Aluminum Forging Market By Product Type (Open Die Forging, Close Die Forging and Ring Rolled Forging), By Application (Aerospace, Automotive, Defense and Others) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027

Growing Demand for Aluminum to boost the growth of the Aluminum Forging Market

The aluminum forging market worldwide is expected to grow with a CAGR of 5.4% during the forecast period from 2019 to 2027, starting from US$ 11.60 Bn in 2018. The rapid increase in aluminum demand in the automotive and aerospace industry is the key factor for the growth of the aluminum forging market worldwide. Pounding and pressing the aluminum under pressure is known as aluminum forging. Further, with the aforementioned process, high-strength and low-weight aluminum parts are manufactured for different industries such as defense, mining, construction, automotive, and others. The growing demand for aluminum forging, owing to its benefits such as low density, flexibility, toughness, and others, is one of the major growth factors for the market. Therefore, we expect the aluminum forging market to show healthy growth throughout the forecast period. 

Market Synopsis

The automotive Segment will continue its Dominance.

The aluminum forging market is split into aerospace, automotive, defense, and others (construction, mining, etc.). In 2018, the automotive Segment was the largest value contributor and accounted for around 1/3rd of the revenue share in the same year. Increased application of aluminum in the automotive sector is the key driver for the growth of the Segment. Account of lightweight, low density, resistance, toughness, and other benefits of aluminum forging has increased the use of aluminum in automotive production. Consequently, we expect the automotive Segment to dominate the aluminum forging market throughout the forecast period.

The Asia Pacific will continue leading the market.

In 2018, Asia Pacific was the largest value contributor in the aluminum forging market. The Asia Pacific accounts for nearly 35% of the revenue share in the same year. The growth of the manufacturing industry in the developing economies of the Asia Pacific, such as China and India, is the major growth factor for the region. In addition, hefty investments for the growth of the construction and manufacturing industry are the other major factor driving the growth of Asia Pacific. As a result of the aforementioned factors, we expect the Asia Pacific region to continue leading the market during the forecast period.

Some prominent players operating in the aluminum forging market are Aichi Steel, Alcoa Corporation, Bharat Forge Limited, Nippon Steel Corporation, ThyssenKrupp AG, Aluminum Precision Products, American Handforge, KITZ CORPORATION, Ellwood Group Inc, Arconic Inc. among others.

Historical & Forecast Period

This research report presents the analysis of each Segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective Segment calculated for the forecast period from 2019 to 2027. 

Report Scope by Segments

The aluminum forging market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global aluminum forging market based on product type, application, and geography. Key segments covered in the report are as follows: 

Segmentation  Product Type Segment (2017–2027; US$ Bn)

• Open Die Forging
• Close Die Forging
• Ring Rolled Forging

Application Segment (2017–2027; US$ Bn)

• Aerospace
• Automotive
• Defense
• Others (Construction, Mining, etc.)

Geography Segment (2017–2027; US$ Bn)

• North America (U.S. and Rest of North America)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)

Unique data points of this report

• Statistics on aluminum forging worldwide
• Recent trends across different regions in terms of adoption of aluminum forging across various applications
• Notable developments going on in the aluminum forging market
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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