Robust Growth Expected in Aluminum Forging Market with 5.8% CAGR (2023-2031)

The Global Aluminum Forging Market stood at US$ 19.2 billion in 2022 and the global market is projected to reach US$ 32 billion in 2031. The global industry is anticipated to expand at a CAGR of 5.8% between 2023 and 2031.

The construction sector is one key end-users of aluminum forging where building facades, roofing systems, and structural components are manufactured using aluminum forging. The builders employ aluminum forging by reducing the weight of buildings and structures which thus helps in improving the energy efficiency and thus reduce the greenhouse gas emissions.

Growth in investment is boosting the Aluminum Forging Market development. The rise in approval of energy-efficient solutions in the construction sector is thus expanding the demand for aluminum forging. The durability and corrosion resistance of aluminum makes a deal for usage in humid and coastal environments where other materials are supposed to deteriorate and corrupt over time.

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Key Takeaways of Market Report

Global Aluminum Forging Market to generate absolute dollar opportunity worth US$ 32 billion until 2031.
Global Aluminum Forging Market CAGR from 2023 to 2031 is 5.8%
Global Aluminum Forging Market is currently valued at US$ 20.34 billion in 2023.
The market value of aluminum forging from 2018 to 2022 is 4.9%
On the basis of application, the Aluminum Forging Market held 35% of the revenue share in 2018.

Global Aluminum Forging Market: Growth Drivers

The growth of the forging market worldwide is one of the major growth factors which are driving growth for the Aluminum Forging Market. On account of durability, high strength, resistance, and other benefits, the demand for aluminum forging is growing which in turn helps the Aluminum Forging Market to grow. Therefore, we expect that the Aluminum Forging Market will show healthy growth during the forecast period.

Increasing demand for enhanced utility and durability amid the surging adoption of smart devices creates demand for lightweight aluminum components. Research and development of efficient and scalable casting methods will provide manufacturers with a competitive edge. All these factors provide opportunities for the growth of the market.

Global Aluminum Forging Market: Regional Landscape

Asia Pacific was the largest value contributor in the Aluminum Forging Market in 2031. The Asia Pacific has nearly 1/3rd share in the same year. The growing automotive and construction industry is the major growth driving factor for the Aluminum Forging Market in the Asia Pacific.

North America is expected to be the leading market during the forecast period because of the high demand from the automotive, oil & gas, aerospace, and construction sectors in the region.

Global Aluminum Forging Market: Key Players

Nippon Steel Corporation
Developments-

In April 2023, Nippon Steel obtained EcoLeaf environmental product declaration for steel sheet pile products.

Strategies-

Capture environmental and other new demands.
Expand sales and improve profitability by coordinating with major users.
Promote M&A and alliance strategy.
Reform steel distribution via DX strategy.
Implementation measures and Financial Targets
Alcoa Corporation

Developments-

The Company expects 2023 total alumina and aluminum shipments to remain unchanged between 12.7 and 12.9 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.
Strategies-

Sustain our operations, preserve our license to operate, and grow our assets, creating sustainable value for the communities where we operate.

Enhance the value of our products through differentiation to improve our profitability.

Reduce risk, minimize negative environmental impacts, and improve our health and safety performance.

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Global Aluminum Forging Market Segmentation by-

Type

Open die
Close die
Ring rolled
Process

Custom
Conventional

Application

Engine parts
Transmission parts
Suspension components
Landing gears
Engine mounts
Hydraulic presses
Extruders
Offshore drilling equipment
Heat exchangers
Scaffolding components
Military vehicles
Weapons
Others

End-use

Automotive
Aerospace
Defense
Oil & Gas
Mining
Industrial
Others

Regions

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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This release was published on openPR.