Demand for lightweight & durable extruded products, and high corrosion resistance & durability drive the growth of the global aluminum extrusion market
PORTLAND, OREGON, UNITED STATES, September 24, 2021 /EINPresswire.com/ — The surge in demand for lightweight & durable extruded products, and high corrosion resistance & durability drive the growth of the global aluminum extrusion market. Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to more than two-thirds of the total market share. The outbreak of the COVID-19 pandemic has led to a decline in demand for automotive and a construction material, which in turn has witnessed a temporary downfall in the aluminum extrusion market.
According to the report published by Allied Market Research, the global aluminum extrusion market generated $77.8 billion in 2019, and is projected to reach $118.7 billion by 2027, witnessing a CAGR of 5.4% from 2020 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Eswara Prasad, a Team Manager, Material and Chemicals at Allied Market Research, stated, “The global aluminum extrusion market is in an expansion phase. This is attributed to a significant rise in demand for building and construction projects. Furthermore, increased emphasis on lightweight materials for automotive and transport body parts is expected to positively impact the growth of the aluminum extrusion market.”
• The outbreak of the COVID-19 pandemic has led to a decline in demand for automotive and a construction material, which in turn has witnessed a temporary downfall in the aluminum extrusion market.
• Moreover, the pandemic has resulted in the global lockdown and temporary closure to manufacturing facilities across the world, thereby, adversely affected the market growth.
• Also, the global lockdown has completely disrupted the supply chain of alumina and bauxite mining. Regulations on cross-border imports and exports delayed the lead time for replenishment of raw materials, thereby negatively affecting the upstream process.
• However, with the implementation of intelligent mining, robotics, and artificial intelligence in construction and mining sites, the number of active labors on the shop floor have decreased; thus, restricted further spread of the virus. This is expected to slowly improve the market scenario.
The report offers detailed segmentation of the global aluminum extrusion market based on product type, end user, and region.
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Based on product type, the mill finished extrusion segment held the highest market share in 2019, accounting for nearly three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the anodized segment is estimated to register the highest CAGR of 6.7% from 2020 to 2027.
Based on end user, the building and construction segment held the largest market share in 2019, accounting for around three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the industrial segment is projected to register the highest CAGR of 8.5% from 2020 to 2027.
Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2019, contributing to more than two-thirds of the total market share, and is estimated to continue its dominant share by 2027. Moreover, the region is projected to manifest the fastest CAGR of 5.9% during the forecast period.
Leading players of the global aircraft seating market analyzed in the research 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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Source: EIN Presswire