The market for Aluminum Forging Market is expected to reach US$ XX Bn in 2027.
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.
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.
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.
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.
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:
The market for Aluminum Forging Market is expected to reach US$ XX Bn in 2027.
The Aluminum Forging Market is expected to see significant CAGR growth over the coming years, at 5.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Aichi Steel, Alcoa Corporation, Bharat Forge Limited, Nippon Steel Corporation, thyssenkrupp AG are some of the major players in the global market.