Aluminum Forging Industry Projected to Expand from $19.2 Billion in 2022 to $32 Billion by 2031

Aluminum forging refers to the process of shaping aluminum alloys into desired forms by applying compressive force through dies or molds.

WILMINGTON, DE, UNITED STATES, December 20, 2024 /EINPresswire.com/ -- The global aluminum forging market, valued at US$ 19.2 billion in 2022, is projected to reach US$ 32 billion by 2031, driven by robust demand across various industries. The market is expected to grow at a CAGR of 5.8% during the forecast period from 2023 to 2031, reflecting increasing adoption due to aluminum's lightweight, strength, and corrosion-resistant properties in automotive, aerospace, and industrial applications.

A rise in the need for lightweight components with an increase in focus on fuel efficiency is anticipated to spur the Aluminum Forging Market growth. In the automotive sector, aluminum forging is also employed for manufacturing suspension components, engine parts, and transition systems. Thus, the surge in demand for electric and hybrid vehicles is projected for driving the demand for aluminum forging in the automotive sector.

𝗨𝗻𝗹𝗼𝗰𝗸 𝗙𝘂𝗹𝗹 𝗠𝗮𝗿𝗸𝗲𝘁 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: 𝗚𝗲𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗡𝗼𝘄! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85581

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.

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: 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.

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

𝗘𝘅𝗽𝗹𝗼𝗿𝗲 𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗖𝗵𝗲𝗺𝗶𝗰𝗮𝗹𝘀 𝗮𝗻𝗱 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

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𝗔𝗯𝗼𝘂𝘁 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

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