Electrical, electronics and medical sectors to drive demand
The India aluminum extrusion market is projected to reach US$2.5 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027, driven by demand for lightweight and durable extruded products from various industries. It was valued at $1.3 billion in 2019.
Increase in demand for lightweight and durable extruded products in various industries is expected to drive the market growth of aluminum extrusion during the forecast period, a ResearchAndMarkets “India Aluminum Extrusion Market by Product Type, End-User: Opportunity Analysis and Industry Forecast, 2020-2027” report said on 27 May 2021.
The lightweight and high strength to weight ratio of aluminum makes it ideal for large constructions and buildings to provide added strength at decreased weight.
In addition, the high corrosion resistance of extruded aluminum is expected to fuel the demand in electrical, electronics, and medical sectors.
Due to thick layer of aluminum oxide after anodizing or powder coating, such type of extrusion becomes highly resistant to corrosion unlike steel and iron. This leads to reduced maintenance cost for various industrial products. However, high initial set up cost and low production efficiency may negatively impact the market growth.
Due to slow extrusion process, aluminum extrusion cannot achieve continuous production. Nonetheless, surge in demand for flexible design is expected to create lucrative opportunities for the market players. With aluminum extrusion, industry players can produce wide range of extruded products with various shapes and sizes on the same equipment.
Companies in the industry are: Banco Aluminium Limited, Eagle Extrusion Private Limited, Alpro Extrusions Pvt Ltd, Kunal Aluminium, Bhoruka Extrusions, Jindal Aluminium Limited, Maan Aluminium Limited, Hindalco, The Superfine Group, Global Aluminium Pvt Ltd, Alom Group of Industries, Century Extrusions Limited, Galco Group, Salco Extrusions Pvt Ltd, Mittal Extrusions. #manufacturing #investment #economy /fiinews.com
