Global Aluminum Forging Market Size Projected to Hit $37.68 Billion by 2030, Growing at a CAGR of 6.2% During the Forecast Period 2023

[215 + Pages Research Study] According to a market research study published by Zion Market Research, the demand analysis of Global Aluminum Forging Market size & share revenue was valued at around USD 21.33 billion in 2022 and is estimated to grow about USD 37.68 billion by 2030, at a CAGR of approximately 6.2% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are 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, and UNIFOR Brass Forgings Inc. among others.

Kansas City, MO, April 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report 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” in its research database.

“According to the latest research study, the demand of global Aluminum Forging Market size & share in terms of revenue was valued at USD 21.33 billion in 2022 and it is expected to surpass around USD 37.68 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.2% during the forecast period 2023 to 2030.”

What is Aluminum Forging? How big is the Aluminum Forging Industry?

Aluminum forging entails applying compressive force to the metal in order to shape it into a specific configuration. It is a common manufacturing process that is utilized in a wide range of industries, including as the aerospace industry, the automobile industry, and the construction industry, amongst others. The rising demand for lightweight and high-performance components is one of the primary forces driving the global market for aluminium forging. This desire is particularly prevalent in the aerospace and automotive industries.

Forgings made of aluminium have a number of benefits that are superior to those made of other materials, including a high strength-to-weight ratio, resistance to corrosion, and great conductivity. In the coming years, it is anticipated that the market will expand significantly, primarily due to the fact that manufacturers will continue to invest in cutting-edge forging methods and materials in order to satisfy the ever-evolving requirements of their clientele.

Report Overview:

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.

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Global Aluminum Forging Market: Growth Factors

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.

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Report Scope

Report Attribute

Details

Market Size in 2022

USD 21.33 billion

Projected Market Size in 2030

USD 37.68 billion

CAGR Growth Rate

6.2% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

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, and UNIFOR Brass Forgings Inc. among others.

Key Segment

By Type, By Application, And By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Aluminum Forging Market: Segmentation Analysis

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.

The global Aluminum Forging market is segmented as follows:

By Type

Custom Aluminum Forging

Conventional Aluminum Forging

By Application

Automotive

Railway

Aircraft Industry

Oilfield

Mining

Forestry & Agriculture

Browse the full “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

Competitive Landscape

Some of the main competitors dominating the global Aluminum Forging market include -

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.

Key Insights from Primary Research:

According to the analysis shared by our research forecaster, the Aluminum Forging market is likely to expand at a CAGR of around 6.2% during the forecast period (2023-2030).

In terms of revenue, the Aluminum Forging market size was valued at around US$ 21.33 billion in 2022 and is projected to reach US$ 37.68 billion by 2030.

Based on type, the custom aluminum segment held the largest market share in 2022.

Based on application, the automotive segment held the dominating market share in 2022.

Based on region, the Asia-Pacific region held the largest market share in 2022.

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Key questions answered in this report:

What is the market size and growth rate forecast for Aluminum Forging industry?

What are the main driving factors propelling the Aluminum Forging Market forward?

What are the leading companies in the Aluminum Forging Industry?

What segments does the Aluminum Forging Market cover?

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Key Offerings:

Market Size & Forecast by Revenue | 2023−2030

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis By Type, By Application, And By Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

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.

By Region

North America

U.S.

Canada

Rest of North America

Europe

France

UK

Spain

Germany

Italy

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia

South Africa

Rest of the Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America

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.

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FREQUENTLY ASKED QUESTIONS

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