The global aluminum forging market accounted for USD 21.33 Billion in 2022 and is expected to reach USD 37.68 Billion by 2030, growing at a CAGR of 6.2% during the forecast period.
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➤ Aluminium forging is extensively utilised in a variety of industries, including aerospace, automotive, and defence, which is the primary factor driving market expansion.
The global aluminium forging market is primarily fuelled by the growing demand for lightweight materials in the transportation industry, which includes automotive, aerospace, and marine. Aluminium forgings are an excellent choice for structural and safety components of aircraft and vehicles due to their exceptional corrosion resistance and high strength-to-weight ratio. The demand for aluminium forgings in the production of turbines and frames is also being driven by the expansion of renewable energy sectors, including solar and wind power.
➤ The market’s expansion may be impeded by fluctuations in raw material prices and the necessity for substantial capital investments.
The growth prospects of the global aluminium forging market may be impeded by certain constraints. The profit margins of manufacturers can be significantly impacted by the volatility of aluminium prices, which is one of the most significant challenges. Another constraint is the substantial capital investment necessary to establish forging facilities, which may discourage new market entrants. Additionally, the rise in the use of alternative materials, including composites and polymers, in specific applications may also threaten the expansion of the aluminium forging market.
➤ Ample opportunities for the industry are presented by the development of new forging technologies and the increase in inclination towards renewable energy sources.
In spite of the obstacles, the aluminium forging market offers numerous prospects for expansion and advancement. The aluminium forging industry is anticipated to experience a surge in demand due to the growing demand for electric vehicles, particularly in developing countries, which are known for their superior mechanical and thermodynamic properties in comparison to conventional materials.
➤ The market may face a challenge due to the environmental impact of the forging process and the potential for substitutes to be used.
The aluminium forging industry is confronted with numerous obstacles, including the fierce competition from alternative materials, particularly in the aerospace and automotive sectors. Another obstacle is the necessity for forgings to be produced with high precision and customisation, which can be both costly and time-consuming. Also emerging challenges that the market must address are the environmental impact of aluminium forging processes and the availability of raw materials.
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The Global Aluminum Forging Market is segmented based on product, application and region
Global Aluminum Forging Market: Product Segment Analysis
● Custom Aluminum Forging
● Conventional Aluminum Forging
Global Aluminum Forging Market: Application Segment Analysis
● Automotive
● Railway
● Aircraft Industry
● Oilfield
● Mining
● Forestry & Agriculture
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The global Aluminum Forging market profiles key players such as:
● Accurate Steel Forgings (India) Limited
● Alcoa Corporation
● Anderson Shumaker Company
● All Metals & Forge Group
● Aluminum Precision Products Inc.
● Consolidated Industries Inc.
● Continental Forge Company
● Deeco Metals
● Queen City Forging Company
● Scot Forge Company
● Sun Fast International LLC
● UNIFOR Brass Forgings Inc
???? Recent Developments
• Precision Castparts Corp. completed its acquisition of Noranco Inc. in February 2022, a provider of aluminium forging and machining services. Precision Castparts anticipates that the acquisition will fortify its position in the aerospace sector and offer prospects for expansion in additional markets.
• Arconic Corporation declared in January 2022 that it would expand its forging operations in Europe by acquiring the Morriston-Radomsko business in Poland. Two forging facilities and a fabrication centre are included in the acquisition, which will enable Arconic to enhance its product portfolio and fortify its position in the European market.
➤ In 2022, the Asia-Pacific region possessed the highest market share.
In 2022, the Asia-Pacific region accounted for the largest global aluminium forging market share. This figure is expected to increase at a remarkable compound annual growth rate (CAGR) throughout the forecast period. There are numerous factors that are anticipated to contribute to the substantial expansion of the aluminium forging market in the Asia Pacific region. The region is home to emerging economies, including China and India, which have a significant and rapidly expanding manufacturing sector.
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