Aluminum Forging Market Size, Share, Growth, Trends | Report 2023-2032
The global aluminum forging market size was estimated at around USD 21.29 billion in 2022 and it is projected to hit around USD 37.8 billion by 2032, growing at a CAGR of 5.91% from 2023 to 2032.
Key Pointers
Report Scope of the Aluminum Forging Market
| Report Coverage | Details |
| Market Size in 2022 | USD 21.29 billion |
| Revenue Forecast by 2032 | USD 37.8 billion |
| Growth rate from 2023 to 2032 | CAGR of 5.91% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Covered | Arconic; Alcoa; Aluminum Precision Products;American Handforge; ATI; BE | Alutech Kft; Farinia Group; FORGINAL industrie; GV STAMPERIE SpA; Norsk Hydro |
The rising demand for lightweight materials in the automotive industry is driving growth. Automobile manufacturers have been trying to reduce the weight of vehicles for many years to increase fuel efficiency and improve vehicle performance, as well as to reduce carbon emissions. According to the U.S. Department of Energy, a decrease in the weight of vehicles by 10% can increase fuel efficiency by 6% to 8%. Thus, global automotive manufacturers are shifting towards the production of lightweight cars.
The U.S. is one of the key markets, owing to the presence of large-scale vehicle and aircraft production facilities in the country. Also, the strict government regulations and policies to reduce carbon emissions are increasing the demand for lightweight aluminum forgings in the country.
For instance, in March 2022, the U.S. Environmental Protection Agency published a new stringent standard to reduce carbon emissions from heavy-duty vehicles and engines from the beginning of 2027. The new stricter regulations are expected to force automotive manufacturers to use more lightweight materials, which may open new opportunities for the product across the forecast period.
Increasing demand for new defense aircraft is expected to further augment market growth. For instance, Airbus’ profit surged by 200% due to the rise in passenger aircraft sales and increasing demand for military aircraft. As a result of this, in May 2022, Airbus announced an increase of 50% in its A320 aircraft production and aims at manufacturing at least 75 aircraft per month by 2025.
The industry’s growth is anticipated to be restrained by the fluctuations in global aluminum prices. Volatility in prices can be attributed to a sudden increase in demand for aluminum after the economic recovery of countries from the COVID-19 pandemic in 2021 and supply constraints of raw materials owing to the cut down of aluminum production by China, along with the ongoing Russia-Ukraine war.
Regional Insights
North America is expected to register a CAGR of 5.56%, in terms of revenue, during the forecast period. The increase in orders to the U.S. for new defense aircraft from other countries is expected to propel market growth in the coming years. For instance, in 2022, Jordan ordered 70 new F-16 fighter jets. Similarly, Bahrain is set to receive 70 F-16 fighter jets by 2024.
Europe is expected to register a CAGR of 5.12%, in terms of revenue, over the forecast period. In 2022, Germany accounted for a revenue share of 35.0% of the European market and is one of the leading producers of aluminum forged components in Europe. The increasing demand for lightweight components from the automotive industry is driving product demand in the country.
For instance, in December 2022, Germany-based Mercedes received low-carbon aluminum from Norsk Hydro that complies with European standards related to emissions. The aluminum forged components have been ordered by the former to be used in a range of its car models in 2023 to achieve net zero carbon emissions by 2032. Over the forecast period, Asia Pacific is anticipated to register a CAGR of 6.66%, in terms of revenue.
Aluminum Forging Market Segmentations:
| By Product | By Application |
|
Open Die Forging Close Die Forging Ring-Rolled Forging |
Automotive Aerospace Oil & Gas Construction Others |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Aluminum Forging Market
5.1. COVID-19 Landscape: Aluminum Forging Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Aluminum Forging Market, By Product
8.1. Aluminum Forging Market, by Product, 2023-2032
8.1.1. Open Die Forging
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Close Die Forging
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Ring-Rolled Forging
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Aluminum Forging Market, By Application
9.1. Aluminum Forging Market, by Application, 2023-2032
9.1.1. Automotive
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Aerospace
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Oil & Gas
9.1.3.1. Market Revenue and Forecast (2020-2032)
9.1.4. Construction
9.1.4.1. Market Revenue and Forecast (2020-2032)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Aluminum Forging Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
10.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.3.2. Market Revenue and Forecast, by Application (2020-2032)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2020-2032)
10.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
Chapter 11. Company Profiles
11.1. Arconic
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Alcoa
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Aluminum Precision Products
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. American Handforge
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. ATI
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. BE | Alutech Kft
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Farinia Group
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. FORGINAL industrie
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. GV STAMPERIE SpA
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Norsk Hydro
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers