Market Size of Aluminium Forging Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.54 Billion |
| Market Size (2029) | USD 17.44 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aluminum Forging Market Analysis
The Aluminium Forging Market size is estimated at USD 13.54 billion in 2024, and is expected to reach USD 17.44 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The aluminum forging market faced setbacks due to COVID-19. Global lockdowns and stringent government regulations led to widespread shutdowns of production hubs. However, the market rebounded in 2021 and is projected to see significant growth in the upcoming years.
- Over the short term, the growing use of lightweight materials in the industrial sector and increasing demand from the automotive and transportation industries are the major factors driving the demand for the market studied.
- However, fluctuations in aluminum prices and stringent quality standards are expected to hinder the market's growth.
- Nevertheless, advanced forging techniques and simulation technologies is expected to create new opportunities for the market studied.
- Asia-Pacific region is expected to dominate the market across the world, with the majority of demand coming from China and India.
Aluminium Forging Industry Segmentation
Aluminum forging involves shaping aluminum through methods like hammering, rolling, or pressing. Depending on the temperature, forging can be categorized into three types: warm, cold, or hot. Aluminum and its alloys boast a unique blend of properties, establishing them as some of the most adaptable materials in engineering and construction. These alloys can be forged into diverse shapes and types, leading to a wide array of final parts tailored to specific design criteria and applications.
The aluminum forging market is segmented by forging type, end-user industry, and geography. By forging type, the market is segmented into open-die forging, close-die forging, and ring-rolled forging. By end-user industry, the market is segmented into aerospace and defense, automotive and transportation, industrial machinery, construction, and other end-user industries (electronics and instrumentation, energy power, agriculture, and farming). The report also covers the market sizes and forecasts for the global aluminum forging market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD).
| Forging Type | |
| Open Die Forging | |
| Close Die Forging | |
| Ring Rolled Forging |
| End-User Industry | |
| Aerospace and Defense | |
| Automotive and Transportation | |
| Industrial Machinery | |
| Construction | |
| Other End-user Industries (Electronics and Instrumentation, Energy Power, Agriculture and Farming) |
| Geography | |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
|
Aluminium Forging Market Size Summary
The aluminum forging market is poised for significant growth, driven by the increasing demand for lightweight materials in the industrial sector, particularly within the automotive and transportation industries. The market experienced a downturn during the COVID-19 pandemic due to restrictions that affected key sectors such as automotive, transportation, and aerospace, leading to a reduced consumption of aluminum-forged products. However, post-2020, the market has shown a steady recovery, supported by ongoing activities in these sectors. The rising demand for electric vehicles presents lucrative opportunities for market expansion, although fluctuations in aluminum prices and availability pose potential challenges. The Asia-Pacific region is expected to dominate the market, with China and India playing pivotal roles due to their robust industrial and automotive sectors.
Aluminum's properties, such as lightweight, durability, and shock absorption, make it an ideal material for various automotive components, contributing to its increasing use in the industry. The demand for aluminum forging is further bolstered by the automotive sector's focus on fuel efficiency and CO2 emission reduction. The market is characterized by its fragmented nature, with key players like Howmet Aerospace, Bharat Forge, Thyssenkrupp AG, KOBE STEEL, LTD., and NIPPON STEEL CORPORATION actively participating. Recent strategic moves, such as Bharat Forge's acquisition of JS Autocast Foundry and Aichi Forge USA's expansion of its manufacturing capabilities, highlight the competitive dynamics and growth strategies within the market.
Aluminium Forging Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Drivers
-
1.1.1 Growing Use of Lightweight Material in Industrial Sector
-
1.1.2 Increasing Demand from the Automotive and Transportation Industry
-
1.1.3 Other Drivers
-
-
1.2 Restraints
-
1.2.1 Fluctuations in Aluminum Prices
-
1.2.2 Stringent Quality Standards
-
1.2.3 Other Restraints
-
-
1.3 Industry Value Chain Analysis
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Buyers
-
1.4.3 Threat of New Entrants
-
1.4.4 Threat of Substitute Products and Services
-
1.4.5 Degree of Competition
-
-
-
2. MARKET SEGMENTATION (Market Size in Value)
-
2.1 Forging Type
-
2.1.1 Open Die Forging
-
2.1.2 Close Die Forging
-
2.1.3 Ring Rolled Forging
-
-
2.2 End-User Industry
-
2.2.1 Aerospace and Defense
-
2.2.2 Automotive and Transportation
-
2.2.3 Industrial Machinery
-
2.2.4 Construction
-
2.2.5 Other End-user Industries (Electronics and Instrumentation, Energy Power, Agriculture and Farming)
-
-
2.3 Geography
-
2.3.1 Asia-Pacific
-
2.3.1.1 China
-
2.3.1.2 India
-
2.3.1.3 Japan
-
2.3.1.4 South Korea
-
2.3.1.5 Malaysia
-
2.3.1.6 Thailand
-
2.3.1.7 Indonesia
-
2.3.1.8 Vietnam
-
2.3.1.9 Rest of Asia-Pacific
-
-
2.3.2 North America
-
2.3.2.1 United States
-
2.3.2.2 Canada
-
2.3.2.3 Mexico
-
-
2.3.3 Europe
-
2.3.3.1 Germany
-
2.3.3.2 United Kingdom
-
2.3.3.3 France
-
2.3.3.4 Italy
-
2.3.3.5 Spain
-
2.3.3.6 Nordic Countries
-
2.3.3.7 Turkey
-
2.3.3.8 Russia
-
2.3.3.9 Rest of Europe
-
-
2.3.4 South America
-
2.3.4.1 Brazil
-
2.3.4.2 Argentina
-
2.3.4.3 Colombia
-
2.3.4.4 Rest of South America
-
-
2.3.5 Middle East and Africa
-
2.3.5.1 Saudi Arabia
-
2.3.5.2 Qatar
-
2.3.5.3 United Arab Emirates
-
2.3.5.4 Nigeria
-
2.3.5.5 Egypt
-
2.3.5.6 South Africa
-
2.3.5.7 Rest of Middle-East and Africa
-
-
-
Aluminium Forging Market Size FAQs
How big is the Aluminium Forging Market?
The Aluminium Forging Market size is expected to reach USD 13.54 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 17.44 billion by 2029.
What is the current Aluminium Forging Market size?
In 2024, the Aluminium Forging Market size is expected to reach USD 13.54 billion.
