Aluminum Extrusion Market on Track for US$ 198.9 Million by 2034: Fact.MR Study

Growing Demand for Aluminum Extrusion Driven by its High Strength-to-Weight Ratio and Malleability

ROCKVILLE, Md., May 28, 2024 /PRNewswire/ -- Durability and corrosion resistance of aluminum extrusion driving its widespread use in a variety of industries. According to this updated industry analysis by Fact.MR, the global aluminum extrusion market is set to be worth US$ 101.1 million in 2024 and has been forecasted to expand at 7% CAGR through 2034.

The market has being growing at a noteworthy pace in response to the rising demand for lightweight and robust extruded goods. Aluminum extrusions are commonly utilized in a wide range of industries such as construction, automotive, aerospace, electronics, and consumer goods.

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A key advantage of aluminum extrusions is their lightweight design. Aluminum has a high strength-to-weight ratio, making it an attractive material for applications requiring weight reduction in the automotive and aerospace sectors. Aluminum is exceedingly durable and corrosion-resistant, which makes it a desirable material for goods that must tolerate hostile environments or extreme weather conditions.

Another advantage of aluminum extrusions is their adaptability. The extrusion method enables the development of complicated shapes and designs that can be designed to the specific requirements of many industries and applications. Aluminum extrusions are easily machined, manufactured, and welded, making them easy to work with and adapt to a variety of needs. As a result of these advantages, demand for aluminum extrusions is projected to increase at a significant pace during the forecast period.

Key Takeaways from Market Study

• The global aluminum extrusion market is calculated to reach a size of US$ 198.9 million by 2034.
• The market in North America is forecasted to expand at 7.4% CAGR from 2024 to 2034.
• East Asia is projected to hold 24.6% of the global market share by 2034.
• North America is forecasted to account for 17.5% market share by 2034.
• The shapes segment is projected to expand at 7.1% CAGR from 2024 to 2034.
• The East Asian aluminum extrusion market is projected to expand at a 6.5% CAGR through 2034.

"Rising demand for lightweight, corrosion-resistant aluminum extrusions is driven by their superior strength-to-weight ratio. Aluminum extrusions find applications across industries like construction, automotive, and aerospace," says a Fact.MR analyst.

Market Developments 

Prominent manufacturers of aluminum extrusions are Hindalco Industries Ltd., Novelis, Norsk Hydro ASA, Constellium N.V., and Arconic Corp.

In 2023, Hindalco Industries Ltd. partnered with Metra SpA to construct aluminum rail coaches in India. The Italian firm would lend its expertise in the latest aluminum extrusion technologies to aid the Indian manufacturer in the production of railway coaches.

In 2022, Norsk Hydro ASA announced its intention to purchase Hueck's Aluminum, a company based in Germany. The Norwegian market leader has acquired the German firm specializing in aluminum extrusion and manufacturing window, facade, and door systems to expand its business footprint across Europe. This strategic acquisition is expected to strengthen Norsk's position in the German market and provide opportunities for mutual growth.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the aluminum extrusion market for 2019 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the market based on product (shapes, rods & bars, pipes & tubes) and application (building & construction, consumer goods, automotive & transportation, electrical & energy), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).

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Aluminium Alloy Market will grow at an 8.1% CAGR from US$ 150.1 billion in 2024 to US$ 327 billion by 2034.

About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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SOURCE Fact.MR