Global Aluminum Forging Market Will Soar at a CAGR of Over 5.8% from 2023 to 2031

WILMINGTON, DE / ACCESSWIRE / April 27, 2023 / Transparency Market Research Inc. - The Global Aluminum Forging Market stood at US$ 19.2 billion in 2022 and the global market is projected to reach US$ 32 billion in 2031. The global industry is anticipated to expand at a CAGR of 5.8% between 2023 and 2031.

Aluminum forging is used to manufacture airframe components, landing gears, and engine parts in the aerospace and automotive sectors. A rise in the need for lightweight components with an increase in focus on fuel efficiency is anticipated to spur the Aluminum Forging Market growth. In the automotive sector, aluminum forging is also employed for manufacturing suspension components, engine parts, and transition systems. Thus, the surge in demand for electric and hybrid vehicles is projected for driving the demand for aluminum forging in the automotive sector.

The construction sector is one key end-users of aluminum forging where building facades, roofing systems, and structural components are manufactured using aluminum forging. The builders employ aluminum forging by reducing the weight of buildings and structures which thus helps in improving the energy efficiency and thus reduce the greenhouse gas emissions.

Growth in investment is boosting the Aluminum Forging Market development. The rise in approval of energy-efficient solutions in the construction sector is thus expanding the demand for aluminum forging. The durability and corrosion resistance of aluminum makes a deal for usage in humid and coastal environments where other materials are supposed to deteriorate and corrupt over time.

Aluminum is very good at absorbing shock, and aluminum is twice as effective as steel, which is a beneficial property. As a result, manufacturers have been employing aluminum in bumpers for a long time. Furthermore, an aluminum body is safer than a steel body because when aluminum pieces are deformed or bent, the deformation is restricted to the impact regions.

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The market value of aluminum forging from 2018 to 2022 increased by 4.9%. Based on the application, in 2018, the automotive segment was the largest value contributor in the global Aluminum Forging Market. The aforementioned segment has above 35% revenue share in the same year. Growth in automotive production and the wide application of aluminum in modern vehicles are the major factors for the growth of the segment.

Key Takeaways of Market Report

Global Aluminum Forging Market to generate absolute dollar opportunity worth US$ 32 billion until 2031.

Global Aluminum Forging Market CAGR from 2023 to 2031 is 5.8%

Global Aluminum Forging Market is currently valued at US$ 20.34 billion in 2023.

The market value of aluminum forging from 2018 to 2022 is 4.9%

On the basis of application, the Aluminum Forging Market held 35% of the revenue share in 2018.

Global Aluminum Forging Market: Growth Drivers

The growth of the forging market worldwide is one of the major growth factors which are driving growth for the Aluminum Forging Market. On account of durability, high strength, resistance, and other benefits, the demand for aluminum forging is growing which in turn helps the Aluminum Forging Market to grow. Therefore, we expect that the Aluminum Forging Market will show healthy growth during the forecast period.

Increasing demand for enhanced utility and durability amid the surging adoption of smart devices creates demand for lightweight aluminum components. Research and development of efficient and scalable casting methods will provide manufacturers with a competitive edge. All these factors provide opportunities for the growth of the market.

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Global Aluminum Forging Market: Regional Landscape

Asia Pacific was the largest value contributor in the Aluminum Forging Market in 2031. The Asia Pacific has nearly 1/3rd share in the same year. The growing automotive and construction industry is the major growth driving factor for the Aluminum Forging Market in the Asia Pacific.

North America is expected to be the leading market during the forecast period because of the high demand from the automotive, oil & gas, aerospace, and construction sectors in the region.

Global Aluminum Forging Market: Key Players

Nippon Steel Corporation

Developments-

In April 2023, Nippon Steel obtained EcoLeaf environmental product declaration for steel sheet pile products.

Strategies-

Capture environmental and other new demands.

Expand sales and improve profitability by coordinating with major users.

Promote M&A and alliance strategy.

Reform steel distribution via DX strategy.

Implementation measures and Financial Targets

Alcoa Corporation

Developments-

The Company expects 2023 total alumina and aluminum shipments to remain unchanged between 12.7 and 12.9 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.

Strategies-

Sustain our operations, preserve our license to operate, and grow our assets, creating sustainable value for the communities where we operate.

Enhance the value of our products through differentiation to improve our profitability.

Reduce risk, minimize negative environmental impacts, and improve our health and safety performance.

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Global Aluminum Forging Market Segmentation by-

Type

Open die

Close die

Ring rolled

Process

Custom

Conventional

Application

Engine parts

Transmission parts

Suspension components

Landing gears

Engine mounts

Hydraulic presses

Extruders

Offshore drilling equipment

Heat exchangers

Scaffolding components

Military vehicles

Weapons

Others

End-use

Automotive

Aerospace

Defense

Oil & Gas

Mining

Industrial

Others

Regions

North America

Latin America

Europe

Asia Pacific

Middle East & Africa

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