Aluminum extrusion is a process that uses aluminum alloy shapes into a finished profile or cross-section. The products include tubes, poles, doors, and window frames. Aluminum extrusion is durable, lightweight, corrosion-resistant and low maintenance. The rising construction activities along with increasing demand for sustainable building solutions support the growth of the aluminum extrusion market. The global aluminum extrusion Market is estimated to be valued at US$ 110 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand from Construction industry presents a key opportunity for the aluminum extrusion market. The growing infrastructure development and construction of residential and commercial buildings generate significant demand for aluminum extrusion products for architectural applications such as doors, windows and curtain walls. Aluminum is preferred over other materials in the construction industry due to its lightweight, corrosion resistance and durability. The rapid urbanization and growing population around the world is expected to drive new construction activities, which will boost the demand for aluminum extrusion products during the forecast period.
Porter's Analysis
Threat of new entrants: The aluminum extrusion market requires large capital investments in machinery and equipment which acts as a barrier for new players. The existing major players have established distribution networks and strong brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of product substitutes and competition among existing players keeping the prices in check.
Bargaining power of suppliers: Few large suppliers exist for aluminum and suppliers have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Substitutes include plastic, steel and other materials, however preference for aluminum's properties restricts impact of substitutes.
Competitive rivalry: Intense competition exists among major players to gain market share.
SWOT Analysis
Strength: Lightweight and corrosion resistance properties make aluminum popular in transportation, construction and electrical industries. Strong global demand for the end-use applications.
Weakness: Fluctuating raw material prices impact profitability. High capital requirement for machineries and equipment poses challenge for SMEs.
Opportunity: Growth in automotive, construction and electrical industries especially in Asia Pacific. Increasing preference for green and sustainable materials.
Threats: Stringent emission norms hamper aluminum production. Substitutes like plastic and composites gaining market share.
Key Takeaways
The global Aluminum Extrusion Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by growth in end-use industries especially automotive and construction.
Regional analysis: Asia Pacific accounts for over 50% of the global aluminum extrusion market in 2023. China is the leading producer and consumer of aluminum extrusion globally accounting for over 30% of the global production. Other major aluminum producing countries in the region include India, Japan, South Korea, and Taiwan. The region is witnessing growth in the automotive and construction industries propelling the demand for aluminum extrusion products.
Key players operating in the aluminum extrusion market are PPD Inc., Icon Plc, Syneos Health, Laboratory Corporation of America Holdings, and Charles River Laboratories International Inc. among others. The major players focus on expanding their production capacities and geographical reach through acquisitions and partnerships to gain market share.
For more insights, read- https://www.newsanalyticspro.com/aluminum-extrusion-market-trends-size-and-share-analysis/
COVID-19 Impact Analysis on Aluminum Extrusion Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Aluminum Extrusion Market include Hindalco Industries Ltd., China Zhongwang, Aluminium Products Company, Norsk Hydro ASA, Gulf Extrusion Co.
LLC., QALEX, Arconic Corp., Bahrain Aluminium Extrusion Co., and Constellium N.V..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Aluminum Extrusion Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/aluminum-extrusion-market/download-sampleMarket SegmentationThe broad Aluminum Extrusion Market has been sub-grouped into the Product, Application and Region.
