Growing Demand of Aluminum to boost the growth for 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. Rapid increase in aluminum demand in automotive and aerospace industry is the key factor for growth of aluminum forging market worldwide. The process of 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 being manufactured for different industries such as defense, mining, construction, automotive and others. Growing demand of aluminum forging owing to its benefits such as low density, flexibility, toughness and others is one of the major growth factor for the market. Therefore, we expect that the aluminum forging market will show healthy growth throughout the forecast period.
Market Synopsis
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Automotive Segment will continue its Dominance
The aluminum forging market by application is split into aerospace, automotive, defense and others (construction, mining, etc.). In 2018, automotive segment was the largest value contributor and accounts 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. On account of light weight, low density, resistance, toughness and other benefits of aluminum forging has increased the use of aluminum in automotive production. Consequently, we expect that the automotive segment will dominant the aluminum forging market throughout the forecast period.
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Asia Pacific will continue leading the market
In 2018, Asia Pacific was the largest value contributor in the aluminum forging market. Asia Pacific accounts for nearly 35% of the revenue share in the same year. Growth of manufacturing industry in the developing economies of Asia Pacific such as China and India is the major growth factor for the region. Hefty investments for the growth of construction and manufacturing industry is the other major factor driving the growth of Asia Pacific. As a result of aforementioned factors, we expect that the Asia Pacific region will continue leading the market during the forecast period.
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Some of the prominent players operating in the aluminum forging market 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 segments 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 global aluminum forging market based on product type, application and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| 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)
|
Key questions answered in this report
- What was the market size of aluminum forging in 2018 and forecast up to 2027?
- Which is the largest regional market for aluminum forging?
- What are the major trends followed in overall aluminum forging across different regions?
- Who are the key aluminum forging companies leading the market?
- What are the key strategies adopted by the leading aluminum forging companies in market?
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 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)
