Aluminum Profiles and Fittings Market Size Forecast to Reach $2.1 Billion by 2026

NewYork, NY -- (SBWire) -- 10/06/2021 --Aluminum profiles and fittings market size is forecast to reach US$2.1 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026, owing to the increasing usage of aluminum profiles and fittings in various applications such as building doors, building structures, aerospace components and more. Aluminum profiles include parts, flexible connectors, and assistants to allow the total edges to be constructed from components without any drilling or machining needed. Aluminum profiles are used as an option to welded steel frames can reduce material costs, improve flexibility and reduce assembly time. The rapid growth of the building and construction industry has increased the demand for aluminum materials; thereby, fueling the market growth. Furthermore, the flourishing transportation industry is also expected to drive the aluminum profiles and fittings industry substantially during the forecast period.

COVID-19 Impact

During this time when the COVID-19 pandemic is crippling various industries, public construction has been one of the few industries that have been maintained to some extent. While the operation is likely to continue in the short term, work is expected to stop soon due to numerous reasons, including disruption of supply chains, shortages of subcontractors and materials, and the termination of cost management contracts. There has been a temporary suspension of building and construction activities in various regions. For instance, the construction output in Great Britain fell by a record 35.0% in Quarter 2 (Apr to June) 2020 compared with Quarter 1 (Jan to Mar) 2020. This value decline was due to the Corona Virus pandemic. With the decrease in building and construction operation, the demand for aluminum materials has significantly fallen, which is having a major impact on the aluminum profiles and fittings market.

Aluminum Profiles and Fittings Market Segment Analysis – By Application

The new construction segment held the largest share in the aluminum profiles and fittings market in 2020 and is growing at a CAGR of 4.1% during 2021-2026, owing to an increase in new building activities in different regions relative to repair/rehabilitation activities. In Great Britain, construction production increased by 0.5 percent in Quarter 4 (October to December) 2019, compared to Quarter 3 (July to September). This was driven by a 0.8 percent increase in new employment, which offset a 0.1 percent decrease in repair and maintenance development. Repair and maintenance fell 0.1 percent in Quarter 4 2019, led by a 2.9 percent decrease in private housing repair and maintenance; however, non-housing and public housing repair and maintenance rose 1.6 percent and 0.9 percent, respectively. Thus, aluminum profiles and fittings are used during new construction applications of building doors and building structures such as roofing, curtain walling, structural glazing, architectural hardware, roofing, prefabricated buildings, Heating & Ventilation, partitions, shopfitting, ladders, scaffolding, and more, which is the major driving factor for the aluminum profiles and fittings market during the forecast period.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=5031971
Report Price: $ 4500 (Single User License)

Aluminum Profiles and Fittings Market Segment Analysis – By End-Use Industry

The building and construction segment held the largest share in the aluminum profiles and fittings market in 2020 and is growing at a CAGR of 5.7% during 2021-2026, owing to the increasing usage of aluminum profiles and fittings in the building and construction industry. Aluminum profiles and fittings are extensively utilized for connecting one portion of the furniture to another. Profile fittings made of aluminum are very durable and extremely efficient to use for a very long time. These Aluminum profile fittings have excellent dimension and thickness fabricated with compliance with industrial standards, owing to which it is largely employed in the building and construction industry. Thus, the increasing application of aluminum profiles and fittings in the building and construction industry, owing to its extensive applications is the major factor driving the demand for aluminum profiles and fittings in the building and construction industry during the forecast period.

Aluminum Profiles and Fittings Market Segment Analysis – By Geography

Asia-Pacific region held the largest share in the aluminum profiles and fittings market in 2020 up to 45%, owing to the increasing demand for aluminum profiles and fittings from the building and construction industry in the region. Due to the increasing population and increasing per capita income of individuals, the need for buildings and infrastructure is growing at a lucrative rate in Asia Pacific countries such as China, India, Singapore, and more. The Indian government has initiated projects, such as '100 smart cities' and 'Housing for All by 2022,' which are expected to drive the Indian residential construction market over the forecast period. The Chinese construction industry is expected to expand at an annual average of 5% in real terms between 2019 and 2023, according to the International Trade Administration (ITA). Due to various government measures, such as Foreign Direct Investments, building and construction activities are also growing (FDI). Such investments and initiatives by the government are flourishing the building and construction sector in the APAC region, which is further driving the aluminum profiles and fittings market growth in the region as it is extensively employed in the building and construction industry. Thus, the expanding building and construction industry is anticipated to drive the aluminum profiles and fittings market in the APAC region during the forecast period.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=5031971

