The "Aluminum Forging Market: Analysis By Forging Type, By End-User, By Region Size and Trends and Forecast up 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. The market value 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 Segmentation Analysis:
By Forging Type: The report provides the bifurcation of the global aluminum forging market based on the forging type: Closed Die Forging, Open Die Forging, and Ring Rolled Forging.
Closed die forging held the highest share of the aluminum forging market because of its widespread applications in high-demand industries, and it is expected to be the fastest-growing segment due to increasing demand for precision-engineered, lightweight components across various sectors. Moreover, the automotive sector, especially electric vehicle (EV) manufacturing, benefits from closed die forging as it enables the production of lightweight, high-strength components like suspension systems and drivetrain parts. Its popularity also extends to aerospace, where it is used for structural and engine components due to its ability to produce high-quality, reliable parts.
By End-User: On the basis of end-user, the global aluminum forging market can be divided into five segments namely, Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others.
The automotive and transportation segment held the highest share of the market. The demand for aluminum forging in the automotive and transportation sector has been increasing primarily due to the industry's growing focus on lightweighting and improving fuel efficiency. Additionally, the focus on reducing greenhouse gas emissions and meeting stricter regulatory standards has further driven the demand for aluminum components in automotive manufacturing.
On the other hand, the aerospace and defense sectors are expected to grow fastest for aluminum forging due to the critical role that lightweight, high-strength materials play in these industries. Aluminum forgings are extensively used in the manufacturing of aircraft parts, including wings, fuselage frames, landing gear, and engine components, where strength, durability, and corrosion resistance are essential. The demand for more fuel-efficient aircraft, coupled with the rise in commercial air travel and defense spending, has significantly increased the need for forged aluminum parts in aerospace applications.
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 |
Market Dynamics
Growth Drivers
- 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
Challenges
- Fluctuating Aluminum Prices
- Negative Environmental Impact of Aluminum Forging Process
- High Initial Investment
Market Trends
- Rising Demand of Electric Vehicles
- Increasing Adoption of Advanced Aluminum Alloy
- Increasing Focus on Sustainability and Recycling
- Growing Developments in Aluminum Forging Techniques
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
For more information about this report visit https://www.researchandmarkets.com/r/v0week
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241212859481/en/
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