The latest market report published by Acute Market Reports “Aluminium Extrusion Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2031” the global market is worth US$ 86.59 Bn in 2021 and expected to grow at a CAGR of 5.1% during the forecast period from 2023 to 2031.
Market Insights
“Increasing demand from automotive industry driving the market growth”
The revolution in the automotive industry with the launch of hybrid and electric vehicles has further increased the extruded aluminium demand. According to the International Energy Agency (IEA), there were about 5 million passenger electric cars running on the road in 2021, an increase of 63% from 2020. Adding aluminium parts in vehicle design helped to lower vehicle weight which results in higher speed and performance and reduction in emission. In addition, due to its lightweight, non-corrosive nature, the aerospace and defence industry also prefers extruded aluminium. With the high requirement for passenger planes from emerging economies such as India, China, and ASEAN, there is a high demand for extruded aluminium in the coming future.
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Further, with the use of extruded aluminium products, the carbon footprint can be reduced and help in sustainable production. Increasing the construction of green buildings that are eco-friendly, and energy-efficient has also impacted positively to market growth. In the sustainable energy sector, aluminium extrusion is used in the frames and structures of solar panels. As per the World Economic Forum, the world will add 70,000 solar panels every hour in the next 5 years. Thereby, creating a high demand for aluminium extrusion, especially in China, the U.S., and India.
Rise in demand for extruded aluminium in the construction industry, especially in the Asia Pacific region is driving the global market. Rapidly growing infrastructural activities in the developing region of the world majorly in China, India, Indonesia, and other ASEAN countries are keeping the market demand at a high rate. Additionally, aluminium is replacing steel in many applications owing to its lightweight and non-corrosive nature. Overall, the global aluminium extrusion market was valued at US$ 86.59 Bn in 2021 and is expected to grow at around 5.1% CAGR from 2023 to 2031.
The overall aluminium extrusion market is fragmented in nature and it is growing at a moderate rate. Major players of the market like Norsk Hydro ASA (Norway), CHINA ZHONGWANG HOLDINGS LIMITED (China), Hindalco-Novelis (India) and QALEX (Qatar) are adopting strategies such as partnering with other market players and researching in aluminium extrusion technology to further improve their product strength and thereby improve the market share.
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Industrial Developments
• In January 2020, China Zhongwang Holdings Limited announced its cooperation with the BMW group for supplying high-end automotive aluminium extrusion profiles. With this cooperation, the company has entered into the high-end OEM supplier chain ecosystem of Germany, which will strengthen its presence in the global automotive market.
• In September 2022, Norsk Hydro ASA opened its aluminium research lab in Sweden for testing new types of aluminium alloys for its extrudability. The company is investing in the Extrusion test Centre as a part of global research and product application capability towards the growing market of sustainable aluminium solutions.
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