Aluminum Alloy Extrusion Profile Market Size | Forecast 2031

Report Description

The global aluminum alloy extrusion profile market was valued at USD 16.23 Billion in 2022 and is projected to reach USD 24.75 Billion by 2031 , expanding at a CAGR of 4.8% during the forecast period (2023-2031). Aluminum alloy is a chemical composition in which elements such as zinc, manganese, magnesium, copper, silicon, and iron are added to pure aluminum in order to enhance its strength and other properties. Aluminum extrusion is an aluminum alloy transformation process which is used in a variety of applications for having defined the cross-sectional profile. The method of aluminum extrusion releases large amounts of heat; therefore, temperatures monitoring of aluminum alloy extrusion is essential to ensure properties such as tensile strength are met to make an effective component.

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Market Dynamics

The market is driven by factors such as increasing construction of green buildings, rising use of aluminum as the replacement for steel, rapid urbanization and industrialization boosts market growth, and growing use of sustainable and recyclable metal. However, high costs of aluminum alloy extrusion, low production efficiency of conventional extrusion method, and rising energy cost and environmental pollution are key restraints of this market. Growing usage of aluminum alloy extruded profile in the automotive industry and rising use of aluminum alloy extrusion profile in solar panels are expected to boost the market in the future.

Segmental Outlook

In terms of types, the aluminum extrusion profile market is segmented into forward extrusion, backward extrusion, and composite extrusion. Forward extrusion is projected to account for a 46.1% of the market share in 2019, as it has a simplistic design and it allows more flexibility in the manufacturing of profiles. The use of forwarding extrusion is increasing in the industries because the total length of the extrudate is generally limited by the size of metal billet due to which the process of forward extrusion has high productivity.

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Based on applications, the aluminum alloy extrusion profile market is segmented into construction, automotive, manufacturing, other. The construction segment holds a major share of the market and automotive segment is estimated to expand at a significant CAGR of 5.3% during the forecast period. Automobile manufacturers are using aluminum alloy extrusion in an effective way to slim down electric vehicles and to lightened their combustion-engine lineup. Automotive company are using high-strength aluminum alloy to deliver light-weighting vehicle as they are intended to continue to use the distinct capabilities of extruded profile to make the electric vehicles more energy-efficient without sacrificing its performance.

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Market Trend

Rising urbanization and growing demand for pre-engineered buildings are fueling the aluminum alloy extruded profiles market. These profiles are used in the roofing of pre-engineered buildings. Pre-engineered buildings are prefabricated factory-built steel structure engineered that are transported to the construction site for assembly. Rising construction of warehouses due to the growing online retail industry has increased the demand for pre-engineered buildings. The growth of industries such as pharma, retail, automotive, logistics, and fast-moving consumer goods is boosting the demand for pre-engineered buildings. This, in turn, is projected to drive the demand for aluminum alloy extruded profiles.

By Type
Definition

Forward Extrusion: Forward extrusion is also called direct extrusion or in-line compounding, it is mostly used in the production of semi-finished products such as profiles, plates, films, and tubes. This type of extrusion occurs when the direction of the flow of metal is the same as the movement of the ram. Direct extrusion is one of the most common processes that is used in aluminum alloy extrusion profiles among all the extrusion processes. In this process, a metal billet (work-piece) is pressed in the same direction as the die orifice and the pressure is applied on the billet. The main benefit of this process is its high efficiency and total time duration of extruders, as they are usually limited by the thickness of the metal billet. One of the major drawbacks of the forward extrusion is that it requires a high amount of force to extrude billet. The force which is used in forward extraction is very high compared to the indirect extrusion due to which high frictional forces are developed by the movement of billet across the entire length of containers.

By Application

Automotive Segment: The automotive segment is anticipated to grow at a rapid pace during the forecast period due to the increasing demand for automobiles and the need for electronic vehicles. Using aluminum extrusions allows automobile manufacturers to use different profile geometries and aluminum alloys to maximize light-weighting and to manage specific applications in the vital aspect of energy absorption and crash-management requirements. Moreover, aluminum alloy extrusions have a distinct ability of cost-effectiveness which is helping automobile makers to meet the stringent 2025 fuel economy and emissions targets as compared to other materials. Aluminum alloy extrusions also offer solutions that increase vehicle safety as verified by numerous vehicles in production. Hence, manufacturers are using aluminum alloy extrusions as they provide high-yield strength, excellent crash performance, and reduced weight. These factors are fueling the growth of the segment.

Regional Outlook

On the basis of regions, the global aluminum alloy extrusion profile market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to hold 41.8% of market share due to an increase in the construction sector in this region. Construction of green buildings is increasing across the globe, as these buildings are environment-friendly and energy-efficient. This, in turn, is boosting the market growth, as aluminum alloy extruded profile is used in the construction of green buildings. The market in Europe is anticipated to grow during the forecast period owing to the rising industrial consumption of extruded aluminum and the growth in the automobile industry. Additionally, increasing demand for products in the battery casing and structural component of electrical vehicles is expected to fuel the market.

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Key Benefits for Industry Participants & Stakeholders