been an increasing demand for various shapes such as open seam squares, structural angles, various beams, and others that have contributed to the rising demand for extruded aluminum profiles market across the globe. The easy molding ability of the extruded aluminum helps in the formation of various shapes which has further favored its market across the globe.
- Major 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
- Key players operating in the extruded aluminum profiles market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio. For instance, in 2019, Norsk Hydro ASA (Norwegian aluminium and renewable energy company) acquired two extrusion plants of Arconic in Brazil. Arconic is an aluminum products manufacturer based in the U.S. With the help of this acquisition, Norsk Hydro aims to strengthen its business in the Brazilian market.
Global Extruded Aluminum Profiles Market - Impact of Coronavirus (Covid-19) Pandemic
- The global market for extruded aluminum profiles has been negatively impacted due to the ongoing COVID-19 pandemic. This can be attributed to the increasing number of preventive measures such as lockdown and cease in economic activities which have severely impacted the construction sector. Also, shutting down of automotive, electrical, and solar infrastructure industries are expected to hamper the demand for extruded aluminum profiles market. For instance, as per the CAR (Center of Automotive Research) report published on April 13, 2020, shut down of Ford Motor Co. since the imposition of lockdown is expected to result in a loss of US$ 600 million for the first quarter of 2020. Despite the pandemic situation, several countries have decided to continue the construction activities. For instance, in April 2020, the U.K. government approved the continuation of the construction of High-Speed 2 (HS2) rail project. This, in turn, is expected to create demand for extruded aluminum profiles in the coming years.