The aluminum extrusion market is expected to grow by 6.76 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Aluminum Extrusion Market 2020-2024 (Graphic: Business Wire)
Rapid urbanization, increasing purchasing power, and steady economic growth in emerging economies have increased the adoption of automobiles across the world. For instance, the GDP per capita of China increased from USD 2,695.37 to USD 8,827 during 2007-2017. Similarly, Indonesia’s GDP per capita increased from USD 1,885.10 to USD 3,846.57 during the same period. These factors have significantly contributed to the growth of the global automotive industry. The automotive industry is one of the major end-users of aluminum extruded products. Aluminum extruded products are widely used in engine mounts, brake components, radiator frames, seat frames, and high-end equipment such as safety components, crash management systems, body-in-white structures, and elaborate decorative parts. Therefore, the thriving automotive industry is expected to drive the growth of the global aluminum extrusion market during the forecast period.
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As per Technavio, the increasing demand for solar energy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aluminum Extrusion Market: Increasing Demand for Solar Energy
Factors such as the expected decline in fossil fuels and growing concerns over carbon emissions are increasing the adoption of renewable energy sources such as solar. Besides, many governments across the world are offering support and subsidies for the installation and use of solar power. Aluminum-extruded products are widely used in the manufacture of frames of photovoltaic panels. Therefore, the increasing demand for solar energy is expected to positively influence the growth of the global aluminum extrusion market during the forecast period.
"Growing consumption of secondary aluminum and the increasing adoption of pre-engineered buildings will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Aluminum Extrusion Market: Segmentation Analysis
This market research report segments the Aluminum extrusion market by Product (Mill-finished, Anodized, and Powder coated), End-user (Building and construction, Automotive and transportation, Machinery and equipment, Consumer durables, and Others), and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the aluminum extrusion market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the thriving construction and automobile industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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