Dublin, Oct. 03, 2024 (GLOBE NEWSWIRE) — The “Aluminum Forging Market Analysis by Forging Type, End-user, and Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global aluminum forging market was valued at US$22.71 billion in 2023 and is expected to reach US$31.73 billion by 2029. The market is expected to grow at a CAGR of approx. 6% during the forecasted period of 2024-2029.
Looking ahead, the aluminum forging market is poised for further growth due to the continuing shift toward sustainability, advancements in forging technology, and increasing investment in key end-user industries such as transportation and aerospace. The push for green energy, including renewable energy infrastructure and electric vehicles, will likely further boost demand. Additionally, emerging markets in regions like Asia-Pacific, particularly in China and India, are expected to play a significant role in the market’s future growth due to rapid industrialization and infrastructural development.
Asia-Pacific held the major share of the market. The use of aluminum forging in the automotive sector in China is in high demand, owing to the advantage of producing a wide range of products that fit the industry’s needs with a special quality. Moreover, China is the world’s biggest automobile market in production and sales. According to OICA (International Organization of Motor Vehicle Manufacturers), vehicle production in China reached a total of 30.16 million units in 2023, which is an increase of 12% over 2022 for the same period. Further, the automobile industry in the country is witnessing switching trends as the consumer inclination toward battery-operated vehicles is on the higher side. Poised to continue sales at this momentum, the market is anticipated to increase the demand for the forged aluminum in the country.
The US government’s increased defense spending and focus on maintaining military technological superiority have further spurred the demand for aluminum forgings in defense applications. For instance, the US is ranked as the world’s leading defense manufacturer and exporter. According to Statista, the US led the ranking of the countries with the highest military spending in 2023, with US$916 billion dedicated to the military. That constituted over 40% of the total military spending worldwide in 2023.
Germany holds the major share of the European aluminum forging market due to its position as a global leader in automotive and industrial manufacturing. The country is home to some of the world’s largest automakers, such as BMW, Volkswagen, and Mercedes-Benz, which are increasingly adopting aluminum forgings to manufacture lightweight, high-strength components for their vehicles. Moreover, as Germany shifts toward electric vehicles (EVs), the demand for aluminum forged parts has surged, particularly for components like electric motors, battery housings, and chassis systems.
Market Dynamics
Growth Drivers: The global aluminum forging market has been growing over the past few years, due to factors such as growing passenger car production, rising utilization of aluminum in aircraft industry, growing construction spending, rising demand for renewable energy, superior properties of aluminum forged products, growing maintenance, repair, and overhaul (MRO) industry, and many other factors. The increasing production of passenger cars is driving significant demand for aluminum forgings due to the material’s lightweight, strength, and energy absorption properties. As automakers focus on enhancing fuel efficiency and reducing CO2 emissions, aluminum has become a preferred material for critical components such as suspension systems, chassis, and wheels. Its lightweight nature allows for improved vehicle performance without compromising safety or durability. Moreover, the use of aluminum in forgings helps reduce the overall weight of vehicles, thereby improving fuel economy and meeting stringent regulatory standards for emissions.
Challenges: However, the market growth would be negatively impacted by various challenges such as fluctuating aluminum prices, negative environmental impact of aluminum forging process, high initial investment, etc.
Trends: The market is projected to grow at a fast pace during the forecast period, due to rising demand of electric vehicles, increasing adoption of advanced aluminum alloy, increasing focus on sustainability and recycling, growing developments in aluminum forging techniques, etc. Aluminum’s recyclability, which allows it to be reused multiple times without losing its mechanical properties, makes it an environmentally sustainable choice for industries aiming to reduce their carbon footprint. The energy required to recycle aluminum is only a fraction of what is needed to produce primary aluminum from bauxite, making it a cost-effective and eco-friendly option. As industries like automotive, aerospace, and construction move toward greener production practices, the demand for forged aluminum components made from recycled materials is rising.
Competitive Landscape
The global aluminum forging market is fragmented in nature. The key players in the global aluminum forging market are:
- Alcoa Corporation
- Bharat Forge Limited
- Kobe Steel, Ltd.
- Ellwood Group Inc.
- Arconic Corporation
- Queen City Forging Company
- Scot Forge Company
- Continental Forge Company
- All Metals & Forge Group
- American Handforge
- Accurate Steel Forgings (INDIA) Limited
- Aluminum Precision Products
Key Attributes
Report Attribute | Details |
No. of Pages | 137 |
Forecast Period | 2024-2029 |
Estimated Market Value (USD) in 2024 | $23.97 Billion |
Forecasted Market Value (USD) by 2029 | $31.73 Billion |
Compound Annual Growth Rate | 5.7% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qer03e
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- Global Aluminum Forging Market