MarketsandMarkets projects the global market for aluminum-extruded products to grow from USD 34.48 Billion in 2016 to USD 47.61 Billion by 2021, at a CAGR of 6.67%. The growth of the aluminum-extruded products market is supported by the growth in key industries such as construction, automotive, mass transport, and electrical & electronics in both, developed and developing countries as well as the increase in need for sustainable and efficient ways of aluminum extrusion for the safety of the surrounding environment.
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The key players in the aluminum-extruded products market are United Company Rusal (Russia), Alcoa Inc. (U.S.), Aluminum Corporation of China Limited (China), Rio Tinto Plc (U.K.), BHP Billiton Ltd. (Australia), Norsk Hydro ASA (Norway), Centaury Aluminum Corporation (U.S.), China Hongquiao Group Limited (China), Aluminum Bahrain B.S.C (Bahrain), and Hindalco Industries Limited (India). These players have emphasized on and adopted various strategies to expand their global presence and increase their market share. Expansion & investments, joint ventures, agreements, & contracts, mergers & acquisitions and new product launches are some of the major strategies adopted by the market players to achieve growth in the aluminum-extruded products market.
The year 2014 experienced a large number of strategies adopted by top players in the market. The growth of the aluminum-extruded products market was largely influenced by expansions & investments in the past few years. They were adopted by most of the players in the aluminum-extruded products market. Companies adopted these strategies to increase the reach of their offerings, improve their production capacity, and focus on core operations. To maintain a competitive advantage, top players emphasized on new product launches. Companies aim to serve the market efficiently by investing in manufacturing facilities and acquiring distribution centers in the rapidly growing regions. As a result of the same, Alcoa Inc. (U.S.) and Nork Hydro ASA (Norway) emphasized on these key strategies to expand business operations.
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Alcoa Inc. is a leading manufacturer and supplier of bauxite, alumina, and aluminum products. The company functions through three business segments, namely, Engineered Products and Solutions (EPS), Global Rolled Products (GRP), and primary metals. It serves industries such as aerospace, automotive, building & construction, commercial transportation, consumer electronics, defense, industrial products & services, medical, oil & gas, and packaging. It is engaged in mining bauxite and refining alumina. The company also has a reputation for its expertise in manufacturing and supplying aluminum-extruded products worldwide. It manufactures a variety of aluminum-extrusion products such as heat exchangers, engine oil coolers, evaporators, and condensers. The company emphasized on adopting expansion as their key strategy for the growth of their business operations. As a result of the same, the company expanded business operations in the Latin America and Europe. The company acquired Firth Rixson (U.K.) & TITAL GmbH (Germany) to expand its business operations. Adding to this, the company also expanded its business operations in the emerging Brazilian market.
Norsk Hydro ASA is mainly engaged in the production of primary aluminum, rolled products, energy generation, and recycling activities. The company is one of the major producers of hydroelectric power. It is also one of the leading suppliers of value-added casthouse products. It has a presence in more than 40 countries around the globe, especially in the European region. The company has expertise in manufacturing and distributing aluminum-extruded products to a variety of industries such as vehicle & transportation, construction, electronics, electronic goods, and solar energy. The company is one of the leading suppliers of aluminum products such as aluminum sheets, extruded aluminum parts, and coils in the European automotive market. Its product portfolio contains aluminum-extruded products such as braking system, shock-absorbers, chassis, and other aluminum spare parts. The company invested high capital to expand their product offerings and to meet the growing demand of aluminum-extruded products. Norsk Hydro invested USD 286.27 million in Neuss and Grevenbroich in Germany to expand its business operations in the European market. The company also signed a long-term agreement with Agder Energi AS (Norway) to expand their business footprint in the Norway’s domestic market.
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