Press release
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.
Insights Unlocked: Dive into In-Depth Data with Your Sample! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85581
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.
Explore Our Report for Comprehensive Insights! https://www.transparencymarketresearch.com/aluminum-forging-market.html
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
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Robust Growth Expected in Aluminum Forging Market with 5.8% CAGR (2023-2031) here
News-ID: 3785294 • Views: …
More Releases from transparencymarketresearch
Advancements in Microbial Cellulose Production: Opportunities in Biotechnologica …
The microbial cellulose market is anticipated to experience substantial growth over the forecast period from 2024 to 2034. Microbial cellulose, produced by bacteria such as Acetobacter xylinum, has found wide-ranging applications in various sectors like food and beverages, medical devices, textiles, and more, due to its unique properties including high purity, structural integrity, and biocompatibility. This article delves into the factors contributing to the growth of this market, its size…
Asia Pacific Dehumidifier Market to Reach $1.5 Billion by 2034, Growing at a 6.0 …
The Asia Pacific Dehumidifier Market is witnessing significant growth, driven by increasing demand for controlling indoor humidity levels and maintaining optimal air quality across various sectors. With rapid urbanization, rising living standards, and changing climate conditions, consumers and businesses across the Asia-Pacific region are more inclined towards adopting dehumidifiers.
The Asia Pacific dehumidifier market, valued at USD 770.8 million in 2023, is poised for significant growth, with a projected CAGR of…
Down and Feather Market to Reach $15.3 Billion by 2034 with a 6.4% CAGR Growth
The global down and feather market was valued at US$ 7.8 billion in 2023 and is projected to grow at a CAGR of 6.4% from 2024 to 2034, reaching an estimated US$ 15.3 billion by 2034. This growth reflects increasing demand for high-quality, sustainable materials in bedding, apparel, and other industries worldwide.
Rising leisure and outdoor recreation trends among the world's population are boosting sales of sleeping bags made of feathers.…
RDX, HMX, and C-4 Market to Reach USD 27.5 Billion by 2034, Growing at 5.0% CAGR
The RDX, HMX, and C-4 markets are fast expanding, driven mostly by rising end-user demand, primarily in defense and military applications. The next several years are expected to have a 5% annual growth rate, indicating an increase in military spending and demand for high-tech armaments. RDX and HMX acquire value due to their strength in energy delivery and stability, making them suitable for usage in explosives and propellants.
The global RDX,…
More Releases for Aluminum
Yocon Aluminum Supplies Aluminum Foil Coils for Major Appliances
Yocon Aluminum, a leading manufacturer and supplier of aluminum foil coils, has announced that they are now supplying major appliance manufacturers with their high-quality aluminum foil coils. With over forty years of experience in the industry, Yocon Aluminum is known for their dedication to quality and customer satisfaction. Their products are used in a variety of applications, including air conditioners, refrigerators, and freezers. When it comes to choosing a supplier…
Aluminum Market 2022 Update by key industry players: Alcoa Corp., Aluminum Corp. …
According to Precision Business Insights (PBI) latest report the global aluminum market is expected to be worth USD 124.8 Bn in 2022, growing at a 9.3% CAGR from 2022 to 2028. Global Aluminum Market by Processing Type (Castings, Extrusions, Forgings, Rods and Bars, Sheets and Plates, Others) By End-user (Automotive, Aerospace, and Defense, Building and Construction, Electrical and Electronics, Packaging, Industrial, Others), and Geography (North America, Europe, Asia-Pacific, and Rest…
Global Ferro Aluminum Market, Global Ferro Aluminum Industry, Covid-19 Impact Gl …
Ferro aluminium is an alloy that belongs to the grouping of ferroalloys. Ferro aluminium is formed by compounding iron with aluminium. The manufacturing procedure of Ferro aluminium is extremely energy intensive in nature. Ferro aluminium demands large amount of electricity throughout its manufacturing procedure. Ferro aluminium manufacturing process comprises production of aluminium from synthetic cryolite or bauxite. The administered aluminium is then further transformed into aluminium oxide by utilizing the…
Aluminum Frp Market Size, Status and Global Outlook 2021-Shandong Nanshan Alumin …
The MarketInsightsReports has published the obtainability of a new statistical data to its repository titled as, Aluminum Frp market. The comprehensive report provides useful insights into Market growth, revenue, and market trends, in order to enable readers to gauge market scope more proficiently. Furthermore, the report also sheds light on recent developments and platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries.…
Aluminum Market Forecasts 2027| JW Aluminum, Logan Aluminum, Aleris Rolled Produ …
Aluminum Market 2021 : The Report Titled on “Aluminum Market” provides in-depth review of the Growth, Drivers, Potential Challenges, Unique Trends and Opportunities for market participants equip readers to fully comprehend the overall landscape of the Aluminum industry.
“Global Aluminum Market” report offers a complete analysis of the market. It will thus via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured within the report are derived persecution…
Aluminum in the Automotive Market Report 2018: Segmentation by Type (Cast Alumin …
Global Aluminum in the Automotive market research report provides company profile for Aleris International, Aluminumoration of China, Vimetco N.V., Alcoa, Novelis, Norsk Hydro ASA, Constellium N.V., Kaiser Aluminum and Others.
This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR for the year 2018…
