Aluminum Forging Market
The aluminum forging market size was valued at USD 3.78 billion in 2023 and is expected to be worth USD 3.94 billion in 2024. The market is projected to reach USD 5.12 billion by 2032, recording a CAGR of 3.3% during the forecast period.
Aluminum forging is a production process wherein aluminum is heated to a certain temperature and then shaped by using compressive force. Heating aluminum to a specific temperature makes it malleable enough to be shaped into different forms using molds and dies. This manufacturing process offers high durability, strength, and precision to aluminum components. The growing demand for aluminum-based components in different industries is one of the key factors that will help the market grow.
Fortune Business Insights™ displays this information in a report titled, "Aluminum Forging Market, 2024-2032".
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Bharat Forge (India)
- ELLWOOD Group Inc. (U.S.)
- Kobe Steel, Ltd. (Japan)
- ThyssenKrupp AG (Germany)
- Precision Castparts Corp (U.S.)
- Kalyani Technoforge Limited (India)
- Alcoa Corporation (U.S.)
- Ace Forge Pvt Ltd (India)
- Sansera (India)
- Accurate Steel Forgings (INDIA) Limited (India)
Segmentation:
Closed Die Dominated Market Due to Rising Use of Aluminum Products in Aerospace & Defense Sector
Based on forging type, the market is classified into open die, closed die, and ring rolled. The closed die segment captured the largest aluminum forging market share in 2023. This type of forging can offer some lucrative features, such as high fatigue resistance and great strength-to-weight ratio, which is crucial for components used in the aerospace industry.
Expanding Aerospace Industry Boosted Demand for Aluminum Forging in Aerospace & Defense Industry
In terms of end-use industry, the market is segmented into aerospace & defense, automotive & transportation, industrial machinery, construction, and others. The aerospace & defense segment dominated the market in 2023 as aerospace industry of India, the U.S., and China is showcasing robust growth. This is boosting the demand for aluminum forging to make components for various aircraft.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading forging types, end-use industries, and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Adoption of Aluminum-Forged Products in Automotive & Transport Industry to Spur Market Growth
The automotive & transportation sector is increasing its reliance on aluminum-based products as they are lightweight and can play a key role in boosting the fuel efficiency of vehicles. Moreover, forging is becoming a popular production method as it offers superior strength-to-weight ratio as compared to other traditional products, such as steel. The growing demand lightweight and durable vehicle components will boost the adoption of aluminum forging.
However, extreme fluctuations in raw material prices is expected to impede the aluminum forging market growth.
Information Source: https://www.fortunebusinessinsights.com/aluminum-forging-market-109544
Regional Insights:
Asia Pacific Dominated Owing to Rising Investments in Real Estate and Infrastructure
Asia Pacific held a dominant position in the global market as India and China are investing heavily in a wide range of real estate and infrastructure development projects. This factor will increase the uptake of aluminum-forged products.
North America may also showcase appreciable growth due to rising use of durable and lightweight materials in various infrastructure development projects.
Competitive Landscape:
Market Leaders to Focus On Expanding Production Capacity to Cater to Rising Consumer Demands
Some of the key market players include Kobe Steel, Ltd., Bharat Forge, ThyssenKrupp AG, and ELLWOOD Group Inc., among many others. These companies are focusing on increasing their production capacity to keep up with the growing demand for aluminum-forged products in various end-use industries.
Notable Industry Development:
July 2022: ELLWOOD revealed that it had plans to invest in its new Wilmington, PA, ELLWOOD Specialty Steel (ESS) manufacturing plant. This move will help ELLWOOD make its own Aluminum Tooling Plate (ATP) to cater to its customers’ needs better.
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