The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 21, 2023 /PRNewswire/ -- As per The Business Research Company's Aluminum Extrusion Global Market Report 2023, the global aluminum extrusion market has witnessed substantial expansion, with the aluminum extrusion market size increasing from $86.16 billion in 2022 to $92.8 billion in 2023, showcasing an impressive compound annual growth rate (CAGR) of 7.7%. This growth trajectory is poised to continue, with market projections estimating a size of $124.73 billion by 2027, driven by a consistent CAGR of 7.7%.
Packaging Demand Fuels Aluminum Extrusion Market Growth
The growth of the aluminum extrusion market is significantly propelled by the surging demand for aluminum in packaging applications. Aluminum, a recyclable material, has gained prominence in packaging due to its environmental sustainability. It can return to the recycling stream within a few weeks, and approximately 30% of the world's annual aluminum production is derived from scrap. Many prominent aluminum extrusion market companies, including Hylux, Novelis Inc, Lavazza, Sainsbury's, Trivium Packaging, Anderson Valley Brewing Company, Penrhos Spirits, UA Packaging, TEAKOE, and Organic Oral Care (ORL), are adopting aluminum packaging solutions.
For instance, in April 2023, UA Packaging, a Chinese skincare and beauty products packaging supplier, launched DOUBLE PCS Aluminum caps, a flexible and sustainable solution suitable for jars or bottles of various sizes. These caps address issues associated with single-piece caps, such as deformation, visible threads, and lightweight construction, enhancing overall product quality.
Learn More On The Aluminum Extrusion Market Report – https://www.thebusinessresearchcompany.com/report/aluminum-extrusion-global-market-report
AI Revolutionizes the Extrusion Process
Companies operating in the aluminum extrusion market are harnessing the power of artificial intelligence (AI) to optimize the extrusion procedure. AI not only reduces material waste but also enhances product quality. Furthermore, it aids in identifying flaws in extruded components, reducing the need for manual inspection and improving quality control.
For example, in April 2023, ASCONA, a German company specializing in optical profile measuring systems, partnered with D-CUBE, a Greece-based technology company, to introduce a holistic solution for inline surface inspection of aluminum profiles. Promex CYRUS, powered by AI, detects various surface defects in real-time, providing meaningful warning messages. This cloud-based solution stores surface inspection data and offers multiple benefits across various departments.
Aluminum Extrusion Market Segmentation and Growth Potential
The global aluminum extrusion market is segmented -
1) By Product Type: Mill Finished, Anodized, Powder Coated
2) By Alloy Type: 1000 Series Aluminum Alloy, 2000 Series Aluminum Alloy, 3000 Series Aluminum Alloy, 4000 Series Aluminum Alloy, 5000 Series Aluminum Alloy, 6000 Series Aluminum Alloy, 7000 Series Aluminum Alloy
3) By End-Use: Building And Construction, Transportation, Machinery And Equipment, Consumer Durables, Electrical, Other End-Uses
The mill finished segment is poised for significant growth, with projected global annual sales of $13,146.3 million by 2027.
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Asia-Pacific Leads the Way
In 2022, Asia-Pacific emerged as the dominant region in the aluminum extrusion market, boasting a market worth $51,641.9 million. Asia-Pacific's growth is driven by robust economic development and the increasing adoption of electric and hybrid vehicles.
For instance, in China, one out of every four new automobiles sold is an electric vehicle (EV), with plug-in hybrid EVs (PHEVs) capturing 24% of the market in 2022. China ranks second among the top 10 EV markets globally in terms of sales.
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