Aluminum Extruded Products Market Trends

Growth Drivers

• Soaring Construction Sector across the Globe with Rising Disposable Income – The increasing number of hospitals, and rising commercial and residential buildings with increasing population and businesses are estimated to propel the market growth. Also, the construction of buildings increases the employment opportunity for the people rising the economic standards of the population. The growing need for hospitals was on the rise from the pandemic which drives the market growth in coming years. As per the reports in 2022, the total expenditure of the construction sector was expected to increase by over 15% from 2020 in the U.S.

• Growing Number of Solar Power Plants to Decrease the Dependency on Fossil Fuels – As of 2022, there are over 20 million homes with installation of solar panels in America as per the reports.

• Increasing Use of Heat Radiators with Rising Need for Heat Sources – According to a report, heating radiators were made a value of USD 5 billion in 2021 across the world.

• Escalating Demand for Automobiles Across the World – The number of new automobiles sold in the United States in the year 2022 was estimated to be between 13 million to 14 million.

Challenges

• Uneven Distribution of Products and Low Production Efficiency - The increasing defects and inconsistent production of products during manufacturing are estimated to hamper the market growth. This increases the operational cost which in turn decreases the production efficiency in the industries limiting the market growth.
• Lack of Awareness Regarding Extruded Products  
• Increasing Availability of Alternatives for Aluminum