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Aluminum-Extruded Products Market Size, Share , Latest Trends, Key Players And Forecast To 2033
Aluminum-Extruded Products Market Size
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According to The Business Research Company's, The aluminum-extruded products market size has grown strongly in recent years. It will grow from $43.89 billion in 2023 to $46.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to industrial revolution impact, aviation industry, architectural applications, automotive industry adoption, electrical industry utilization.
The aluminum-extruded products market size is expected to see strong growth in the next few years. It will grow to $60.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to recycling and circular economy, cost-effectiveness , energy efficiency standards , supply chain resilience , urbanization and construction projects. Major trends in the forecast period include sustainable solutions, architectural applications , advancements in technology, renewable energy sector.
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Market Drivers and Trends:
Growing demand from the construction industry is expected to propel the growth of the aluminum-extruded products market. The construction industry is a significant economic sector that encompasses the construction, repair, renovation, and maintenance of buildings, infrastructure, and engineering projects such as bridges and highways. Aluminum extruded products are widely employed in building construction and manufacturing industries. For instance, as per the data published by the Office for National Statistics, a UK-based recognized national statistics institute, when compared to 2021, annual construction production increased by 5.6% in 2022. Therefore, growing demand from the construction industry are driving the growth of the aluminum extruded product market.
Technological advancement in the aluminum industry is a key trend gaining popularity in the aluminum-extruded products market. Major players in the aluminum-extruded products sector are focusing on technological advancements, such as utilizing block chain to sustain their market position. For instance, in February 2021, Rio Tinto, a UK-based company engaged in metals and mining, launched the first block chain-technology-based sustainability label for aluminum, START. START assists clients in satisfying consumer demand for information about where and how products are manufactured. It enables consumers to distinguish between end products based on environmental, social, and governance credentials. It gives them the power to make informed decisions about the items they purchase and contribute to a sustainable future.
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Major Key Players of the Market:
RUSAL, Aluminum Corporation of China Limited, Rio Tinto Group, Norsk Hydro ASA, Aluminium Bahrain B.S.C, Kaiser Aluminum Corporation, Sapa Inc., China Zhongwang Holdings Limited, Hindalco Industries Limited, Constellium SE, Talco Aluminium Company, Gulf Extrusions, China Hongqiao Group Limited, Alcoa Corporation, Bahrain Aluminium Extrusion Co., Century Extrusions Ltd., Bonnell Aluminium, Arconic Corporation, Qatar Aluminum Extrusion Company, Hydro Extrusion USA LLC, Western Extrusions Corp., Crystal Finishing Systems Inc., Universal Alloy Corp., Erbsloeh Aluminum Solutions Inc., Tower Extrusions Ltd., Alexandria Extrusion Co., Taber Extrusions LLC, Bristol Aluminum, Custom Aluminum Products Inc., Futura Industries Corporation
Aluminum-Extruded Products Market 2024 Key Insights:
• The aluminum-extruded products market size is expected to see strong growth in the next few years. It will grow to $60.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Automotive Industry Expansion Fuels Growth In Aluminum Extruded Products Market
• Technology Advancements In Aluminum-Extruded Products Market
• Asia-Pacific was the largest region in the aluminum-extruded products market analysis in 2023
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