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 2024 to 2032. 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. 

Automotive Segment will continue its Dominance

The aluminum forging market by application is split into aerospace, automotive, defense and others (construction, mining, etc.). In 2020, 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 dominate the aluminum forging market throughout the forecast period.

Asia Pacific will continue leading the market

In 2020, 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.

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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aluminum Forging market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Aluminum Forging market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Aluminum Forging market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Aluminum Forging market?
• Which is the largest regional market for Aluminum Forging market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Aluminum Forging market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Aluminum Forging market worldwide?