The global aluminum extrusion market size is anticipated to reach USD 113.5 billion by 2025, progressing at a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is majorly driven by the developments in electrical and energy industries.
In electrical industry, aluminum extrusions are used to construct high voltage transmission towers owing to their properties such as resistant corrosion, light weight, and weldability. These properties make the tower easy-to-install and more durable, leading to less maintenance. According to the International Energy Agency, the global demand for electricity increased by 4% in 2018. This is likely to propel the need for high voltage transmission towers, which, in turn, is expected to augment the aluminum extrusion market growth over the coming years.
According to the International Energy Agency, Asia Pacific is projected to witness a large demand for electricity over the coming years. China is expected to account for 20% increase in the global electricity demand by 2040. This is likely to fuel the product growth in the region over the coming years. In energy industry, aluminum extrusions are used in manufacturing frames & supports of solar panels. The growing demand for solar panels from China is likely to propel market growth over the coming years. China is expected to account for 40% of the world’s solar panels by 2022 as per the World Economic Forum.
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Aluminum extrusions are also widely used in day-to-day applications, such as consumer electronics, kitchen, furniture, railings, and ladders, owing to their cost-efficiency, ease of fabrication, and lightweight properties. Consumer goods segment is expected to grow at a CAGR of 5.5%, in terms of revenue. The growth is attributable to the increasing product demand from electronics industry.
Market players are adopting strategies, such as mergers & acquisitions and capacity expansions, to increase their market share and strengthen their presence. In March 2019, Constellium announced plans to expand its aluminum extrusion capacity by adding an extrusion press at its Singen plant in Germany, to meet the demand from automotive industry. The press is expected to become fully functional by 2020.
Further key findings from the study suggest:
- Rods & bars segment is anticipated to register a CAGR of 5.7% in terms of revenue over the forecast period, owing to growing demand from electrical transmission lines
- Building & Construction segment is expected to witness a CAGR of 4.8% in terms of volume owing to rapid urbanization especially in emerging economies
- Electrical & energy segment is projected to be the fastest-growing segment with a CAGR of 6.3% in terms of revenue owing to the growing demand for electricity
- Asia Pacific was the largest regional aluminum extrusion market in 2018 accounting for a revenue share of 74.0%. This is owing to the growing demand for aluminum extrusions from manufacturing industry.
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Grand View Research has segmented the global aluminum extrusion market on the basis of product, application, and region:
Product Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Rods & bars
- Pipes & tubes
Application Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- Building & construction
- Automotive & transportation
- Consumer goods
- Electrical & energy
Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2014 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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