The aluminum extrusion market includes a process where aluminum is forced through to create the desired shape. This process is often used to make aluminum parts for various automotive, aerospace, and construction industries. There are several benefits to using aluminum extrusion in this market. One of the most important is that it allows various shapes and sizes to be created, making it wanted by all industries. This means that parts can fit a specific need or application. Additionally, aluminum extrusion can be used to create pieces with various finishes, which can be necessary for aesthetic or functional purposes. Another benefit of the aluminum extrusion market is that the products it deals in are relatively low-cost processes. However, the aluminum extrusion market is on the rise, but some challenges still need to be addressed.
The aluminum extrusion market is growing due to the rising demand for aluminum products, particularly in the construction and automotive industries. However, the COVID-19 pandemic has significantly impacted the global aluminum extrusion market. The market witnessed a sharp decline in 2020 as a result of the pandemic. This was due to the slowdown in economic activity and the reduction in construction activity due to the pandemic. The market, as expected, recovered in 2021 as the global economy began to recover from the pandemic.
The aluminum extrusion market size is projected to be worth USD 115,761.53 million by 2030, registering a CAGR of 6.30% during the forecast period (2022-2030).
What Influences Aluminium Extrusion?
Aluminum extrusion market growth is mainly influenced by aluminum prices and demand from end-use industries. Aluminum prices directly impact the growth of the aluminum extrusion market. As aluminum is the primary material used in the extrusion process, its costs can result in corresponding changes in market growth. For instance, prices increased by nearly 50% between 2016 and 2018, resulting in a significant rise in the market value during the same period. The demand from end-use industries is another critical factor that drives the growth of the aluminum extrusion market. Some of the major end-use sectors include construction, transportation, electrical & electronics, and packaging. Further adding, with many manufacturing processes, several environmental factors can affect the aluminum extrusion market. These include the cost and availability of raw materials, energy costs, government regulations, and other factors. Aluminum is a naturally occurring element, but it is not found in a pure form. Instead, it must be extracted from aluminum oxide ore through a process of electrolysis. The cost of aluminum oxide ore can fluctuate depending on factors, including global demand, production costs, and political stability in the countries where it is mined. These fluctuations can, in turn, affect the price of aluminum extrusion. The process of aluminum extrusion requires a significant amount of energy. Energy costs can significantly impact the overall cost of aluminum extrusion. Energy costs also tend to be volatile, so fluctuations can dramatically impact the market. Government regulations have a significant impact on the aluminum extrusion market. Rules related to emissions, waste, and safety can all affect the cost and availability of aluminum extrusion.
Future of the Aluminium Extrusion Market
The growing demand for aluminum extrusion in the automotive and construction industries is a critical factor in steering the growth of the aluminum extrusion market. Other factors driving the growth of the aluminum extrusion market include the growing demand for energy-efficient and lightweight materials, the need for recyclability, and the increasing use of aluminum extrusion in the electronics industry. Another reason for the growth of the aluminum extrusion market is the growing demand for sustainable materials. Aluminum is one of the most sustainable materials available, and its use can help to reduce a company's environmental impact. Extruded aluminum is also 100% recyclable, making it a sustainable choice for various applications. In short, this market allows aluminum extrudes to be widely utilized in the aerospace and military industries because of their paramagnetic properties, cost-effectiveness, lightweight, corrosion resistance, and other advantages. The market will develop due to the aerospace and defense industry's rapid expansion.