The Aluminum Extrusion Market is being driven by Increasing demand for aluminum extrusion in automotive industry
The Aluminum Extrusion Market is expected to grow at a CAGR of 9.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 41208.8 million. In the business context, the prioritization of energy security is driving a significant shift towards renewable energy sources. With dwindling reserves of fossil fuels, the economic implications of crude oil imports on countries' growth are increasingly evident. Solar energy, as a renewable alternative, is gaining traction due to its ability to expand the energy mix and decrease dependence on the global petroleum market. Furthermore, for countries with minimal or no petroleum reserves, solar energy provides a viable solution to reduce reliance on imported crude oil. Aluminum extrusion plays a pivotal role in this transition, as its products are extensively utilized in manufacturing photovoltaic panel frames. The global aluminum extrusion market is poised for growth, given the increasing government support and subsidies for solar power installation and utilization.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope in Aluminum Extrusion Market Research Report
Market Scope |
|
Report Coverage |
Details |
Page number |
209 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.4% |
Market growth 2025-2029 |
USD 41208.8 million |
Market structure |
Fragmented |
YoY growth 2024-2025(%) |
7.9 |
Key countries |
China, Japan, US, India, Germany, UK, Canada, France, Italy, and Brazil |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Aluminum Extrusion Market is driven by various factors including the aerospace and defense, construction sectors, and economic fluctuations. CO2 emissions are a concern, leading to the demand for lightweight parts made from aluminum through the extrusion process. Unique characteristics of aluminum, such as malleability and high strength-to-weight ratio, make it a popular choice. Collaborations between industry players and advancements in production technologies, including hot and direct extrusion, contribute to the market's growth. Stringent regulations and the availability of direct substitutes pose challenges. Aluminum shapes are produced using aluminum billets, which are heated, compressed at high pressure, and formed using hydraulic press and steel dies.
The global aluminum market encompasses businesses involved in the production of aluminum and its related products, including bauxite mining and processing companies, as well as those specializing in aluminum recycling to manufacture finished or semi-finished goods. According to Technavio, the market size is determined by the consolidated revenue generated by aluminum producers. Factors driving growth in the aluminum market include the expanding demand for aluminum across various industries, such as construction, electrical, and transportation. This demand is fueled by population growth, urbanization, and economic development. Additionally, the aerospace and defense sectors are significant consumers of aluminum due to its lightweight properties and ability to reduce fuel consumption and CO2 emissions. Economic fluctuations notwithstanding, the low cost and high material inflow of aluminum make it an attractive choice for manufacturers seeking to produce lightweight, cost-effective parts.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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