Aluminum Profiles and Fittings Market Drivers

Increasing Automotive Production

Aluminum profiles and fittings are extensively utilized in the automotive sector for internal as well as external applications. It is used in the automotive sector for a variety of uses such as luggage carrier sections, footrest sections, connector sections used in engine assemblies, and more. China is the world's largest vehicle market, according to the International Trade Administration (ITA), and the Chinese government expects the production of vehicles to reach 35 million by 2025. According to the International Clean Transport Council (icct), new car registrations in the EU have risen marginally to a level of 15.5 million in 2019. In 2019, the sport utility vehicle (SUV) category accounted for nearly 5.7 million new vehicles, 10 times as many as in 2001. India's annual production in 2019 was 30.91 million vehicles, according to Invest India, compared to 29.08 million in 2018, recording a healthy 6.26 percent growth. Also, by 2026, the US$118 billion Indian car industry is projected to cross US$300 billion. Thus, increasing automation production will require more aluminum profiles and fittings for manufacturing automotive, which will act as a driver for the aluminum profiles and fittings market.

Flourishing Aerospace Industry

Aluminum profiles and fittings are corrosion resistant, and have high strength feature significant for aircraft and security applications. Aluminum profiles and fittings offer benefits such as tolerance, forming, heat treating, custom finishing solutions, and post extrusion operations that can make the aerospace part, component, or completed product even more effective and beneficial. In 2019, China was the second-largest civil aerospace and aviation services market in the world and one of the fastest-growing markets, according to the International Trade Administration (ITA). China is expected to need about 6,810 new commercial aircraft, valued at US$1 trillion, in 2016, according to Boeing, over the next two decades. By 2030, Boeing's latest business outlook predicts demand for 2,520 new aircraft in the Middle East. According to Boeing India, demand for 2,300 aircraft, worth US$320 billion, is also expected to rise over the next 20 years. Hence, the increasing aviation industry acts as a driver for the aluminum profiles and fittings market.

Aluminum Profiles and Fittings Market Challenges

Increasing Preference of Steel over Aluminium

Wherever possible, the big construction project needs to save money. Unfortunately, as opposed to steel, aluminium is more costly. Furthermore, since aluminium cannot withstand the same amount of stress as steel, more aluminium sheets are used, resulting in higher costs. When compared to steel, aluminium is more prone to denting and scratching, as well as being much thinner. Steel is a strong material that will not warp, deform, or bend when subjected to weight, force, or heat. Nonetheless, steel's power comes at the cost of being much heavier and denser than aluminium. These benefits of steel over aluminum may hamper the growth of aluminum profiles and fittings market over the forecast period.

Aluminum Profiles and Fittings Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the aluminum profiles and fittings market. Major players in the aluminum profiles and fittings market are Parker Hannifin, Norsk Hydro, Guangdong Xingfa Aluminium, Global Alminium, Zhongwang Holdings, Arconic, Constellium, Hindalco-Novelis, Taixing Sainty Industry, Cozydoor Aluminum Profile, DONG-IL Aluminium, Pag International, and Hafele India.

Key Takeaways

Asia-Pacific dominates the aluminum profiles and fittings market, owing to the increasing manufacturing & construction activities in APAC due to various government initiatives such as "100 smart cities" and "Housing for all by 2022".

The aluminum profile and fitting accessories are largely employed in the building and construction end-use industry for installing different levels and structures on the wall such as cabinets, dividers, building doors, building structures, and many others. These applications of aluminum profiles and fittings are projected to increase market growth.

With the rising migration of people towards urban areas, there is a strong need to develop residential homes, which will have a positive impact on the construction industry, and thereby accelerating the demand for aluminum profiles and fittings market during the forecast period.

Related Reports:

A. Valves and Fittings Market
https://www.industryarc.com/Report/18680/valves-and-fittings-market.html

B. Fittings and Flanges Market
https://www.industryarc.com/Report/19292/fittings-and-flanges-market.html

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.