“Growing demand in the automotive industry to drive the market for aluminum-extruded products”
The global market for aluminum-extruded is projected to grow from USD 34.48 billion in 2023 to reach USD 47.61 billion by 2033, at an estimated CAGR of 6.67%. The market for aluminum-extruded products is driven by the growing demand in industries such as construction, automotive, aerospace & defense, and mass transport in both, developed and developing countries. Aluminum-extruded products are highly preferred to manufacture light-weight but durable products for a variety of industries. However, the high initial capital investment in required to install full setup of the aluminum-extruded products, and it poses as a restraint to the growth of the market.
“Mill-finished products segment is projected to grow at a steady CAGR during the forecast period”
The mill-finished products segment is projected to be the fastest-growing aluminum-extruded products type in the aluminum-extruded products market in the next five years. The mill-finished products are highly preferred in the construction, automotive, and machinery & equipment manufacturing industrial sites. The mill-finished products are cost-effective and perform well under extreme conditions.
“Asia-Pacific to be the fastest-growing market during the forecast period”
The Asia-Pacific region is projected to be the fastest-growing market during the forecast period, followed by Europe, from 2016 to 2021. China accounted for the largest share in the region; however, the Indian market is projected to grow at the highest CAGR during the forecast period. The key reasons attributed to the growth in the Asia-Pacific region are emerging economies, government initiatives for FDI, growth in awareness regarding aluminum-extruded products, and, most importantly, the growth in end-use industries such as construction and automotive. In North America, the U.S. was the largest consumer of aluminum-extruded products in 2015.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
By Designation: C-level: 75% and Manager Level: 25%
By Region: Asia-Pacific: 35%, Europe: 20%, North America: 20%, Latin America: 15, and Middle East & Africa: 10%
The tier of the companies is defined on the basis of their total revenue, as of 2015. Tier 1: Revenue > USD 500 million, Tier 2: USD 100 million < Revenue < USD 500 million, and Tier 3: Revenue The various suppliers of aluminum-extruded products profiled in the report are the following:
1. Alcoa, Inc.
2. Aluminum Bahrain B.S.C.
3. Aluminum Corporation of China Limited
4. BHP Billiton Ltd.
5. Century Aluminum Company
6. China Hongquiao Group Limited
7. Hindalco Industries Limited
8. Norsk Hydro ASA
9. Rio Tinto Plc
10. United Company Rusal