Building and Construction Sector to Create Lucrative Opportunities for Aluminum Extrusion Market by 70%: Fact.MR Study
Published : 24 Feb 2022 Industry: Chemical & Materials
Fact.MR states the global sales of aluminum extrusion to surpass US$ 175 Bn by registering a positive CAGR of 7% in the forecast period 2022-2032. Stringent emission regulations set by governments across various regions along with rapid adoption of aluminum extrusion in automotive and defense sectors are driving the sales of the same.
Historically, from 2015 to 2021, the global sales of aluminum extrusion exceeded US$ 85 Bn by the end of the aforementioned period, expanding at a CAGR of 6.2%. The onset of the COVID-19 pandemic led to a restriction on movements. This led to a decrease in the demand for vehicles in the automotive industry. This, in turn, dipped the sales of aluminum extrusion in the initial quarter of the pandemic. As the restrictions have been uplifted, the demand for aluminum extrusion is expected to increase.
Furthermore, rapid urbanization has led to an increase in the residential sector in developing countries. This, in turn, has increased the demand for aluminum extrusion in the construction and building industry. Moreover, the light weight quality of aluminum extrusion is increasing the adoption of the same in various end user industries.
Key Takeaways from Market Study
- By application, building and construction expected to gain more than 60% market share for aluminum extrusion market.
- By product, shapes expected to hold nearly 80% market share for aluminum extrusion.
- Aluminum extrusion industry expected to possess nearly 70% market share throughout North America.
- Aluminum extrusion industry expected to possess nearly 40% market share throughout Asia Pacific.
- China, India, Vietnam, Japan, and South Korea, U.S, and Canada are the top seven countries driving demand for aluminum extrusion.
“Emission regulations set by the government along with increasing demand from end user sectors is positively influencing the growth of aluminum extrusion.” states a Fact.MR analyst
- In December 2020, Hindalco Industries Ltd announced the company’s plan to set up an aluminum extrusion plant in Silvassa. The company is focusing on expanding its product sales in western and southern range.
- In February 2022, Novelis announced that it will invest US$ 50 Mn for building a recycling center in South Korea. The company is focusing on reducing its carbon emission by 4,20,00 by each passing year.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global aluminum extrusion market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of product type (shapes, rods & bars and pipes & tubes) and application (building & construction, consumer goods, automotive & transportation, electrical & energy and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemical industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Sr. Consultant – Chemicals and Materials