Global Aluminum Forging Market Size To Worth USD 20.91 Billion By 2033: Forecast Analysis Report

Global Aluminum Forging Market Size To Worth USD 20.91 Billion By 2033

According to a research report published by Spherical Insights & Consulting, the Global Aluminum Forging Market Size is Expected to Grow from USD 12.90 Billion in 2023 to USD 20.91 Billion by 2033, at a CAGR of 4.95% during the forecast period 2023-2033.

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Aluminum Forging Market Size, Share, and COVID-19 Impact Analysis, By Product (Open Die and Closed Die), By Application (Automotive and Aerospace), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Aluminum forging is one of the manufacturing processes involving the deformation of aluminum alloys under compressive forces, often using a die or hammer, to obtain a workpiece with improved mechanical properties. The process provides excellent strength and durability along with high precision in dimensions, thus suited to high-performance applications in industries such as aerospace, automotive, defense, and manufacturing. Aluminum forgings are valued for their lightweight nature, corrosion resistance, and ability to withstand extreme stress, making them a critical material in the production of high-precision, load-bearing components. Furthermore, the growth of the aluminum forging market is essentially due to the growing need for lighter materials, specifically in the automotive and aerospace industries, in which any reduction in weight leads to improved fuel efficiency and enhanced performance. The automotive industry in particular embraces aluminum forgings as engine components, chassis, and structural pieces to meet the critical environmental laws. The trend toward electric vehicles, which require high-strength, lightweight materials, is also driving the market. The aerospace industry's demand for high-performance, durable components also fuels the market. However, despite its advantages, the aluminum forging market faces challenges such as high initial costs and complex manufacturing processes. The limited availability of raw materials and fluctuating prices of aluminum may also hinder market growth.

The closed die segment is predicted to hold the greatest market share through the forecast period.

Based on the product, the aluminum forging market is classified into open die and closed die. Among these, the closed die segment is predicted to hold the greatest market share through the forecast period. This is primarily due to the ability of closed-die forging to produce more complex and precise shapes with higher strength and superior mechanical properties compared to open-die forging. Closed die forging is widely used in industries such as aerospace, automotive, and defense, where components require high precision, durability, and performance.

The automotive segment is anticipated to hold the greatest market share during the projected timeframe.    

Based on the application, the aluminum forging market is divided into automotive and aerospace. Among these, the automotive segment is anticipated to hold the greatest market share during the. This is primarily driven by the growing demand for lightweight, high-strength materials to improve fuel efficiency and reduce emissions in vehicles. Aluminum forgings are increasingly used in critical automotive components such as engine parts, chassis, suspension systems, and structural elements, where strength, durability, and weight reduction are key considerations.

Asia-Pacific is estimated to hold the largest aluminum forging market share over the forecast period.

Asia-Pacific is estimated to hold the largest aluminum forging market share over the forecast period. The growing demand from automotive, aerospace, and industrial sectors. Countries like China, India, and Japan are stepping up their production of lightweight components to abide by stricter emission standards and support the electric vehicle revolution. The aerospace sector is also recovering well, boosting demand for high-strength, durable aluminum parts. However, fluctuations in raw material prices and energy costs are posing a challenge to the market. Advancements in forging technologies, along with sustainable practices, which include recycling, are expected to shape the growth of this region going forward.

Middle East and Africa are predicted to have the fastest CAGR growth in the aluminum forging market over the forecast period. This growth is driven by increasing industrialization, significant investments in infrastructure, and the expansion of key sectors such as automotive, aerospace, and energy in the region. The automotive industry’s growing demand for lightweight, high-strength materials, particularly for vehicle components, plays a key role in the market expansion.

Competitive Analysis

Major key players in the aluminum forging market are Alcoa, Aluminum Precision Products, American Handforge, Arconic, ATI, Bons & Evers, Farinia Group, FORGINAL Industrie, Norsk Hydro, and STAMPERIE SpA.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In September 2024, Ramkrishna Forgings announced plans to establish a new aluminum forging facility in Jamshedpur, India. This strategic move aims to enhance the company's capabilities in producing lightweight and high-strength aluminum components, catering to the growing demand from the automotive and aerospace sectors.

Market Segment

This study forecasts global, regional, and country revenue from 2023 to 2033. Spherical Insights has segmented the aluminum forging market based on the below-mentioned segments:

Global Aluminum Forging Market, By Product

• Open Die
• Closed Die

Global Aluminum Forging Market, By Application

• Automotive
• Aerospace

Global Aluminum Forging Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa