Global Aluminum Forging Market Is Expected to Reach USD 37.68 Billion By 2030

The global Aluminum Forging Market Is Likely To Grow At A CAGR Value Of Around 6.2% By 2030

The global aluminum forging market size was valued at USD 21.33 Billion in 2022 and is expected to reach USD 37.68 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.2% during the forecast period.

Aluminum forging is a manufacturing process used to produce high-strength and lightweight components. The process involves shaping heated aluminum billets through the application of compressive forces using a forging press. The aluminum forging process can produce complex and intricate shapes with precise tolerances and excellent mechanical properties. Aluminum forging is widely used in industries such as aerospace, automotive, defense, electrical, and construction due to its superior strength-to-weight ratio, corrosion resistance, and thermal conductivity. Commonly forged aluminum components include aircraft landing gear, engine parts, automotive suspension components, and electrical connectors.

Aluminum forging has several advantages over other manufacturing processes such as casting and machining. Forged aluminum components have superior mechanical properties, better surface finish, and are more cost-effective in large-scale production. The forging process also reduces material waste, as it can produce near-net-shape components, reducing the amount of material that needs to be machined away.

The global aluminum forging market is predicted to surge exponentially due to the increasing demand for lightweight and high-strength components in industries such as aerospace, automotive, and defense. The growing adoption of aluminum in various applications, including electrical and construction, is also expected to fuel market growth. In addition, the increasing focus on renewable energy and the growing demand for electric vehicles, which require lightweight and high-performance components create ample opportunities for the industry. Additionally, the growing demand for complex and intricate shapes in the manufacturing of aluminum components provides opportunities for innovation and technological advancement in the aluminum forging industry. However, the high initial cost of equipment and the need for skilled labor may limit market growth of the market during the forecast period.

The global aluminum forging market is segmented based on type, application, and region.

Based on type, the market is bifurcated into custom aluminum forging and conventional aluminum forging segments. The custom aluminum forging segment held the largest market share in 2022 and is further predicted to grow rapidly at a significant CAGR during the forecast period. The growth of this segment is mainly due to the increasing demand for highly specialized and customized components in industries such as aerospace, defense, and automotive.

Custom aluminum forging allows for the production of complex shapes, intricate features, and precise tolerances that are required in these industries. Additionally, the growing trend towards lightweight and high-strength components is driving the demand for custom aluminum forging, as it allows for the production of components with superior mechanical properties. The increasing investment in research and development in the aluminum forging industry is also expected to further drive the growth of the segment.

Based on application, the market is segmented into automotive, railway, aircraft industry, oilfield, mining, forestry & agriculture, and others. The automotive segment held the largest market share in 2022 and is further predicted to grow at a notable CAGR during the forecast period. This is mainly due to the increasing demand for lightweight and high-strength components in the automotive industry. Forged aluminum components are widely used in automotive suspension systems, engine parts, and wheels. The growing trend towards electric vehicles and the need for lightweight components in conventional vehicles is expected to further drive the growth of the segment in the aluminum forging industry.

Based on region, the Asia-Pacific region held the largest market share in 2022 and is further predicted to grow rapidly at an impressive CAGR during the forecast period. The Asia Pacific region is expected to experience significant growth in the aluminum forging market due to several factors. The region is home to emerging economies such as China and India, which have a large and rapidly growing manufacturing sector. The increasing investment in infrastructure and construction activities in the region is also driving the demand for aluminum forging components. Additionally, the growing demand for lightweight and high-strength components in the region in industries such as aerospace, defense, and automotive is expected to further drive market growth.

Furthermore, the Asia Pacific region has a large population and a rising middle class, which is driving the demand for automobiles and consumer electronics. This is expected to increase the demand for aluminum forging components in these industries as well. The region also has favorable government policies and initiatives supporting industrial growth, which is expected to further boost the aluminum forging industry growth.

This review is based on a report by Zion Market Research, titled “Aluminum Forging Market By Type (Custom Aluminum Forging, Conventional Aluminum Forging) By Application (Automotive, Railway, Aircraft Industry, Oilfield, Mining, Forestry & Agriculture, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/aluminum-forging-market

Recent Developments

• In February 2022, Precision Castparts Corp. announced the completion of its acquisition of Noranco Inc., a provider of aluminum forging and machining services. The acquisition is expected to strengthen Precision Castparts' position in the aerospace industry and provide opportunities for growth in other markets.
• In January 2022, Arconic Corporation announced the expansion of its forging operations in Europe with the acquisition of the Morriston-Radomsko business in Poland. The acquisition includes two forging facilities and a machining center that will help Arconic expand its product portfolio and strengthen its position in the European market.

The global aluminum forging market is dominated by players such as:

• Accurate Steel Forgings (India) Limited
• Alcoa Corporation
• Anderson Shumaker Company
• All Metals & Forge Group
• Aluminum Precision Products Inc.
• Consolidated Industries Inc.
• Continental Forge Company
• Deeco Metals
• Queen City Forging Company
• Scot Forge Company
• Sun Fast International LLC
• UNIFOR Brass Forgings Inc.
• Among Others.

The Aluminum Forging Market is segmented based on:

By Type

• Custom Aluminum Forging
• Conventional Aluminum Forging

By Application

• Automotive
• Railway
• Aircraft Industry
• Oilfield
• Mining
• Forestry & Agriculture

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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