WHAT IS ALUMINIUM EXTRUSIONAluminium extrusion involves shaping aluminium alloy billet by forcing it through a die. During the extrusion process, a ram pushes the aluminium product through the die shape and it comes out with the same shape of the die. Some of the shapes for aluminium extruded products include multi-void hollows, complex, and customized designs. Aluminium extrusions are widely used in building & construction, automotive & transport, and electrical industries. The aluminium is adequately protected by transparent oxide layer, which covers the surface area.
The building & construction sector accounted for the revenue share of over 60% in 2020. The use of extruded products in construction activities has been greatly influenced by the investment in the housing sector. The largest construction sector, in terms of nominal value, is dominated by China. The country’s drive to invest in new housing development is likely to aid the segment growth over the forecast period. The automotive & transportation sector accounted for the largest volume share in 2020 and is expected to grow at a lucrative CAGR over the forecast period. In vehicles, aluminium extrusions have wide applications in cross rails, anti-intrusion beams, fuel distribution pipes, radiator beams, engine mounts, longitudinal beams, seat tracks, underbody space frame rockers, roof rails, and tailgate frames, among others.
GLOBAL MARKET SIZE AND GROWTH PROJECTIONSThe global aluminium extrusion market was valued at $77.8 billion in 2019, and is projected to reach $118.7 billion by 2027, growing at a CAGR of 5.4% from 2020 to 2027. In terms of volume, the global aluminium extrusion market size reached about 20.3 million metric tons in 2020. The industry is further expected to grow at a CAGR of about 5% between 2021 and 2026 to reach a volume of around 27.2 million metric tons by 2026.
The Asia Pacific represents a significant proportion of the aluminium extrusion market due to the growth of the construction industry and the push toward green building adoption in developing economies, including Japan, China, and India. Europe & North America are also a major region in the aluminium extrusion market driven by the region's large automotive industry base and the growing industrial use of extruded aluminium.
IMPACT OF COVID-19 ON ALUMINIUM EXTRUSIONThe COVID-19 pandemic has created various disruptions in the Aluminium Extrusion Market due to factory shutdowns and trade restrictions owing to lockdowns imposed by various governments across the world. In addition, decreasing consumer demand for automotive and construction during pandemic and the decline in metal production due to a drop in demand and lack of workforce under widespread lockdown has cast a major influence on the market. Regulations on cross-border imports and exports delayed the lead time for replenishment of raw materials, thereby negatively affecting the upstream process.
However, the turnaround can already be seen in key sectors like manufacturing, construction and automobile. In most key countries, these sectors are resuming full-fledged operations already in 2021 and thus demand for aluminium extrusion in expected to grow in the coming years as it was expected.
KEY COMPANIES & MARKET SHAREAsia Pacific dominated the global market and accounted for the largest revenue share of over 74% in 2020. The region will retain its dominant position throughout the next few years due to the major focus towards construction & manufacturing sectors. North America is projected to grow at a significant growth rate from 2021 to 2028, in terms of revenue. The resumption of industrial operations post Covid-19 lockdown is projected to provide a push to the market growth. However, the declining growth and production of the Europe automotive industry, owing to the pandemic, is affecting the demand for aluminum extrusion and its products.
Major players have adopted business expansion, merger, and acquisition to sustain the intense market competition. Some of the key players in the global aluminium extrusion market include Hindalco Industries Limited, Aluminium Products Company (ALUPCO), Arconic Corporation, Bahrain Aluminium Extrusion Co. (BALEXCO), China Zhongwang, Constellium N. V., and Gulf Extrusion Co. LLC.
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