Aluminium Forging Market by Alloy Type (Aluminium Alloy 1000 Series, Aluminium Alloy 2000 Series, Alloy 3000 Series Alloy 4000 Series, Alloy 5000 Series, Alloy 6000 Series, Alloy 7000 Series, and Alloy 8000 Series), by Forging Type (Open Die Forging, Closed Die Forging, Roll Forging, and Extrusion), and by End User (Transport, Consumer Goods, Machinery & Equipment, Construction, Foil and Packaging, Electrical Engineering, and Other End User) – Global Opportunity Analysis and Industry Forecast 2024-2030
Industry: Materials and Chemical | Publish Date: 31-Aug-2024 | No of Pages: 385 | No. of Tables: 255 | No. of Figures: 220 | Format: PDF | Report Code : MC1369
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Market Definition
The Aluminium Forging Market size was valued at USD 14.53 billion in 2023 and is predicted to reach USD 24.30 billion by 2030 with a CAGR of 6.9% from 2024-2030.
Aluminium forging is a manufacturing process that involves shaping solid blocks of aluminium or aluminium alloys through the application of mechanical force and thermomechanical energy. Forged aluminium products offer several advantages over cast or machined components, including superior strength, enhanced structural integrity, and improved fatigue resistance.
The aluminium forging market refers to the segment of the manufacturing industry focused on the production, distribution, and sale of forged aluminium products. Thus, the flexible nature of forged aluminum components and products make them well-suited and adaptable for various applications across industries such as aerospace, automotive, marine, and construction.
Market Dynamics and Trends
The increasing application of forged aluminium within the automotive industries to manufacture different car components such as pistons, suspension systems, and car's chassis is propelling the growth of the market. The components made up of aluminium provides mechanical strength, durability, and resistance to corrosion, making them ideal for the manufacturing of pivotal automotive parts.
Thus, with the increasing utilization of aluminium within the automotive industry the demand for the forged aluminium surges significantly. Moreover, the rising utilization of aluminium in aerospace industry in order to reduce the overall weight of the space vehicles and satellites, is further propelling the growth of the market. According to the latest report published by Space Foundation, there were 223 launch attempts globally in 2023.
There are over 2800 satellites were launched into orbit, marking a 23% increase compared to 2022. The forged aluminium is widely used in manufacturing the fuel tanks due to their high strength-to-weight ratio and resistance to corrosion, antenna mounts, and solar panel frames. Thus, the increasing space launches significantly surges the demand for aluminium forging due to its pivotal role in manufacturing strategical parts and components of the space vehicles.
However, the aluminium forging industry requires significant capital investment in specialized equipment and machinery for the forging process. This high initial investment acts as a barrier to entry for new players and deter existing companies from expanding their operations. Thus, it acts as a crucial constraining factor for the aluminium forging industry.
On the other hand, the adoption of advanced forging techniques such as computer-aided design (CAD) is anticipated to create future opportunities for the market.These methods can design complex models accurately while consuming minimal time period and with enhanced precision. Moreover, CAD software offers 3D visualization capabilities, enabling designers and engineers to preview the final product prior to manufacturing, which further creates opportunities for the upcoming years.
Market Segmentations and Scope of the Study
The aluminium forging market share is segmented on the basis of alloy type, forging type, end user, and region. On the basis of alloy type, the market is classified into aluminium alloy 1000 series, aluminium alloy 2000 series, alloy 3000 series alloy 4000 series, alloy 5000 series, alloy 6000 series, alloy 7000 series, and alloy 8000 series. On the basis of forging type, the market is bifurcated open die forging, closed die forging, roll forging, and extrusion. On the basis of end user, the market is cateogorized into transport, consumer goods, machinery & equipment, construction, foil and packaging, electrical engineering, and other end user. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia-Pacific holds the dominant share of aluminium forging market at present and is expected to continue its dominance during the forecast period. This is due to the robust growth of automotive industry, particularly electric vehicles within the region.
According to a report published by East India Forum, China produced around 60% of total EV's around the world, which reached around 8 million in the year 2023. This notable rise in automotive industry consequently surges the demand for the market.
Moreover, the increasing production of water vessel due to the rising demand for cargo ships and roll-on/roll-off (ro-ro) ships within the Asia-Pacific region is further propelling the growth of the market. The forged aluminium is widely used in the manufacturing of boat decks and hulls, frames, and bulkheads which provides strength to support sails and withstand wind forces. According to a report published by China Power, the demand and production of ro-ro ships in China is expected to rise by 100% from the year 2022 to 2026, thereby propelling the growth of the market.
