Introduction
Aluminum alloys are widely used in various industries such as automotive, aerospace, construction, and others due to their excellent properties like low weight, high strength, and corrosion resistance. Extrusion is a process of forming aluminum alloys into specific shapes by forcing them through a die. Aluminum alloy extrusion profiles are used for various applications such as window frames, door frames, radiator fins, furniture components, and others. The global aluminum alloy extrusion profile market is projected to witness significant growth in the forecast period 2021-2026.
Overview of the Global Aluminum Alloy Extrusion Profile Market
The global aluminum alloy extrusion profile market is estimated to reach USD 91.7 billion by 2026, growing at a CAGR of 5.4% during the forecast period 2021-2026. The growth of the market is driven by increasing demand for lightweight and durable building materials, growing adoption of aluminum alloy extrusions in automotive and aerospace sectors, and rising use of aluminum alloy extrusions in various end-use industries. Moreover, technological advancements and government initiatives are expected to further drive the growth of the market.
Factors Driving Growth in the Global Aluminum Alloy Extrusion Profile Market
Increasing Demand for Lightweight and Durable Building Materials
Aluminum alloy extrusion profiles are widely used in the construction industry due to their lightweight and durable properties. They are used in various applications such as windows, doors, curtain walls, and others. Moreover, they provide superior thermal insulation and are easy to install. This is expected to drive the demand for aluminum alloy extrusion profiles in the construction industry and thus propel the growth of the market.
Increasing Use of Aluminum Alloy Extrusions in Automotive Sector
Aluminum alloy extrusion profiles are used in the automotive sector due to their lightweight and corrosion resistant properties. These profiles are used in various automotive components such as wheels, radiators, bumpers, and others. The increasing demand for lightweight vehicles with improved fuel efficiency is expected to drive the demand for aluminum alloy extrusion profiles in the automotive sector and thus boost the growth of the market.
Growing Adoption of Aluminum Alloy Extrusions in Aerospace Industry
Aluminum alloy extrusion profiles are used in the aerospace industry due to their high strength and corrosion resistant properties. These profiles are used in various aircraft components such as fuselage frames, wing ribs, and others. The increasing demand for commercial aircrafts is expected to drive the demand for aluminum alloy extrusion profiles in the aerospace industry and thus propel the growth of the market.
Regional Trends in the Global Aluminum Alloy Extrusion Profile Market
North America
The North American region is expected to witness significant growth in the forecast period 2021-2026. The growth is mainly attributed to the increasing demand for aluminum alloy extrusion profiles in the construction and automotive sectors. Moreover, the presence of major players in the region is expected to further drive the growth of the market.
Europe
The European region is estimated to hold a significant share in the global aluminum alloy extrusion profile market. The growth is mainly attributed to the increasing demand for aluminum alloy extrusion profiles in the automotive and aerospace sectors. Moreover, the increasing investment in research and development activities is expected to further drive the growth of the market.
Asia Pacific
The Asia Pacific region is projected to witness significant growth in the forecast period 2021-2026. The growth is mainly attributed to the increasing demand for aluminum alloy extrusion profiles in the construction and automotive sectors. Moreover, the presence of major players in the region is expected to further drive the growth of the market.
Rest of the World
The rest of the world region is expected to witness steady growth in the forecast period 2021-2026. The growth is mainly attributed to the increasing demand for aluminum alloy extrusion profiles in the construction and automotive sectors. Moreover, the presence of major players in the region is expected to further drive the growth of the market.
Competitive Landscape in the Global Aluminum Alloy Extrusion Profile Market
Key Players
Some of the key players operating in the global aluminum alloy extrusion profile market include Constellium, Alcoa Inc., Norsk Hydro ASA, UACJ Corporation, Novelis Inc., Gulf Extrusions Company LLC, and Alumax S.A. These players are focusing on strategic initiatives such as mergers and acquisitions, product launches, and collaborations to gain a competitive edge in the market.
Strategies Adopted by Players
The key players are adopting various strategies such as mergers and acquisitions, product launches, and collaborations to gain a competitive edge in the market. For instance, in June 2020, Constellium acquired Aludium, a leading supplier of value-added aluminum products. This acquisition will strengthen the company’s product portfolio and enhance its position in the market.
Future Outlook for the Global Aluminum Alloy Extrusion Profile Market
Technological Advancements
The key players are focusing on developing advanced technologies to improve the performance of aluminum alloy extrusion profiles. For instance, Novelis Inc. has developed an Eco-Aluminum technology that uses recycled aluminum and reduces energy consumption during manufacturing. This is expected to drive the demand for aluminum alloy extrusion profiles and thus propel the growth of the market.
Impact of COVID-19
The outbreak of COVID-19 has had a negative impact on the global aluminum alloy extrusion profile market. The pandemic has disrupted the supply chain and affected the production of aluminum alloy extrusion profiles. However, the market is expected to recover in the forecast period 2021-2026 as the economy gradually recovers from the pandemic.
Conclusion
To conclude, the global aluminum alloy extrusion profile market is projected to witness significant growth in the forecast period 2021-2026 owing to increasing demand for lightweight and durable building materials. Various regional trends and competitive landscape are discussed in detail.