The Global Aluminum Forging Market stood at US$ 19.2 billion in 2022 and the global market is projected to reach US$ 32 billion in 2031. The global industry is anticipated to expand at a CAGR of 5.8% between 2023 and 2031.

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.

Growth in investment is boosting the Aluminum Forging Market development. The rise in approval of energy-efficient solutions in the construction sector is thus expanding the demand for aluminum forging. The durability and corrosion resistance of aluminum makes a deal for usage in humid and coastal environments where other materials are supposed to deteriorate and corrupt over time.

Insights Unlocked: Dive into In-Depth Data with Your Sample! https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85581

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: Regional Landscape

  • Asia Pacific was the largest value contributor in the Aluminum Forging Market in 2031. The Asia Pacific has nearly 1/3rd share in the same year. The growing automotive and construction industry is the major growth driving factor for the Aluminum Forging Market in the Asia Pacific.
  • North America is expected to be the leading market during the forecast period because of the high demand from the automotive, oil & gas, aerospace, and construction sectors in the region.

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.

Strategies-

  • Sustain our operations, preserve our license to operate, and grow our assets, creating sustainable value for the communities where we operate.
  • Enhance the value of our products through differentiation to improve our profitability.
  • Reduce risk, minimize negative environmental impacts, and improve our health and safety performance.

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

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Transparency Market Research Inc.

CORPORATE HEADQUARTER DOWNTOWN,

1000 N. West Street,

Suite 1200, Wilmington, Delaware 19801 USA

Tel: +1-518-618-1030

USA – Canada Toll Free: 866-552-3453

Website: https://www.transparencymarketresearch.com