On the other hand, North America is showing a steady rise in the aluminium forging market due to the rapid growth in aerospace industry backed by the increasing number of satellites launches within the region. The aluminium metal provides an excellent strength-to-weight ratio, making them ideal for aerospace applications where weight reduction is critical for fuel efficiency and performance. According to a report published by Space Foundation, in January 2023, in recent years the U.S. witnessed a total of 33% rise in satellite launch attempts, which in turn boost the market growth.
Furthermore, the substantial growth of the maintenance, repair, and operations (MRO) sector in aviation, maritime, and automotive industries, dedicated to deliver routine maintenance and repair services within these industries, is fuelling the expansion of the market. The integration of casted aluminium parts in MRO operations provides strength and durability to the components, indicating promising prospects for the aluminium casting market's growth. As per a December 2023 report issued by the American Institute of Aeronautics and Astronautics, the MRO market is anticipated to account for 21.8% of the global total share between the years 2024-33.
Competitive Landscape
The aluminium forging market trends comprising of various market players such SIFCO Industries Inc., CFS Machinery CO., LTD, Alcast Technologies Ltd., Alcoa Corporation, Precision Castparts Corp, Arconic, American Axle & Manufacturing, Inc., Bharat Forge., Forged Solutions Group (FSG), and ThyssenKrupp AG among others. These market players are adopting various strategic launching across various regions to maintain their dominance in the aluminium forging market.
For instance, in June 2023, Alcoa launched one of the largest aluminium-lithium aerospace plant in Indiana. This facility produces advanced third-generation aluminium-lithium alloys for the aerospace industry, specifically for use in creating wing skins, fuselage skins, wing stringers, floor beams, and seat tracks for commercial jets.
Moreover, in July 2022, Bharat Forge Ltd. acquired JS Autocast, a supplier of machined ductile iron castings. The deal creates benefits that make Bharat Forge even better at offering industrial solutions that companies prefer. The acquisition is expected to enhance the parent companies’ capability to offer industrial solutions in domestic region and export markets.
Furthermore, in December 2022, Forged Solutions Group acquired Continental Forge Company, a provider of precision forged and machined solutions to the military and commercial aerospace industries. This acquisition expands Forged Solutions Group's manufacturing capabilities into precision near-net shape aluminium forgings and strengthens its presence in the aerospace and defense sectors.
Key Benefits
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The report provides quantitative analysis and estimations of the aluminum forging market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
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The study comprises a deep dive analysis of aluminum forging market including the current and future trends to depict prevalent investment pockets in the market.
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Information related to key drivers, restraints, and opportunities and their impact on the aluminum forging market is provided in the report.
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Competitive analysis of the players, along with their market share is provided in the report.
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SWOT analysis and Porters Five Forces model is elaborated in the study.
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Value chain analysis in the market study provides a clear picture of roles of stakeholders.
Key Market Segments
By Alloy Type
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Aluminium Alloy 1000 Series
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Aluminium Alloy 2000 Series
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Aluminium Alloy 3000 Series
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Aluminium Alloy 4000 Series
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Aluminium Alloy 5000 Series
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Aluminium Alloy 6000 Series
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Aluminium Alloy 7000 Series
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Aluminium Alloy 8000 Series
By Forging Type
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Open Die Forging
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Closed Die Forging
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Roll Forging
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Extrusion
By End-User
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Transport
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Consumer Goods
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Machinery & Equipment
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Construction
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Foil and Packaging
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Electrical Engineering
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Others
By Region
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The UK
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Germany
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France
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Italy
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Spain
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Denmark
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Netherlands
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Finland
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Sweden
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Norway
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Russia
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Indonesia
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Vietnam
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Taiwan
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Thailand
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
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Market Size in 2023 |
USD 14.53 Billion |
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Revenue Forecast in 2030 |
USD 24.30 Billion |
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Growth Rate |
CAGR of 6.9% from 2024 to 2030 |
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Analysis Period |
2023–2030 |
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Base Year Considered |
2023 |
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Forecast Period |
2024–2030 |
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Market Size Estimation |
Billion (USD) |
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Growth Factors |
|
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Countries Covered |
28 |
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Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
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Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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SIFCO Industries Inc.
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CFS Machinery CO., LTD
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Alcast Technologies Ltd.
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Alcoa Corporation
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Precision Castparts Corp
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Arconic
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American Axle & Manufacturing, Inc.
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Bharat Forge
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Forged Solutions Group (FSG)
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ThyssenKrupp AG
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