MEA Aluminum Extrusion Industry Overview
The MEA aluminum extrusion market size was valued at USD 1.6 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. The increasing use of aluminum products in vehicles is projected to drive market growth over the forecast period. Aluminum extrusions are used in the automobile industry for various applications, such as rear subframes, door instruction beams, seat cross members, stiffeners, front bumper beams, brake, suspension, and steering components. These different applications of aluminum can significantly reduce the weight of vehicles. Hence, the share of automotive applications in the aluminum extrusion market is likely to witness strong growth over the forecast period. Saudi Arabia was the second-largest market in 2020, in terms of volume and revenue, and is likely to register the fastest CAGR over the forecast period.
The growth can be attributed to factors, such as increasing raw material production, potential renewable energy projects, expansion of new automotive plants, and rising industrial production with an increase in the number of plants. All of these factors are expected to propel the demand for aluminum extrusion in the country.
Gather more insights about the market drivers, restraints, and growth of the MEA Aluminum Extrusion market
In 2019, aluminum was one of the top five export commodities of Saudi Arabia, generating approximately USD 1.27 million per annum. The aluminum production in the country has been witnessing positive year-on-year growth for many years, and this trend is anticipated to continue over the coming years owing to the increasing demand for aluminum in various applications including aluminum extrusion.
The automotive industry, an important end-user of the market, is expected to witness moderate growth over the coming years. Of the various factors, the addition of 3 million women drivers by 2020 in the country, would benefit the investors and industry participants in the supply chain of the automotive industry of Saudi Arabia. The growing number of consumers is compelling the automotive manufacturers to construct new plants in Saudi Arabia.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
Recycled Concrete Aggregates Market - The global recycled concrete aggregates market size was estimated at USD 7,708.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.
Magnesium Alloys Market - The global magnesium alloys market size to be valued at USD 6.62 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% during the forecast period.
MEA Aluminum Extrusion Market Segmentation
Grand View Research has segmented the MEA aluminum extrusion market on the basis of product, application, and region:
MEA Aluminum Extrusion Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Shapes
- Rods & Bars
- Pipes & Tubes
MEA Aluminum Extrusion Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Building & Construction
- Automotive & Transportation
- Consumer Goods
- Electrical & Energy
- Others
MEA Aluminum Extrusion Regional Outlook(Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Saudi Arabia
- UAE
- Oman
- Qatar
- Bahrain
- Kuwait
Key Companies profiled:
Some prominent players in the global MEA Aluminum Extrusion market include
- Alupco
- Gulf Extrusions Co. LLC
- Taweelah Aluminium Extrusion Co. (TALEX) LLC
- National Aluminium Products Company SAOG (NAPCO)
- Balexco Bahrain Aluminium Extrusion Company
- Elite Extrusion LLC
Order a free sample PDF of the MEA Aluminum Extrusion Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment